Pensions & Retirement Planning

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Managing the impact on your pension

Retirement planning can be complex at the best of times, so it is easy to understand how some people can find it daunting to take into account factors like inflation.

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How much do I need to save to retire?

The question, ‘Have I saved enough to retire?’ is a difficult one. It requires a lot of information about you, your family, your income needs in retirement, and an understanding of the various financial vehicles available for saving and investing before it can be answered definitely.

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Getting ready to retire?

Have you ever wondered what you need to consider as you approach retirement? Whatever your concept of what is a good pension pot, one certainty is that relying on the State Pension alone will not give you a good enough pension to live on comfortably through your retirement.

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Beyond profit

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.

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What do your retirement plans look like?

The coronavirus (COVID-19) pandemic has sparked a surge in people over 50 seeking professional financial advice[1]. For many, a sudden shift in their financial status has been overwhelming.

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Significant impact on retirement prospects and planning

Over-50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research[1].

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Is freedom today hurting freedom tomorrow?

A new study has identified that Britain’s future pensioners are putting their retirement future at risk by withdrawing cash from their pension pots while still in the accumulation phase[1]. The findings were that some people are confusing their pension pots for savings accounts, which may have a detrimental impact on their retirement.

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Top pension tips if you’re about to retire

We spend our working lives building towards retirement. Choices we make today will have a big impact on the quality of our lives later on. If you only have a handful of years to go until you reach your retirement, it has never been more important to understand your options and put a plan in place – now could be a good time to re-evaluate your plans with us.

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Time for pensions to contribute towards building a better world

As we have been witnessing in recent years and months, climate changes are occurring in every region and globally. A new landmark report from the United Nations on the state of climate science has highlighted modern society’s continued dependence on fossil fuels, which is warming the world at a pace that is unprecedented in the past 2,000 years.

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Retirement planning journey

When you’re starting out working in your 20s, you may not be thinking about retirement in 40 years’ time. The same goes for your 30s, 40s and even 50s. There is always something on the horizon you could be saving for besides your retirement.

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Protect yourself from pension scams

Being online more means criminals have a greater opportunity to approach unsuspecting victims with their scams. Online scams can have a devastating financial and emotional impact on victims.

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Pension boost

The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to receive.

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Retirement options

When the time comes to access your pension, you’ll need to choose which method you use to do so, with options including: buying an annuity, taking income through (flexi-access) drawdown, withdrawing lump sums or a combination of all of them.

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Will your pension run out early?

An increasing number of people have been forced into early retirement due to the economic impact of the coronavirus (COVID-19), with many worried about how they’ll make ends meet in the future. Because of the pandemic, we are currently in a challenging economic period. The global economy has taken over ten years to recover from the shock of the last financial crisis.

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Minimum pension age to increase

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.

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Boost your pension savings

Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?

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Pension options

One thing retirement is not, is an age. Not any more anyway. Gone are the days of being told to stop working one day and pick up your State Pension the next. Today you have new pension freedoms to decide when and how you retire.

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Passing on pension benefits

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.

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‘New Age’ of self-employment

Self-employment plays a vital role towards the UK’s economy. In recent years the number of people who are self-employed has risen steadily. But one of the main drawbacks is that the self-employed do not have the advantage of an employer to help arrange pension provision.

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Breaking up is hard to do

When long-term relationships split up, there are a host of implications for mortgages, savings, tax and Wills requiring careful consideration to avoid hardship.

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Planning for tomorrow, today

The future may seem far away. Regardless of your retirement goals, there are things you can do to increase your chances of success. It is important to look objectively at your plans and adapt them as your priorities change over the years and you go through different life events.

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Can’t afford to retire

Do you know how much money you will need in retirement? What about how much you already have saved? Do you know what kind of income that might provide? Unfortunately the answer is ‘no’ for some people.

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Revolutionising the retirement landscape

Pension freedoms have put a greater onus on people to keep themselves informed of their options when it comes to accessing their pension money. However, little knowledge and understanding of the rules could mean some people risk making decisions that are not best for them.

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Divest or engage?

Environmental, social and corporate governance issues are increasingly in the news, with some high-profile companies facing public scrutiny, corporate action or litigation. In a world where doing good means a better, more sustainable future, environmental, social and governance (ESG) factors have become an essential measure for sustainability and ethics of a business.

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Protecting your retirement plans

The COVID-19 pandemic has touched virtually every aspect of our lives, not least of which is how we save for retirement. And while the number one priority is keeping our families and ourselves safe and healthy…

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Retirement freedoms

It’s important to remember that retirement is not a single event. It is a process that begins long before you leave work and continues for the rest of your life.

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COVID-19 effects on retirement planning

The coronavirus (COVID-19) is having a widespread impact across all aspects of financial life, including retirement plans. The current global stock market turbulence, as a consequence of COVID-19, will no doubt be concerning for individuals whose pension savings are invested partly or fully during these volatile market conditions.

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Beware of pension fraudsters

Fraudsters are exploiting fears over the COVID-19 pandemic to target pension savers and investors.The Pensions Regulator, the Financial Conduct Authority (FCA) and the Money and Pensions Service have issued a joint statement urging people not to make rash pension decisions in the wake of the global pandemic, as criminals try to exploit public fears over the market turmoil to dupe victims out of their cash.

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Retirement savings longevity

We all want to ensure we have sufficient funds when we retire so we can spend our time the way that we want to. But how realistic are your current retirement plans?

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How prepared are you for retirement?

You work hard to enjoy your current lifestyle, but are you doing enough to ensure that you will continue to enjoy it in retirement? Many of us live for today, but saving into a private pension plan can help you retire sooner rather than later.

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Pension consolidation

The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. As a result, many people have multiple pensions set up, as they have been automatically enrolled into a new pension scheme each time they have started a new job.

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State pensioners

In October this year, those receiving the State Pension are likely to find out that their weekly payments will increase by 4% from April 2020, subject to any last minute adjustments.

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Time to update your planned retirement date?

Millions of savers risk missing out on money from their final pension pot if their provider doesn’t have their correct planned retirement date. The analysis[1] revealed that workplace pension savers in the UK could miss out on thousands of pounds in retirement because they haven’t updated their planned retirement date.

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A long life needs a smart retirement plan

Your 50s are a crunch time when saving for your retirement. If you’ve already set a retirement savings target but have been neglecting it, the reality is that now you can’t afford to delay your planning any further – and it’s time for a careful review.

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The future of work is coming

The days of an employee turning 65, getting a gold watch or carriage clock and being ushered into a new world of golf, retirement communities and early-bird specials are rapidly disappearing. People are living longer and organisations are shifting their attitudes toward older workers as a result.

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Lasting the distance

Whether you choose or need early retirement, having a plan can give your money the best chance of lasting the distance. Whether lifestyle preferences or circumstances beyond your control are behind your decision to retire early, you’ll need to make a plan to help your retirement savings last, while still enjoying your favourite comforts in life.

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Unlocked pension savings

Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research.

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What’s your magic number?

Retiring is a huge life event.And the very concept of retirement is changing with phased retirement becoming more common.The way we access our pension is now a lot more flexible, and it’s no secret that in the UK we’re living longer than ever before which means we need to make the right choices.

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Give a triple boost to your children

For those parents who have spare cash, putting money into their children’s pension will boost the retirement prospects of their offspring.The money will be topped up by the addition of tax relief and could also earn their children a tax refund if they are higher rate taxpayers and reduce the penalty they face if they are a higher earner receiving child benefit.

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Dreaming of escaping a working life for retirement

Some people will have set their retirement date when they were in their 20s or 30s, and a great deal will have changed since then, including their State Pension age and perhaps their career plans.

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Preparing for your upcoming retirement

Deciding what to do with your pension pot is one of the most important decisions you will ever make for your future. The ‘pension freedom’ changes of April 2015 represented a complete shake-up of the UK’s pensions system, giving people much more control over their pension savings than before.

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Retirement income

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life. This is why more and more people, where appropriate, are turning to private pensions as a tax-effective way to build or enhance their retirement income.

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To downsize or not to downsize

It can be a daunting prospect to think about selling the family home, but it is a decision that many decide is the right choice for them once the children have long moved out and the upkeep seems too onerous. However, people don’t often consider the impact this could have on their retirement, according to new research.

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Emergency cash

A million more women in their 20s could be saving adequately for retirement if they were able to access emergency cash from their pension, according to a new report.

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Managing risk

Many retirees are at risk of overlooking their pension finances by falling into an avoidable trap, according to new research.

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Funding your golden years

Pensions have the reputation of being confusing, but they needn’t be. Private pensions are usually used by people who don’t have access to a workplace pension scheme, but you can also have one if you are employed or not working.

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Auto-enrolment

More people in the UK are saving towards retirement than ever before, according to data from the Office for National Statistics (ONS), with numbers boosted thanks to the Government’s auto-enrolment scheme.

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Pretirement

The onwards march of ‘pretirement’ – where people scale back on work or slow their retirement plans down rather than giving up entirely – is continuing, with half (50%) of those retiring this year considering working past State Pension age.

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Savings in retirement

For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, people need to think about how to generate extra income from their savings in retirement.

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Averting a later-life financial crisis

People are generally living longer these days. Increasingly, more people are living well into their 80s and 90s – and some even longer.This may mean you have a long time to budget for.That’s why it is very important to consider all of your options carefully and think about what will matter to you in retirement.

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To transfer, or not to transfer

More than 100,000 people transferred out of Defined Benefit (DB) pensions in 2017/18.A DB pension scheme is one where the amount you’re paid is based on how many years you’ve worked for your employer and the salary you’ve earned.The figures show that a large number of people are still transferring out of traditional salary-related pensions, but whether this is a good idea or not depends crucially on your individual circumstances.

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Driving towards the next phase of your life

At some point you’ll say ‘goodbye’ to your co-workers, get into your car and drive towards the next phase of your life – retirement. But when will that be? The move to retirement is one of the most important decisions you’ll make, so it’s not surprising that determining the date is harder than you may ever expect.

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Your money, your choice

You can pay into as many pension schemes as you want; it depends on how much money you can set aside. There are several different types of private pension to choose from, but in light of recent government changes the tax aspects can require careful planning. So what do you need to consider?

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Pension freedoms

On 6 April 2015, the Government introduced ‘pension freedoms’, and with it major changes to people’s private pension provision. Once you reach the age of 55 years, you now have much more freedom to access your pension savings or pension pot and to decide what to do with this money.

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Generous grandparents

Forget the Lamborghini – 2.4 million UK grandparents[ have either raided their pension to support their grandchildren or plan to in the future. According to research from LV=, a quarter of generous grandparents (25%) who have already given away money to their grandchildren have taken the funds from their pension. A further one in six (16%) plan to use their pension for this reason once they reach retirement age.

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Financial freedom

It might seem like a far-off prospect, but knowing how you can access your pension pot can help you understand how best to build for the future you want when you retire.

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Make it a date

Most over-45s are not making plans to match their hopes for the future, according to research from Standard Life.The vast majority (86%) of those aged 45 or over are already dreaming about escaping their working life for retirement, but only 8% of the same age group have recently checked the retirement date on their pension plans to make sure they are still in line with their plans.

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Making the most of your pensions

By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement.

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Retirement wealth

The first increase in minimum automatic enrolment (AE) workplace pension contributions came into effect on 6 April. According to research from Scottish Widows, however, one in five Britons (20%) – amounting to more than ten million people – say they’ll work until they’re physically unable to, while one in 20 (6%) – another three million people – say they expect to work until they die.

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Life events

Retirement is a time for you to do the things you’ve always wanted. When considering your retirement income needs, you need to consider the types of events you would like to happen after you retire that may impact your budget. Thinking about these early could help you when you’re deciding the best way to take your pension savings.

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Why being over-40 is the new mid-20s

An increasing number of middle-aged Britons are getting healthier as they exercise more and eat better than they did when they were younger. Over-40s are turning to healthier lifestyles, with more than half rating themselves as more health-conscious than they were in their mid-20s, according to new research

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How to make the most of your retirement

Even if retirement isn’t far away, there are steps you could take to increase your eventual retirement income. This applies both to your State Pension entitlement as well as to any personal or workplace pension pots. We’ve provided some areas to consider that you may wish to discuss with us to help you to meet your retirement goals.

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Avoiding hidden dangers in retirement

Increasingly, more and more pensioners are keeping much of their pension invested after they retire. This means they’re faced with two very different risks when deciding what to do with their savings in retirement in a world of ‘pension freedoms’. Since April 2015, people who reach retirement have had much greater flexibility over how they use their pension funds to pay for their later years.

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Planning the future you want

Will I ever slow down? Do I have the right plans in place? Retirement is a chance to do more of what you enjoy, and figures released as part of LV=’s tenth annual State of Retirement report[1] indicate that far from winding down, retirees are making the most of their time, with signs that pension freedoms have made people even more likely to feel this way.

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‘Miss List’

Spending time with family, easily having a shower or bath and driving a car are the top day-to-day moments that most people would miss if they could no longer do them.

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Countdown to Retirement

Retirement can mean different things to different people. Understanding how much it will take to provide an income for yourself and potentially a spouse, while also ensuring you are able to leave something behind for your loved ones after your death, is essential.

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Retirement Roulette

Older workers are finding themselves caught in a position of retirement roulette, as many are relying on external factors such as a downsizing, an inheritance or even a lottery win to be able to afford a comfortable retirement, according to Aviva’s latest Real Retirement Report.

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Pensions and Divorce

Divorce and pensions are very significant. A pension could be a couple’s most valuable matrimonial asset, in some cases worth more than the equity in the family home. As such, it is important that pensions are considered in the nancial settlement if a couple decides to divorce or dissolve their registered civil partnership.All the money you’ve saved into it (except for your basic State Pension) will be taken into account when your assets are divided.

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Don’t worry, be happy

It is impossible to consider retirement, and our experience of it, without also considering how we’ll pay for it. But almost 30% of people over the age of 55 are unsure if they will be able to retire on their current savings, according to new research.

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Turbocharge your pension

If you’re still working, what kind of life would you like to lead when you’ve said goodbye to the 9-to-5? Saving for your retirement is essential if you want the financial freedom to enjoy your later years. After all, you’ll still want to do all the things you love now – and probably a few others too.

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Pension Freedoms

Following pension reforms, there are now more options for using your private pension pot. Since April 2015, some people over 55 have greater freedom in how they can access their pension pots – the money they’ve built up during their working life.

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Planning for your Retirement

One of the critical aspects of retirement planning is how you structure your financial affairs to make sure you have sufficient money if and when you stop working.

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Shopping Around for a Better Deal

New research finds consumers could be missing out on thousands of pounds in retirement by not shopping around for their pension product.This means their pension pot may not stretch as far as they hope it will, yet a signi cant proportion of people expect their retirement income to cover much more than just the essentials.

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Long-Term Investing

Healthier lifestyles and medical advances mean that many of us can expect to enjoy longer lifespans than previous generations. However, this creates a significant challenge both for society as a whole and for us all as individuals – how to fund a fulfilling life beyond our working years.

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Long Forgotten Plans

If you’ve worked for two or three different employers, it’s possible you could have a workplace pension from each of them.You might also have set up a personal pension, so they can add up quickly.

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New State Pension Age

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 2039, affecting people born between 6 April 1970 and 5 April 1978.

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Dreaming of an early retirement

We all know that we need to save money for our retirement, but knowing it and doing something about it are very different things!Younger generations may be bracing themselves to work well into their 70s – but the early retirement dream lives on for many people retiring this year. New research from Prudential[1] has found six in ten (60%) of those giving up work this year – the Class of 2017 – are doing so earlier than their projected State Pension age or company pension scheme retirement date.

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Retirement choices

The 2015 pension freedoms gave us greater flexibility over our retirement options, but the reforms have also made retirement choices much more complex.This means we need to start thinking about our retirement earlier. However, half (50%) of respondents aged 45–54 to a LV= consumer survey[1] didn’t think about retirement at all last year.

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Working 9 to 5

The proportion of UK employees who say they will work beyond the age of 65 is at an all-time high. The findings from Canada Life identified that almost three quarters (73%) of employees expect to work beyond the traditional retirement age, up from 67% in 2016 and 61% in 2015.

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Millions change retirement plans post EU vote

The UK’s decision to leave the EU has left over two million people planning to change their retirement plans.

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Money purchase annual allowance

Chancellor of the Exchequer, Philip Hammond, delivered his first and last Autumn Statement to Parliament on Wednesday 23 November 2016

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Pension booster

Those who set tangible goals for the future could be £30,000 better off in retirement, according to new research.

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Pensions time bomb

Millions of workers across the UK could be heading for a significant shortfall in the amount of pension they need for an adequate income. The World Economic Forum (WEF) has issued a warning that calls on the Government to impose faster pension-age rises as it earmarks the UK as one of several countries facing a ‘pension time bomb’, with the UK pension savings gap reaching £25 trillion by 2050 if action is not taken soon.

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Savers banking on ISAs

More than one in three retirement savers are planning to rely on Individual Savings Accounts (ISAs) for the majority of their retirement income. ISAs don’t attract the upfront tax relief that pensions enjoy. However, unlike retirement savings plans, there is no tax to pay when you cash them in. With pensions, up to 25% can be taken as tax-free cash.

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Pensions & Retirement Planning