There are two main types of schemes Defined contribution schemes A defined contribution (DC) or money-purchase pension scheme is one that invests the money you pay into it, together with any employer’s contribution, and gives you an accumulated sum on retirement with which you can secure a pension income, either by buying an annuity or […]

Limiting the amount of tax relief you’re allowed You can save as much as you like into a pension, but there is a limit on the amount of tax relief you’re allowed. The Lifetime Allowance for pensions is currently £1.25m (2014/15). In essence, the Lifetime Allowance is intended to cap the level of tax-advantaged pension funds that […]

Looking forward to a secure and financially independent retirement It’s good to have choices when it comes to pensions and your retirement, but it’s also important to understand all your options from age 55 onwards. With the money in your pension pot, you could buy an annuity, take some while leaving some invested, take it […]

The single most important decision you can make to help realise your long-term goals Retirement planning involves making your plans for the future now – that means investing your money with the aim of maximising its value ready for when you retire. Careful retirement planning, the right mix of assets and starting sooner rather than […]

Over half of the UK population unaware of government plans Over half of the UK population are unaware of government plans to reform the State Pension and the impact that will have on them, according to recent research[1]. Among the 55 to 64-year-old age group, 32% are unaware of the changes due to come into […]

New rules will simplify the existing regime The Chancellor, George Osborne, has brought forward the expected announcement on the tax charge that applies to certain individuals’ pensions on their death. The new rules will simplify the existing regime and come into force from 6 April 2015, abolishing the 55% tax that applies to untouched defined […]

The most radical reforms this century In Budget 2014, Chancellor George Osborne promised greater pension freedom from April next year. People will be able to access as much or as little of their defined contribution pension as they want and pass on their hard-earned pensions to their families tax-free. For some people, an annuity may […]

Three very important questions you need to consider, sooner rather than later Inheritance Tax (IHT) in the UK may be one of life’s unpleasant facts, but with the appropriate IHT planning and professional advice, we could help you pay less tax on your estate. The aim of this guide is to provide a brief outline […]

Over 6 million UK adults plan to move abroad in later life An even split In total, over 6 million UK adults are planning to retire abroad, with an even split between Europe and the rest of the world. Of the estimated 3.2 million UK adults planning to retire in Europe, Spain is the most […]

Taking a more gradual approach to retirement The nature of retirement has changed – it is no longer a matter of leaving the workplace with a golden carriage clock and entering a quiet life of leisure.