A recent survey has revealed that employees from all across the age spectrum have considerable gaps in their financial knowledge. Out of over 500 respondents, more than seven in ten of people from the generation X and millennials age groups did not have an … Continued
The new single-tier state pension, also referred to as a ‘flat-rate’ pension, came into effect at the start of April this year. Whilst it makes the system simpler, as well as increasing the basic state pension from around £120 per week to a starting figure of £155 per week, the new system is not set to benefit everyone. To find out whether you’re one of the people who will be better off, one of those losing out, or someone who won’t be affected by the changes at all, read on.
There’s no doubt that we’re in a time of considerable change when it comes to pensions, with a great many people unsure of whether or not they should take advantage of the new freedoms and how they can best put the new system to work for them. As well as the positive things you can do with your pension, there are a number of things you should probably avoid doing with your retirement funds too.
A third of people aged over 50 who are employed in the private sector are now planning to retire later than they previously hoped, Aviva’s latest Working Lives report reveals.
Before the March 2016 Budget there had been much speculation that the Chancellor was planning big changes to the tax relief on pensions. However, just before the Budget, the Treasury scotched rumours of such changes and subsequently there were no changes to pension savings tax relief in the forecast Budget.
Google searches during 2015 in the UK for the term ‘pensions freedoms’, including other variants with and without plurals, have increased more than ninefold, according to the latest data gathered from the search engine.
In the lead up to the budget announcement, George Osborne seemed to bow to the pressure David Cameron and other members of the Conservative Party were putting on him to soften his approach when it comes to pensions and tax relief.
There’s a lot that’s likely to change about your pension in the near future, which in turn will have an impact on all sorts of other factors regarding savings for your retirement. Depending on what changes the government imposes on how pensions are taxed and the amount of tax relief allowed on pension contributions, you may end up needing to pay considerably more each month towards your pension, or even end up working several years longer before you can retire.
After several years of speculation, according to a recent BT Home article, fears are growing that Chancellor George Osborne is finally poised to take away higher-rate tax relief for pension contributions. If this is the case, then the vital cut-off date for investors could well be Wednesday 16th March – the day of his next Budget.
Think back to the Chancellor’s budget proposals in July last year, and you may remember an announcement about changes to the annual pension allowance. Well, that change is set to come into effect at the start of the new tax year on 6th April 2016. It therefore seems like a good idea for a bit of a refresher on what those changes are and what they potentially mean for you.