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Where does your pension go when you die?

If you have not yet reached retirement, it can be easy to put off thinking about who will get your pension when you die. However, for more than 750,000 people, the answer is not the person they would want to have it. (Source: Royal London) This is because they have not updated their expression of wish form, and therefore, their pension provider is operating on outdated or non-existent information. What is an expression of wish form? When you first joined a pension,…
21st March 2018

Do you know when you can access your pension? It might be later than you think

Pension Freedoms. They’ve been around now for nearly three years, and in that time, they have revolutionised pensions, providing choice and flexibility to those approaching retirement. In fact, during the first 15 months after Pension Freedoms came into effect, over £9.2 billion has been accessed (Source: Gov.UK). However, amid the growing awareness of Pension Freedoms, a new rule has gone (for the most part) largely unnoticed. Currently, the earliest that you can access your pension pot through Pension Freedoms is age 55,…
21st February 2018

Six tips to tie up your tax year

It’s almost April, and that means three things: Spring is on the way and you can start hoping for sunshine Supermarket shelves are full of Easter treats and chocolate The 2017/18 tax year is ending The new tax year might not bring the excitement and celebrations (or bank holiday) that the calendar New Year does, but it’s an important time to make sure that you are up-to-date financially. Your March checklist Throughout March, you should check that you have made the most of the annual…
21st February 2018

State Pension: More than half of people don’t know what they will get, or when

Last month, we looked at the reasons people might defer their State Pension. This month, we thought we’d look at a more fundamental question: How much could you get, and when? Research from B&CE shows 52% of non-retired adults are unsure of the age at which they will be able to start receiving their State Pension. Further to this, 55% don’t know how much the current weekly State Pension income is. This lack of knowledge is even worse among…
21st February 2018

Understanding Pension Freedoms: A lack of knowledge could cost you

Ignorance is not bliss when money is involved, especially when that money is supposed to support your lifestyle when you finish working. Research from Old Mutual Wealth shows that: 47% of 50-75-year-olds either haven’t heard of Pension Freedoms or don’t know how they affect their pension and options Almost two fifths (37%) say that they don’t know when or how they can use Pension Freedoms Why does that matter? Can’t we just let them carry on doing things the way they have always been done?…
23rd January 2018

Deferring your State Pension: Could it be a mistake?

Deferring, or choosing to take your State Pension at a later date has been a popular topic of late. Just last autumn, we explored the pros and cons of deferring, click here to read more. There are many reasons why you might choose to defer your State Pension. But a freedom of information request from the Department of Work and Pensions (DWP) has suggested that the number of people choosing to do so is decreasing. Just 11% of people in receipt of…
23rd January 2018

It’s the biggest threat to your wealth, but 62% of people don’t understand it…

It’s something so powerful that Albert Einstein called it the eighth wonder of the world, and for good reason, too. No, it’s not King Kong; but instead the much mightier concept of compound interest (which is far less likely to run amok in New York City). Compound interest is the return from an initial sum saved, plus the accumulated interest from previous periods of time. Think of it as interest on interest; gathering momentum slowly at first before snowballing into a significant amount over time.
23rd January 2018

15 things to do in the year before you retire

The way we work, and retire, is changing. Gone are the days when we would work in the same place for 40 years, reach the State Pension Age and collect a leaving present, never to return. More of us are now retiring early. While 60 to 65 is no longer seen as old, if you are to have a financially secure retirement it takes careful planning. That means thinking about things months, or even years before you plan to finish working. Using our knowledge and…
8th January 2018

IHT receipts expected to rise

The Office for Budget Responsibility (OBR) has updated its projection for the period between 2016 and 2022. New figures show that the estimated Inheritance Tax (IHT) to be paid during that time will be £900 million higher than previously stated. This is fuelled by a higher IHT income than anticipated during the 2015/16 and 2016/17 tax years. 2015/16 estimates were under by £100m, whilst 2016/17 saw income of £300m more than anticipated. Throughout the rest of the period, the government expects to receive an additional:…
14th December 2017

Why underestimating your life expectancy is dangerous for your bank balance

More than three quarters of 50-64-year-olds underestimate their life expectancy, according to research from Retirement Advantage. 78% of those asked, predicted a much lower age of death than official statistics project, with both men and women believing their life expectancy to be 82 years. Data from the Office of National Statistics shows that the average life expectancy for those in this age bracket is: 88 years for men 90 years for women Having an extra few years to enjoy retirement sounds great…
14th December 2017

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