Tax relief could boost your pension and mean you have more financial freedom in retirement. Yet it’s something that you may overlook when reviewing your pension, as analysis suggests that some workers aren’t claiming their full entitlement. In fact, according to a report in the Telegraph, higher- and additional-rate taxpayers could have missed out on as much as £811 million …
If you’re saving into a defined contribution (DC) pension, you can choose how you access the money. You’ll also be responsible for ensuring the savings provide you with an income for the rest of your life, so understanding the different options available to you is crucial. Most workers saving for retirement will have a DC pension. This is where your …
The State Pension is set to increase by a record amount under the triple lock due to high levels of inflation. If you’re claiming your State Pension, read on to find out what it means for your income. While there had been speculation that the triple lock would be suspended this year, the Conservative Party under Liz Truss committed to …
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 30th October is National Pension Tracing Day, I admit it’s not …
Salary sacrifice schemes could offer employees a tax-efficient way to boost their retirement savings. It could benefit your business too, so they are well worth considering. If you’ve been thinking about salary sacrifice pensions or want to explore how you could expand your workplace benefits, read on to discover what they could mean for your business. What is a “salary …
As the cost of living rises, you may be considering increasing how much you withdraw from your pension. While it could solve short-term challenges, it’s important that you think about how it could affect your future too. Several factors, including the war in Ukraine and the long-term effects of the pandemic, mean that inflation is much higher than it has …
When you start thinking about how you’ll create an income in retirement, it’s probably your pension that comes to mind. Yet, if your estate could be liable for Inheritance Tax (IHT), it could make sense to use other assets first. IHT is paid after you pass away if the value of all your assets exceeds certain thresholds. It can significantly …
The State Pension is often an important part of your retirement income, so should you top up your National Insurance contributions (NICs) to increase it? Even if you have other pensions or income in retirement, your State Pension can be valuable. As it’ll be paid from when you reach State Pension Age for the rest of your life, it can …
Figures suggest that workers nearing retirement could find they’re facing a significant income shortfall later in life. Understanding how your pension savings will add up before you retire is crucial for creating long-term financial wellbeing. According to a report from the Social Market Foundation, people approaching retirement are facing a pension shortfall of almost £250,000 if they want to achieve …
If you opened a defined contribution (DC) pension in the 1990s or 2000s, the charges you’re paying could be higher than comparable pensions opened more recently. Between now and your retirement, the difference could add up to thousands of pounds. Research conducted by the Institute for Fiscal Studies found that many older DC pensions deliver “poor value for money”. Among …
