Pension

The list below is a collection of articles that refer to, mention or discuss Pension.

GAD Rates Explained

GAD Rates

The GAD rate is the way of calculating how much income to take from a capped drawdown pension pot when the money was invested in income generating funds. Capped Drawdown was scrapped when pension freedom rules came into force from April 6, 2015. Although Capped Drawdown is closed to retirement savers, anyone working under the … Read more

Savers Putting Too Much Into Pensions Face Tax Bills

Man with a tax bill

The tax man is about to crack down on pension savers who have failed to report that they have breached the annual allowance. HM Revenue & Customs has fired a warning shot to retirement savers to bring their records up to date when filing their self-assessment tax returns by January 31, 2020. “We know that … Read more

Categories Tax

Pensions Overhaul Frees Doctors From Taper Trap

The National Health Service, NHS, Logo

Budget 2020 was big on spending but light on cutting taxes – but pension rules have changed for the highest earners. The tapered annual allowance for pensions has been a buffer stopping doctors working longer hours because their pay arrangements meant earning more put them at risk of tax penalties as much of the extra … Read more

Bigger Is Not Always Best For Pension Savers

saving

The new pensions dashboard may encourage retirement savers to tidy their finances by consolidating pensions – but this is not always a good idea, says one expert. Former Pensions Minister Steve Webb, who is now a director at financial firm Royal London, reckons savers should take professional advice before consolidating  as the wrong decision could … Read more

Pension Savers Left Stranded By Thomas Cook Collapse

Thomas Cook

The collapse of the world’s oldest travel company Thomas Cook has left thousands of workplace pension savers uncertain over what happens to their retirement savings. Although the firm closed the door on the workplace defined benefit pension scheme some years ago, money in the funds of 13,000 current and former employees are impacted. The good … Read more

Workplace Pension Transfer Values Drop Again

Workplace pension transfer values are still falling, according to new data. The number of retirement savers transferring out of their direct benefit pensions is also dwindling, according to figures from monitor XPS Pensions Group. The average transfer value of a pension in June was £240,800 – down from £241,500 at the end of May and … Read more

Property v Pension – What’s The Best Retirement Plan?

Choosing how to grow your money for a comfortable retirement is a vexing question for many investors – and there doesn’t seem to be a correct answer. Picking the right investment horse to back is tricky and can have lifestyle changing repercussions when you reach retirement age. The favourites are property and pensions, but which … Read more

No Deal Brexit State Pension Bombshell For Expats

u and eu flag

The British government will safeguard state pension uplifts for expats in Europe for three years after Brexit – with future rises dependent on negotiating a new agreement. The hammer blow was meant to reassure state pensioners overseas, but has had the opposite effect. Around 222,000 British expats live in the European Economic Area (EEA), together … Read more

Think-Tank Comes Up With Ways To Shrink Retirement

Your retirement is shrinking as government act to delay the time workers leave the workforce, says a new think-tank report. Moving retirement dates is one of the only ways governments can reduce the number of older workers who are not earning a salary or paying tax, says the Organisation of Economic and Cultural Development (OECD). … Read more