Are you sleepwalking into retirement poverty?

retirement knowledge

Lack of pension knowledge among UK adults The UK’s middle-aged workers could be sleepwalking into retirement poverty. Four in ten people aged between 40 and 65 cannot accurately estimate their total pension savings for retirement. Just over a third of 60 to 65-year-olds who took part in a questionnaire by the JLT Employee Benefits research […]

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7 pension tips for nurturing your nest egg in 2018

financial goals

Helping you realise your financial goals We’ve now entered a new age of retirement planning with the introduction of pension freedoms. Your retirement is likely to be the most important time in your life you’ll even plan for – you could be retired for 20 years or more. Thinking about pensions sooner rather than later […]

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Millennial outlook

Millennial pensions

Pension saving high up on the list of workplace priorities Workers from the so-called ‘millennial generation’ are putting pension saving high up their list of workplace priorities. Nearly six in ten (57%) people in their first ten years of work considered the quality of their current employer’s pension scheme before deciding whether to take the […]

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Get ‘wrapped’ up

cheltenham ifa services

Autonomy to make your own investment decisions Some people don’t want a pension company deciding how their pension savings are invested – they want to control where their money goes and how it grows. For people wanting to have autonomy to make their own investment decisions with their retirement savings, a Self-Invested Personal Pension (SIPP) […]

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Turbocharge your pension

increase pension

Will you be able to afford the retirement lifestyle you want? If you’re still working, what kind of life would you like to lead when you’ve said goodbye to the 9-to-5? Saving for your retirement is essential if you want the financial freedom to enjoy your later years. After all, you’ll still want to do […]

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UK pension savings gap

pension savings gap

The need for a greater awareness of what must be saved today If savers want a particular standard of living at retirement, then they will need a greater awareness of what must be saved today. Despite efforts by the Government to tackle the savings gap through auto-enrolment and raising the pensions age, challenges still exist. […]

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Pensions revolution

Awareness and understanding amongst the public still remains low 6 April 2017 marked the anniversary of both the new State Pension and the new pension freedoms. These major overhauls have revolutionised the UK pensions landscape, but research from Aviva[1] suggests work to improve pension saving is far from done as awareness and understanding amongst the […]

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Working 9 to 5

retirement age

Almost three quarters of employees expect to work beyond the traditional retirement age The proportion of UK employees who say they will work beyond the age of 65 is at an all-time high. The findings from Canada Life identified that almost three quarters (73%) of employees expect to work beyond the traditional retirement age, up […]

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Retirement choices

retirement choices

How much time do you spend planning for retirement? The 2015 pension freedoms gave us greater flexibility over our retirement options, but the reforms have also made retirement choices much more complex. This means we need to start thinking about our retirement earlier. However, half (50%) of respondents aged 45–54 to a LV= consumer survey[1] […]

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Pension time bomb

UK PENSIONS

Planning to prevent the financial equivalent of climate change Millions of workers across the UK could be heading for a significant shortfall in the amount of pension they need for an adequate income. The World Economic Forum (WEF) has issued a warning that calls on the Government to impose faster pension-age rises as it earmarks […]

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Personal pensions

Saving tax-efficiently for retirement A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement. Your pension provider will claim tax relief at […]

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Buying an annuity

pension annuity

A regular retirement income for the rest of your life One way to use your pension pot is to buy an annuity. This gives you a regular retirement income, usually for the rest of your life. In most cases, this is a one-off, irreversible decision, so it’s crucial to choose the right type and get […]

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Tax relief and pensions

tax relief

Annual and lifetime limits Tax relief means some of your money that would have gone to the Government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions. Tax […]

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Pension booster

pension advice

Setting goals for retirement The Set the Right Goals study from Zurich UK found that those who set specific goals for when they are aged 65 or over are more likely to save, putting aside approximately 7% of their salary into their pension compared to 5% for those without. The study combined research from YouGov […]

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Millions change retirement plans post–EU vote

retirement plans

Turbulence in the economy has left many feeling confused The UK’s decision to leave the EU has left over two million[1] people planning to change their retirement plans. It’s undoubtedly a thought-provoking time for many approaching retirement and even more difficult for retirees to know what is right for them. It’s essential you have access […]

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Pension power

Pension advice cotswolds

Take full advantage of tax relief – annual and lifetime limits  Pensions are a highly tax-efficient form of saving, and if possible you should take full advantage of funding your pension contributions to the maximum allowable. You receive tax relief on contributions that you pay into your pension. Tax relief means some of your money […]

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Forgotten pensions

pension policies

PENSION POLICIES The extent to which pension policies are being forgotten has been revealed in research from Aviva. A survey of almost ten thousand people who hold a pension has revealed that just under one in eight (13%) admitted they have at least one pension that they had forgotten about[1]. This is equal to more […]

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Freedom to choose

pension money

Using your pension money Have you considered all the potential costs of retiring? Some people find their expenses fall once their working life ends, but it’s important not TO assume that all your expenses will go down – some may increase, such as heating and leisure costs. The constantly evolving landscape of legislative change provides […]

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Consolidating your pension pots

Consolidate pensions

Consolidate pensions What you need to consider to ensure you don’t lose out Have you ever considered moving and consolidating your pension to another scheme or provider? There are a whole host of reasons why people might want to do this before they reach retirement. Some are looking for better fund performance, lower charges or […]

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Pension reforms

pension reforms

Pension Reforms: How the lifetime allowance reduction could impact on your retirement savings The Government has introduced comprehensive reforms to the pension rules over the previous few years. One important change, which may have been overlooked by some savers, is the reduction of the lifetime allowance that applies to pension savings. The lifetime allowance is […]

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Pensioners financially ‘reliant on others’

pension advice

New research outlines typical financial situations A small number of pensioners are relying on loved ones to help them financially during retirement, and those approaching retirement seem to be in an even worse situation. Yet equally worrying is that people are also far more likely to take financial advice about retirement from friends than from […]

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Pension confusion

help on my pension

Are most people unprepared for retirement? People are still being left confused by pensions, with almost two thirds not understanding their key features, according to new research by Wesleyan. The research conducted by the specialist financial mutual revealed how much confusion there still is among most people when it comes to their retirement planning. Three […]

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Untapped property wealth

property wealth

4.8 million retirees are ‘going without’ The British would like to have three quarters of their working income in retirement. However, pensions remain an obscure topic for many, and 44% have not yet started to save for retirement [1]. Funding retirement  With people living longer and retiring on smaller pension pots, funding retirement poses a […]

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Pensioner scams

pension savings

Financial fraudsters using reforms to target retirees Changes to the pension rules are creating new opportunities for scams. Be cautious of anyone approaching you with advice on how to invest your pension. Almost one in ten pensioners has been targeted by financial fraudsters since their retirement. A nationwide study by MetLife[1] shows that among retired people, […]

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Taxing times

tax

Reduction in the amount those with income of more than £150,000 can contribute tax-free to pensions each year A gradual reduction in the tax-free limit on pension contributions from the current £40,000 a year to £10,000 for high income individuals was announced by the Chancellor, George Osborne, in the July Summer Budget 2015. High income […]

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Changing work patterns

retirement funding

Over-50s retrain for later life retirement funding Nearly two thirds of over-50s workers would consider retraining so they could work longer in retirement, research from MetLife[1] shows. 63% of over-50s are looking at potentially lengthening their working lives, with 50% considering learning new skills to continue in full- or part-time employment, while 13% would look […]

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Budget 2015 – Pensions tax relief

Pensions tax relief

A gradual reduction in tax-free limit on pension contributions from the current £40,000 a year to £10,000 for high earners was announced by the Chancellor, George Osborne. High earners could see their retirement pots reduced by hundreds of thousands of pounds over a lifetime after he confirmed that pensions tax relief will be reduced for […]

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Blurred vision of the future

financial future

Three quarters of UK adults struggle to picture themselves in retirement UK adults have an average eight-year blind spot when it comes to financial planning – and can only see themselves in the future as far ahead as 2023, new research from long-term savings and investment specialist Standard Life reveals. The failure to be able […]

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Are you considering working after retirement?

working after retirement

Two thirds of over-50s plan to lengthen their working lives Nearly two thirds of over-50s workers would consider retraining so they could work longer in retirement, according to new research from MetLife. Its study found 63% of over-50s are looking at potentially lengthening their working lives, with 50% considering learning new skills to continue in […]

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Pensions freedom

pensions cheltenham

10 things about the wide-ranging pension changes you should know 1) The pension system is completely being overhauled to enable individuals to take their defined contribution pension how they like in order to create greater choice and flexibility. These changes were announced in Budget 2014. From 6 April 2015, no matter how much an individual decides to […]

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Accessing Pension Benefits

pension benefits

Greater choice and flexibility about how retirees use a pension pot to fund retirement income The 2014 Budget announced major changes to the way that members of a defined contribution pension scheme could access their pension savings. In March 2014, the Chancellor George Osborne announced changes to the pension world which would revolutionise the way members […]

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New pension freedoms

pension freedoms

How future retirees may take advantage of their pension lump sums Research showing how retirees use their pension lump sums to pay off debt provides an insight into to how pension cash unlocked following the new freedoms available from 6 April 2015 could be used. Retirees that had taken a tax-free cash lump sum at […]

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Pensions Reform reinforces need for trusted advice

pensions

The freedom to do as much or as little as you want with your pension Within the next decade, nearly half of those people (44%) due to retire will require professional financial advice to help them make financial choices, according to research[1] published by insurer Zurich. From greater freedom to flexibility and tax, the dramatic […]

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Consumer apathy: new retirement income choices

retirement income choices

Many people do not yet fully understand the significance of the new retirement income choices Many of Britain’s over-55s say the massive changes to retirement income announced in last year’s Budget 2014 will have no impact on them, research from Aviva’s latest Real Retirement Report shows. As well as more than half (55%) of Britain’s unretired […]

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Pension Tax Charge Abolished Sooner Rather Than Later

pension tax charges

NEW RULES WILL SIMPLIFY THE EXISTING REGIME FROM APRIL 2015 THE CHANCELLOR, GEORGE OSBORNE, HAS BROUGHT FORWARD THE EXPECTED ANNOUNCEMENT ON THE PENSION TAX CHARGE THAT APPLIES TO CERTAIN INDIVIDUALS’ PENSIONS ON THEIR DEATH. THE NEW RULES WILL SIMPLIFY THE EXISTING REGIME AND COME INTO FORCE FROM APRIL 2015, ABOLISHING THE 55% TAX THAT APPLIES […]

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Care fees burden

care fees

Care fees – It’s a fact THAT more of us will require specialist care in our later years Today, the cost of care is a major concern for many people, with the average level of pension savings unlikely to be enough to cover any long-term care requirements in addition to providing a retirement income. Catching […]

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Pension decluttering

pensions decluttering

Have you considered tidying up your Pension arrangements? It would appear we are now increasingly becoming a ‘consolidation nation’, with many people combining their different contracts and services to make them easier to manage. It’s a growing trend, and new innovations are coming into the market all the time to tempt consumers. The recent launch […]

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Pensions grab headlines

pensions

Pensions Taking centre stage in the Queen’s Speech This year is best described as the year of the pension. After grabbing the headlines following the Chancellor’s Budget 2014 speech, pensions were once again top of the agenda. In an 11-bill programme, pensions took centre stage, with major changes to annuities and workplace schemes also announced. […]

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