Serenity

Women expect to retire on £4,800 a year less than men

April 16, 2015 by TIna

Category: pensions & retirement & Uncategorized

Women retiring in 2015 expect a retirement income 25% lower than men, according to the Prudential’s annual ‘Class of’ research. However, the research also reports that the retirement income gender gap is at its lowest since 2009, when Prudential first started tracking the difference between male and female retirement income expectations as part of its ‘Class of’ research. Women appear to be increasingly optimistic about their finances in retirement.

The End of the Tax Return

April 15, 2015 by TIna

Category: Tax & Uncategorized

The Government (HMRC) intends to modernise the tax system, with tax returns being replaced by digital tax accounts for millions of individuals and businesses. Each taxpayers’ details will be in one place, just like an online bank account, so they can register for new services, update their information and understand quickly what they need to pay — without ever having to complete a tax return again. By early 2016, five million small businesses and the first ten million individuals will have access to a secure, personalised digital tax account. By 2020, more than 50 million individuals and small businesses will have a secure, personalised digital tax account. The need for millions to complete a tax return will be gone and the tax system will be simplified for millions more.

How good does the Second-Hand Annuity Market look?

April 14, 2015 by TIna

Category: annuity & pensions & savings & Uncategorized

The Chancellor, George Osborne, has confirmed that from April 2016, some five million existing annuity holders will be given the right to sell their annuity in return for a lump sum. The move should give those pensioners who are already locked into potentially poor-value annuities the same freedoms as those retiring after April 2015, who will be able to spend their savings as they wish. Like any other saver taking cash out of their pension, the money will be subject to tax at their marginal rate – that is, the highest rate of income tax that they pay.

The New Pension Freedoms Checklist: Four Things You Must Do Before Making Any Decision About Your Savings

April 13, 2015 by TIna

Category: pensions & retirement & savings & Uncategorized

The new pension freedoms are great news for savers, with more flexibility and options for retirement now available. However, the freedoms also come with a level of risk, particularly for that first wave of savers looking to exercise their new rights in the next twelve months or so.

Budget 2015: Trading in Your Annuity

April 10, 2015 by TIna

Category: annuity & Budget & Uncategorized

Proposals announced in the recent Budget confirmed that up to five million pensioners are to be given the new flexibility to trade in their annuities for cash from next year. As part of this change, the Government has launched a consultation on plans to open a secondary market in annuities in 2016, which would give savers a new option to sell their annuity income to the highest bidder, who might include insurers and pension funds.

Budget 2015: Help coming for most UK savers

April 09, 2015 by TIna

Category: Budget & Investments & savings & Uncategorized

The first £1,000 of interest earned on savings will be completely tax-free for lower earners from next year. Announcing the news during his Budget speech, Chancellor, George Osborne, said:

“People have already paid tax once on their money when they earn it. They shouldn’t have to pay tax a second time when they save it.”

Our insights

Women expect to retire on £4,800 a year less than men

The End of the Tax Return

How good does the Second-Hand Annuity Market look?

The New Pension Freedoms Checklist: Four Things You Must Do Before Making Any Decision About Your Savings

Budget 2015: Trading in Your Annuity

Budget 2015: Help coming for most UK savers

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