Category: Pensions

What should you check when reviewing your pension?

21.08.2020
Have you reviewed your pension lately? Even though we make regular contributions to pensions, it’s not often something we think about until retirement is approaching. However, keeping track of progress during our working lives is important too. Figures show that pension savers have been using their time in lockdown to get to grips with their retirement pots. Some 37% of pension savers, the equivalent of seven million people, have taken action...
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Scammers target pension savers trying to gain early access

07.07.2020
Do you know when you can access your pension? Research has found that the number of people trying to access their pension early is on the rise, and it’s a misconception that scammers are taking advantage of. Accessing Defined Contribution pensions It’s important that you understand when and how your pension can be accessed. It means your retirement plans are based on accurate information and it can protect you from scammers. If you have a...
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Has Covid-19 affected your retirement plans?

07.07.2020
The impact of Covid-19 has affected savings and investments, something that can be a particular concern for those nearing retirement. If your finances have been impacted, you may be considering changing retirement plans, but it’s important to consider your circumstances and the long-term effects, rather than focussing on headline figures. In recent months, investments have experienced significant volatility, falling sharply in March before...
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Should you take a tax-free lump sum from your pension?

20.05.2020
Being able to take a tax-free lump sum out of your pension when you reach pension age certainly sounds appealing. It can help you kick-start retirement plans and fully enjoy the milestone, but is it always the right decision to make? Currently, you’re able to take a 25% lump sum from your private pension at retirement age without incurring Income Tax liability. This option is usually available once you’ve passed the age of 55 but is set to...
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Understanding your Final Salary Pension: What income will it provide?

13.03.2020
If you have a Final Salary pension, retirement planning can seem more straightforward. However, there are still important decisions that need to be made and it’s crucial that you understand the income it will provide. Whether retirement is just around the corner or some years away, reviewing your pension arrangements can provide confidence. First, what is a Final Salary pension? Final Salary pensions, also known as Defined Benefit pensions,...
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3 things to keep in mind when accessing your pension at 55

13.02.2020
For most people, their pension becomes accessible from the age of 55. If you’re nearing your 55th birthday, you might be tempted to make a withdrawal, whether as a one-off lump sum or regular income. However, using your pension as soon as you can, may have a greater effect on your retirement lifestyle than you anticipate. If turning 55 is still some way off, keep in mind that the pension age will rise to 57 in 2028. However, the same...
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How much do you expect your pension to grow by in the next five years?

22.11.2019
Research suggests that pension savers could be disappointed in investment returns after uncovering differing expectations between individuals and institutional investors. Understanding how much your pension is expected to grow by between now and when you want to access it is essential for planning your financial future. Schroders questioned both institutional investors and individual investors about their expectations over the next five years. It...
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6 things to avoid when accessing your pension

22.11.2019
Thousands of retirees access their pension every year. However, it can still involve making many challenging decisions. How should you access your savings? What is a sustainable annual income? What can you do to minimise tax? Understanding the pitfalls to avoid when you first access your pension can help you build a retirement income that suits you. Knowing your decisions have been carefully weighed up can help you enjoy the next...
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What is compound interest and how does it affect you?

22.10.2019
Einstein once reportedly referred to compound interest as the ‘eighth wonder of the world’, stating: “He who understands it, earns it, he who doesn’t, pays it”. So, just what is compound interest and when do you benefit from it? Whilst financial jargon can often seem complex, compound interest is actually simple and easy to take advantage of. The term refers to the principle that when you save money you can earn interest on not only your...
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7 things to review when looking at your pension

22.10.2019
Research suggests thousands could be missing out on investment returns in their pension because they haven’t updated their retirement age. Remaining engaged with your pension can help you create a retirement income that meets expectations. So, what should you review when looking at your pension? 1. What fund are you invested in? Typically, a Defined Contribution pension will offer several different fund options for you to choose from. When you...
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