We already know a pension is the most tax-efficient way to save, but historically they could do little against inheritance tax. That’s all changing in the wake of recent reforms – Dave Penny of Invest Southwest reveals how your pension can become your legacy. Simple, isn’t it? The pension reforms state that from age 55
Gaining more control over your pension pot could come with a downside: certain unsavoury types may try to get their hands on it too. A side-effect of recent reforms is that the potential for pension-related rip-offs will rise. Don’t fall prey. How do you plan to use the new pension freedoms? Do you still favour
The new high-yield Pensioner Bonds for older savers could help many people achieve a better retirement income. The trouble is, they look too good – so they may end up selling out faster than Neil Young tickets. Should you join the stampede or not? When the surviving members of Monty Python announced their live comeback
Research for Channel 4’s Dispatches suggests that the government has seriously underestimated how people will use their new pension freedoms. Big dangers face an ageing population that may have lots of ready cash, but less awareness of where to find impartial advice. ‘We’re talking about trusting people with their own money,’ said George Osborne,
Ending up with no state pension at all – do the new rules mean this nightmare scenario is now possible? Well, it might be… but don’t panic just yet. The past year has seen sweeping reforms to the pension system, and these have been largely well received. People are retiring with more choice than ever,
Until recently it’s been financial good practice for spouses to ‘equalise their assets’ – by fairly sharing all that they own. But in the wake of the pensions shake-up, this might not be the best solution in every case. Dave Penny of Invest Southwest explains. When helping clients who are married or in a civil
A new proposal is in the pipeline to allow existing pensioners to trade in their annuities for cash. More choice is of course a good thing, but many still lack the knowledge and confidence to make such life-changing pension decisions. Pension change continues to gather pace, with the news that Pensions Minister Steve Webb wants
Pensions in the UK are seeing their biggest shake-up in more than a century, as the Government tries to give an ageing population better choice and control over their retirement income. But with this greater freedom there may come more confusion than ever about what to do. The Government has offered a ‘guidance guarantee’ –
We can spoil our retirement years by the slip-ups we make today. These pension planning errors prove that forgetfulness is a young person’s problem, too. We know about the really huge pension mistakes: not starting one, or starting one too late. These are the no-brainers. Other blunders may not be so obvious, until they land
Mark Brownridge of Mazars answers your questions on the new pension drawdown rules. I’m already in drawdown, what do the changes mean for me? If you are already in drawdown, the maximum yearly income you can receive, potentially increases from 120 per cent of Government Actuary’s Department equivalent annuity (known as “GAD”) to 150 per cent.
Last week the Treasury released the Taxation of Pensions Bill unleashing yet another reform. The new reforms are all a part of the current ‘Pensions revolution’ lead by the Chancellor George Osborne. The aim? Savers will have more freedom and control over their pensions – hopefully also encouraging more people to start saving for retirement.
Jaskarn Pawar Chartered Financial Planner at Investor Profile talks new pension changes I know there is probably a lot of interest brewing among those with Pensions and are over the age of 55 at the possibility of being able to access that pot of money when the rule changes come in to force in April
Find out where the UK pension system scores on the worldwide leader board. The Melbourne Mercer Global Pensions Index, funded by the Australian Centre for financial studies, has released its sixth annual study into global pensions. The Melbourne Mercer study compares 25 different countries’ pensions system using a series of questions. They score each country