If you’re a member of a defined contribution pension scheme, you’re likely to pay some charges. But what sort of charges are payable by the member ? They could cover the cost of managing your pension scheme through pension administration. Or by regular investing contributions through the process of buying […]
Author: dave
My name is Dave Robinson-Murray and I currently work as a Pension Wise Guider offering pension guidance on behalf of the Money & pensions Service (MAPS). Since July 2019 have helped 4000 individuals to access and understand the options available to them when accessing a DC pension pot.
Prior to that I worked for that I worked for same employer of 29 years before taking voluntary redundancy. During that period of employment I was a Pension Trustee for 15 years covering 5 DB pension schemes. Upon taking redundancy I made a decision that no employer will ever treat me like that or put me in that financial position again, so I have since taken steps to become Financially free, becoming a net millionaire in 2021. I can retire if I want to but I choose to work on my terms and conditions to help people as part of day to day employment.
The reason is starting this blog and Youtube channel is to help people reach their financial aims and dreams so you too can become financially free.
The journey to reach your goals is not a get rich quick scheme but it will be rewarding and worthwhile in the long run if you take the right action steps.
What is a Junior ISA ?
A Junior Individual Savings Accounts (ISAs) are long-term, tax-free savings accounts specifically designed for children. So who can open a Junior ISA ? Your child must be met the following conditions: What if your child lives outside the UK ? Your child can only get a Junior ISA, if both the following […]
What is a defined benefits pension
A defined benefit (DB) pension scheme, or Final Salary Scheme is the the amount of pension you’re paid. Normally from a large employer or public sector organisation such as local Council, NHS, Police, Teachers Pension to name a few. It is based on 3 things normally: In the past you […]
What is a lifetime ISA
A Lifetime ISAs (LISAs) can be opened by anyone aged 18 to 39 within the UK. They offer a 25% bonus on savings used for retirement or buying a first home. If you pay in the maximum of £4,000 this tax year, the government will give you a bonus worth […]
What is the minimum pension age in uk
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions. This a common question I get asked during my daily job role whilst speaking to clients aged over 50, who are thinking of accessing their personal or workplace […]
What is interest ?
So what is interest ?, Quite simply, interest is a rate of return given to a saver or investor paid by a financial institution. Which is paid on a sum of money earned or borrowed. It is typically expressed an a % figure on the sum or initial principle sum. […]
How to build wealth ?
The idea to build and create wealth, is a common purpose that people will aim to aspire to. But unfortunately most people don’t achieve it ! Why ? – because it takes discipline, time and a lot of effort. It may appear daunting and out of the reach for the […]
7 deadly sins of investing (how to avoid them)
The subject or idea of investing can appear to be complex and confusing, and there are so called pitfalls to avoid. So how can we eliminate our mistakes such the “7 deadly sins of investing” so we can improve our chances of success. Let’s look into what are considered the […]
What’s the difference between saving and investing ?
Savings and investing are simply 2 ways to handle and control your money. Ultimately you want your money to work for you. So let’s look at a common question: “What’s the difference between saving and investing” To keep things easy to understand, let’s spilt it in 2 simple steps. What […]
Pension basics you need to know if you plan to retire abroad
The idea of retiring abroad and living overseas is a dream to most individuals. Especially in the UK where the weather isn’t very good and the cost of living can can expensive compared to many other countries around the world. There are a number of factors that can come into […]
How to reduce my tax bill by paying into a UK pension ?
A common questions asked by people I speak to on a daily basis through my employment. Is how can I reduce my income tax liability ?. So I can legally pay less tax or drop into a lower tax bandings. A great way to start is to contribute into your […]
Five ways people retiring can cut their investment tax bill !
In the UK, people retiring rely on income from numerous sources. Such as personal or workplace pensions, state pension, property income, savings and dividends etc. But 1 main concern is most people is about the amount of income tax they pay. When speaking to people during day to day employment […]
Do I need financial advice or guidance ?
The world of personal finance can appealing daunting to most people as we don’t teach finance in the school curriculum or via the employment workplace. So when it comes to buying financial products, a common question asked is, “Do I need to attain guidance or financial advice” to help him. […]
How to find a missing pension
In the UK, it is a common problem that pension savings will go missing, or become somewhat lost and currently unaccountable. So how do I find a missing pension ? It is estimated that over 3 million pension pots are currently missing. Worth a collective £ 26.6 billion in value, […]
What is the triple lock ?
It’s in the news all the time, but what exactly is the triple lock ? Quite simply it is the amount that the UK state pension will increase each year on the 6th April at the start of the new tax year. Whereby the amount of state pension that you […]
What is a SERPS pension ?
Firstly – what is a SERPS Pension ? SERPS stands for State Earnings Related Pension Scheme. The idea or talk of SERPS, creates confusion and bewilderment to the vast majority of people within the UK. But Why ? In the past individuals were asked to join a pension by their […]
What is pension recycling ?
What exactly is classed as pension recycling ! This is where an individual decides to reinvest their tax-free lump sum. Or some pensionable income back in a pension scheme that they may have. So why is this a problem ? By re-investing the funds back into a pension wrapper which […]
What happens to my pension if I die ?
Basically – what happens to my pension if I die ? This is a common question asked by individuals as part of their current and future financial planning. As most people would like to leave some pension provision to a spouse or children in a worse case scenario. A common […]
The Psychology of Money – Book review
The Psychology of Money book was written by Morgan Housel in September 2020. It is a self-help finance book around 250 pages. Written to provide timeless and simple information for ordinary people to relate to. With the aim to provide clear and concise advice and straightforward plan towards the behaviour […]
The Fastest Way to pay off Debt !
The 1st rule of personal finance should be to eliminate unnecessary bad debt. Before you even consider the idea of saving, investing or trying to create wealth. Most people struggle financially on a day to day basis, because they may be burdened with bad debts to fund day to day […]
Rich Dad, Poor Dad – book review
Rich Dad, Poor Dad is the best selling International book written by Robert Kiyosaki, way back in 1997. The book provides a valuable insight into a new concept to achieve your financial dreams and aims. Whereby you will become very rich and you will learn to make money form for […]
The Intelligent Investor – Book review
The book “The Intelligent Investor” written by Benjamin Graham back in 1949, is considered the investment bible for modern day investors. According to the world’s most successful investors, it has been the go to book for information on how to become a great investor. The book highlights great wisdom into […]
What is a small pots pension ?
So what exactly is a small pots pension ? A small pots pension in a pension pot below £ 10,000 in value So how do people get to have a small pot ? Thanks to the introduction of Auto Enrolment (AE) from 2012, it is now compulsory for employer’s to […]
What is the Money Purchase Annual Allowance ?
What is the Money Purchase Annual Allowance (MPAA) ? Quite simply, if you start drawing an income from a Defined Contribution (DC) pension in a flexible manner. The amount that you can contribute in future might be reduced or restricted. This is known as the Money Purchase Annual Allowance or […]
Auto-enrolment pensions – a basic introduction
Since 2012, Auto-enrolment has been introduced in stages. Whereby a employer must offer it’s workforce a Defined Contribution pension scheme. All employee’s will be automatically enrolled. With the aim of giving them a better income in their retirement. In addition to the basic state pension. So what is Auto-enrolment ? […]