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 […]
Category: pensions
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 […]
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 ? […]
What are relevant earnings, with regard to UK pension contributions ?
I am thinking of making contributions to pension fund within the UK. But are you confused as what income or relevant earnings or level of pension contributions that count towards claiming pension tax relief. What amount can I pay in within the tax year ? As this subject, appears to […]
Can I defer my UK state pension ?
Firstly, am I allowed to defer claiming my UK state pension ? In the United Kingdom at present the state pension is currently 66 (as May 2024) for both men and women since being equalised. However though, this due to gradually rise to age 67 for all individuals between 2026 […]
What is flexible retirement income (pension drawdown) ?
So what is Flexible retirement income, also often referred to as pension drawdown or Flexi-access drawdown (FAD). It is a way to control how much you take out of your Defined Contribution (DC pot. As a way to fund your income in retirement. The aim is to give you flexibility […]
How to access your pension by a number of lump sums ?
So how does somebody access a UK pension by a number of lump sums ? Under current rules, it is up to you how and when you can access a UK pension from the age of 55. Although this will be increased to age 57 from 6th April 2028. You […]
How do I buy a pension annuity ?
An Annuity is a pension product that provides someone with a guaranteed income in retirement. You can buy an annuity with all or some of your pension pot. Which will pay an income for life for a number of years (known as fixed term). On initially buying you can draw […]
What is Investment Pathways – when accessing a pension via drawdown ?
So what is Investment Pathways – when somebody accesses a pension via drawdown Since the Introduction of Pensions Freedom in 2015, the way of accessing a DC pension has completely changed. With the aim of giving people more flexibility. Beforehand, you would had to buy an annuity through a pension […]
How do I take 5 simple steps to build a larger pension pot for retirement ?
Most people’s aim in live is to retire with a comfortable and sizeable pension pot. So they can enjoy a rewarding and fulfilling live of retirement after working for most of their lives. But how can we achieve what may seem an impossible dream or daunting achievement for most people […]