Pensions

The pension Annual Allowance increased significantly in the 2023/24 tax year. If you haven’t already reviewed whether the changes could mean you can tax-efficiently add more to your pension, doing so before the current tax year ends on 5 April 2024 might be beneficial.  The Annual Allowance is up to £60,000 in 2023/24 The Annual Allowance is the amount you ...

Some pension savers may have unwittingly exceeded a tax allowance and could now face a higher bill, figures suggest. According to HMRC data, the number of people exceeding the Annual Allowance increased by almost 20% in 2021/22 when compared to just a year earlier. The HMRC figures show more than 53,000 people contributed more to their pension than the Annual ...

Achieving a comfortable retirement requires effective planning early in life. Critical to this process is understanding the nuances of the UK pension system, including various pension schemes available to help you secure a stable income during your golden years. TPD Wealth Management, a Stockport-based financial planning firm providing bespoke advice to individuals and businesses, offers a comprehensive roadmap to navigating ...

October can be a scary month; the nights are drawing in and All Hallows’ Eve takes pride of place on the very last day. There is, however, a far more important day that takes place around the same time and very few of us are aware of it. The 29th October is National Pension Tracing Day, I admit it’s not ...

Government changes to when pensions are taxed may mean you could save far more tax-efficiently for your retirement. If a potential tax bill influenced your current retirement date, it might be worth reviewing your plan. Previously, the Lifetime Allowance (LTA) affected the total pension benefits you could build up before facing a possible tax charge. In 2022/23, the LTA was ...

Pension Awareness Week is an ideal time to assess your retirement goals and familiarise yourself with pension-related knowledge that could make a significant difference in securing your financial future. With a greater understanding of pensions, you can make informed, strategic decisions that lead to a comfortable and fulfilling retirement. TPD Wealth Management Ltd, a Stockport-based financial planning firm authorised and ...

While the State Pension may not be your main source of income in retirement, it’s often an important one. If you’re not on track to receive the full amount, there might be things you could do to boost it. For 2023/24, the full new State Pension is £203.85 a week, adding up to around £10,600 a year. However, your National ...

As life expectancies continue to rise and the cost of living increases, planning for retirement through effective pension schemes has become more crucial than ever. Pensions are the cornerstone of financial stability in retirement. Ensuring a steady income flow that allows you to maintain your desired lifestyle and achieve long-term financial wellbeing. TPD Wealth Management, a Stockport-based financial planning firm ...

For many people, their pension is a crucial part of their retirement plan. With Pension Awareness 2023 starting on 11 September, it’s the perfect time to learn more about your pension savings. Despite pensions often being essential for reaching retirement goals, a survey suggests many savers lack pension knowledge and don’t plan to seek support. According to a report in ...

Planning for financial security in retirement is a crucial yet complex task. Pensions playing a central role in ensuring a comfortable and stress-free life after you finish working. Managing pensions involves complex tasks like exploring schemes, understanding taxes, and aligning financial goals. Yet, it is vital to make well-informed decisions when it comes to retirement planning. Having a knowledgeable and ...