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New state pension Age

How will it affect your retirement plans? Will you be one of the millions of workers who will have to work an extra year before retiring after the Government announced that it would be extending the retirement age to 68? New plans announced in July this year mean that the rise in the State Pension age to 68 will now happen in…

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Financially unprotected

Dads putting their family’s financial security at risk if the unexpected were to happen What would happen to you and your family in the event of unforeseen circumstances, such as the diagnosis of a serious illness or premature death? Worryingly, research from Scottish Widows reveals that more than half (53%) of men in the UK with dependent children have no life…

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Buying an annuity

A regular retirement income for the rest of your life One way to use your pension pot is to buy an annuity. This gives you a regular retirement income, usually for the rest of your life. In most cases, this is a one-off, irreversible decision, so it’s crucial to choose the right type and get the best deal you can. Until…

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Taking your pension

Using different parts of one pension pot or using separate or combined pots Under the new flexible pension freedoms rules, you can now mix and match various options, using different parts of one pension pot or using separate or combined pots. Leave your pension pot untouched You might be able to delay taking your pension until a later date. Your pot…

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Using your pension pot

More choice and flexibility than ever before Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your entire pension pot as cash in one go if you wish. However, if you do this, you could end up with a large tax Income Tax bill and run out of money in…

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Self Invested Personal Pensions

Providing greater flexibility with the investments you can choose A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a retirement income. It is a type of personal pension and works in a similar way to a standard personal pension. The main difference is that with a SIPP, you have greater flexibility…

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Personal Pensions

Saving tax-efficiently for retirement A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement. Your pension provider will claim tax relief at the basic rate and add it…

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Defined Contribution pension schemes

Providing an income in retirement With a defined contribution pension, you build up a pot of money that you can then use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income you might get from a defined contribution scheme depends on factors including the amount you pay in, the fund’s investment performance and…

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Defined Benefit pension schemes

Secure income for life A defined benefit pension scheme is one where the amount paid to you is set using a formula based on by how many years you’ve worked for your employer and the salary you’ve earned rather than the value of your investments. If you work or have worked for a large employer or in the public sector, you…

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State Pension update

New rule changes The State Pension changed on 6 April 2016. If you reached State Pension age on or after that date, you’ll get the new State Pension under the new rules. The new State Pension is designed to be simpler than the old system, but there are some complicated changeover arrangements which you need to know about if you’ve already…

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