Additional UK Pension Reforms – October 2014

Category: pensions & Uncategorized

The government has published the Taxation of Pensions Bill, which will change the tax rules to allow individuals aged 55 and above to access their defined contribution pension as they wish from April next year. As part of this bill, the government is proposing to change the rules on taking pensions as a lump sum to allow people to take a series of lump sums instead of just one.

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One in three of us plan to use the markets in retirement

Category: Investments & pensions & retirement & Uncategorized

New research from MGM Advantage, the retirement income specialist, suggests that UK adults are planning to use equity investments to help them outstrip inflation and manage the rising cost of living. Over half (53%) of UK adults rate the rising cost of living as their number one fear for retirement, and almost a third (32%) of pre-retirees surveyed, say they would retain some exposure to stocks and shares to offset the negative effects of inflation on their retirement income.

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Important pension notice: 55% ‘death tax’ abolished

Category: pensions & Uncategorized

Ahead of the major pension changes already announced for April 2015, the Chancellor, George Osborne, this week announced another shift in pension policy that could have a big impact on many savers and their financial planning requirements.

Speaking at the Conservative Party’s Annual Conference, Mr Osborne announced the abolition of a so-called ‘death tax’, which can see any pension remaining on death taxed at a rate of 55%, before it is passed on to a beneficiary. The change, as with the other changes to pensions already announced, will be introduced from April next year.

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Is Auto-Enrolment leading us towards a better financial future?

Category: pensions & retirement & Uncategorized

Half of UK employees on lower incomes and half of those aged 30-49 are now saving adequately for retirement, according to the latest Scottish Widows Workplace Pensions Report, showing the impact of automatic enrolment on the groups that need it most. As the legislation approaches its second anniversary, the annual report from Scottish Widows finds that the number of people on incomes of between £10,000 and £30,000 who are saving adequately for retirement has risen steadily from 34% in 2012 when auto-enrolment was introduced to 50% in 2014.

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