How green is your pension?
The consequences of inaction on climate change are now impossible to ignore. Every company has an impact on the world around us. And by investing in them, so do we. Continue reading “Beyond profit”
Category: Pensions
What can I do with my pension?
Deciding how you want to start taking money
Due to the changes introduced by the government in April 2015, when you reach the age of 55 (subject to change) you now have more flexibility than ever when it comes to taking money from your pension pot.
How to trace multiple old pension pots
Over time, pension schemes close, merge or become renamed
Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else.
What will happen to your pension when you die?
Providing an income or nest egg for your loved ones to enjoy, long after you are gone
The way that you decide to take your pension will affect what you can do with it when you pass away. While it’s not always easy to talk about, the way you eventually pass on your pension has the biggest impact on other people, so it will help talking to your spouse, children or other people close to you when you’re deciding how you take your pension savings.
Continue reading “What will happen to your pension when you die?”
Pension freedoms
Looking for a wider choice of investment options?
Saving for your retirement is one of the longest and biggest financial commitments you will ever make. Imagine you’re retiring today. Have you thought about how you’re going to financially support yourself (and potentially your family too) with your current pension savings? The pension freedoms introduced in 2015 provide even more of an incentive to look again at your retirement savings.
Pension Lifetime Allowance
Do you need to take action to avoid risking additional tax charges in retirement?
When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges in retirement.
Pension lifetime allowance
How to stay within the limit to avoid a tax charge
If you’ve been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But, unfortunately, the best savers sometimes find themselves inadvertently breaching their pension lifetime allowance (LTA) and being charged an additional tax that erodes their savings.
Minimum pension age to increase
Age change to when people can start taking pension savings
The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 commencing 6 April 2028.
Suspending pension contributions
Think carefully about how action taken now could affect your retirement
As more people worry about money and are struggling financially as a consequence of the coronavirus (COVID-19) pandemic, it’s likely that reducing or stopping their pension contributions may be an option to ensure they survive financially. Continue reading “Suspending pension contributions”
Passing on pension benefits
Providing for your loved ones after your death
If you’ve spent a lifetime saving for retirement, you’d probably like any remaining money to go to a loved one after your death. But whether pension benefits are payable to a beneficiary, and how they’ll receive them, is dependent on the type of pension you’ve chosen and how you’ve accessed it in your retirement. Continue reading “Passing on pension benefits”