Tackling the UK’s savings gap

An ageing population poses considerable issues for any economy. Nowhere is that truer than here in the UK.  According to the World Economic Forum (WEF), the UK should be preparing right now for a workforce composed of 80-year-olds and be imposing faster rises in pension age to avoid a £25tn pensions savings gap from opening … Continue reading “Tackling the UK’s savings gap”

Autumn Budget 2017

The Chancellor of the Exchequer, Philip Hammond, has unveiled his Budget to Parliament – here’s a brief summary of some of the measures announced which may affect your own personal finances. Stamp duty land tax (SDLT) abolished for first-time buyers on homes under £300,000 from 22 November First-time buyers of homes worth between £300,000 and … Continue reading “Autumn Budget 2017”

Is inheritance tax optional?

The amount of money the government receives through inheritance tax (IHT) is on the rise – despite the introduction of a new allowance in April. Rising property prices mean this tax does not just apply to the richest in society. But how punitive does it have to be? Government figures show that around £2.4bn was … Continue reading “Is inheritance tax optional?”

‘EU pension’ promises saving on the move

Europeans have a pension problem – just 27 per cent of those under 59 have any pension savings at all. But plans are afoot for a pan-European personal pension (PEPP) – designed for those whose work takes them through multiple EU countries. If you’re employed and living in the UK, you probably have personal or … Continue reading “‘EU pension’ promises saving on the move”

Defined benefit pension transfers

More than £50bn has been taken out of ‘gold plated’ final salary schemes over the past two years. A study commissioned by the Financial Times over the summer found that 210,000 members have opted to transfer out of their defined benefit (DB) pensions in favour of taking a lump sum. It may be tempting to … Continue reading “Defined benefit pension transfers”

Can you downsize to fund your retirement?

For most people lucky enough to own one, their biggest financial asset is their house.  And it may have been your long-term plan to sell up in retirement and live off the proceeds.  But when it comes to the crunch, could you do it?  Our ‘Look before you leap’ checklist below will help you get … Continue reading “Can you downsize to fund your retirement?”

Raise your pension awareness today!

In a year which has gripped the nation with political uncertainty surrounding Brexit, the dominating headlines around defined benefit pension schemes and a General Election, this year’s Pension Awareness Day hopes to bring some clarity for those in the midst of saving for their future financial security. Most of us are aware that our future … Continue reading “Raise your pension awareness today!”

‘Flexible’ retirement could mean working into your late 70s

A recent report1 shows that those who are planning  a ‘flexible’ retirement, reducing their working hours in their later years  and topping up their earnings with pension income, could have to  work on into their late 70s or even later to achieve a good standard of living. Why is this likely to happen? Nearly four … Continue reading “‘Flexible’ retirement could mean working into your late 70s”

Are you in danger of making a pension mistake?

A review of the retirement market by the UK regulator has raised concerns a growing number of people could be making poor decisions regarding their personal pensions. In 2015 a raft of changes were made to money purchase pension rules. Many people were no longer compelled to buy an annuity, a product offering a guaranteed … Continue reading “Are you in danger of making a pension mistake?”

Leave your family a pension – not a tax charge!

Many employer pension schemes now include a Death in Service benefit. But should the worst happen, this apparent perk may cause even more grief for your family if you don’t plan ahead. What are the risks and how can you avoid them? Isn’t it ironic, as Alanis Morissette once sang? Your employer, keen to offer … Continue reading “Leave your family a pension – not a tax charge!”