Pension News

16th May 2024 - Jodie Norman

4 compelling reasons you might want to consolidate your pension

It’s been more than a decade since auto-enrolment was introduced, and now most workers automatically become members of their employer’s pension scheme. While more people saving for retirement is excellent news, it could mean you end up juggling multiple pots.  One option is to transfer one pension to another, known as “consolidation”. It’s usually simple to…

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16th May 2024 - Stacey Chamberlain

3 practical reasons to check your State Pension forecast before you retire

The State Pension is often a useful foundation when you’re creating an income in retirement. Yet, a survey from Just Group found that a third of people didn’t check their State Pension forecast before stopping work.  While the State Pension might not be your primary income in retirement, it’s…

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26th April 2024 - Stacey Chamberlain

What you need to know about taking your pension tax-free lump sum in 2024/25

Taking a tax-free lump sum from your pension could be a fantastic way to kickstart your retirement plans. If it’s something you’re thinking about, it’s important to consider the long-term implications and understand how much you could withdraw from your pension before facing a tax bill, as the rules have changed in 2024/25. Previously, you could take 25% of your…

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19th January 2024 - Ben Nolan

The pension Annual Allowance increased in 2023/24. Have you reviewed your contributions?

The pension Annual Allowance increased significantly in the 2023/24 tax year. If you haven’t already reviewed whether the changes could mean you can tax-efficiently add more to your pension, doing so before the current tax year ends on 5 April 2024 might be beneficial.  The Annual Allowance is up to £60,000 in 2023/24 The…

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14th December 2023 - Ben Nolan

The number of pension savers risking a charge by exceeding the Annual Allowance soars 20%

Some pension savers may have unwittingly exceeded a tax allowance and could now face a higher bill, figures suggest. According to HMRC data, the number of people exceeding the Annual Allowance increased by almost 20% in 2021/22 when compared to just a year earlier. The HMRC figures show more than 53,000 people contributed more to their…

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16th November 2023 - Ben Nolan

5 practical steps you could take this year if you want to retire in 2024

Every year thousands of people retire. It’s a milestone that you might be looking forward to in 2024 with excitement. It’s also a life event that you may feel nervous about. Spending some time preparing for the next chapter could mean you feel more confident about stepping away from work. If you’re hoping to retire next…

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9th May 2023 - Alicia Buckingham

4 essential Budget announcements that could boost your pension

In a bid to encourage early retirees back to work, chancellor Jeremy Hunt unveiled several changes to pension allowances during the Budget. The announcements could mean you’re able to save more in your pension and boost your retirement income.  Here are the four key pension changes Hunt announced.  1. The Lifetime Allowance will be…

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30th March 2023 - Sean Banks

4 valuable ways a financial planner can help you tackle “overwhelming” pension information

Do you find pension information confusing? You’re not alone; 50% of people in the UK describe the information they receive about their pension as “overwhelming”, according to a Standard Life study. Fortunately, there are places where you can seek guidance or advice. The survey found 83% of people think financial advisers offer useful support. If you’re not…

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11th January 2023 - Alicia Buckingham

Have you used your pension Annual Allowance? Here’s why you should review it before the tax year ends

Your pension Annual Allowance will reset at the end of the current tax year. Boosting your pension contributions before the deadline could make sense for you, so find out why here.

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11th January 2023 - Tim Foster

 3.3 million pre-retirees have started a phased retirement. Here’s what you need to know about managing your finances

Around a third of workers nearing retirement are choosing to phase into their next chapter, rather than quit work completely. This phased approach could help you create the work-life balance you want, but you need to consider how you’ll manage your finances too.

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