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Pensions And SIPPs

Seven things for higher earners to do to help mitigate big tax rise due to pension changes

29 March 2016

Pensions Pensions And SIPPs

High earners with taxable income over £150,000 face paying additional tax of £13,500 now that pension tax relief rules have changed. Hargreaves Lansdown senior pension analyst Nathan Long says: “High earners will now need either a crystal ball or the benefit of hindsight to navigate the new annual allowances rules. Few people know their total […]

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Budget 2016: Government to give eligible savers up to £1,000 per year in new Lifetime ISA

16 March 2016

Pensions And SIPPs Personal Finance Savings

The Chancellor has unveiled a new Lifetime Isa, which will allow under-40s to save up to £4,000 each year and receive a government bonus of 25% or £1,000 per annum. Rather than restricting the Isa to homebuyers, as George Osborne did with the launch of the Help to Save Isa, the latest incentive can be […]

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One in five plan to shift pension into Isas when they reach 55

15 March 2016

Pensions And SIPPs

Nearly one in five savers (18%) are planning to withdraw their nest egg and drip-feed it into an ISA once they turn 55 – an increase of 6% on last year, according to new research from The Share Centre. The insight into how individuals are planning to take advantage of the pension freedoms – which […]

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Budget: pension savers aren’t out of the woods yet

11 March 2016

Pensions And SIPPs

Pension savers may be breathing a sigh of relief over the decision to leave tax relief alone but one expert warns they should not be too complacent.   Andy Cumming, head of advice at Close Brothers Asset Management, said the backtracking on reform of pension tax relief – which he announced last week would not […]

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State pension age rises: half of people think increases are fair

11 March 2016

Pensions And SIPPs

Older women are campaigning against rapid rises in their state pension age but more than half of people said the government should increase the retirement age.   A survey by retiresavvy.co.uk revealed less than half (46%) disagree with the change to the state pension age for women. In 1995 the government said it would equalise […]

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Younger adults want a pension that might help them buy a house too

9 March 2016

Economy Pensions And SIPPs

Over a third of adults aged 18-34 would invest more in a pension if they had the flexibility to access some of their money early and use it for a home deposit. Struggling house buyers desperate to get on the property ladder could benefit from a ‘Help to Buy Pension’ insurer NFU Mutual has said. […]

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Eight in ten workers have “unrealistic” plan for pension saving

8 March 2016

Pensions And SIPPs

Eight out of ten of workers are unrealistic about the savings they need for retirement a new study has revealed. According to research by deVere Group, nearly 80 percent of workers underestimate how much they will need to save into a pension to live a comfortable retirement. “It is alarming that the vast majority of […]

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Threat to pension tax relief lifted, for now at least

6 March 2016

Pensions And SIPPs Retirement Planning

The threat to pension tax relief in the next budget has been removed at least for now by the Chancellor of the Exchequer George Osborne. National newspapers have widely reported an ‘ally of the Chancellor’ saying: “Now isn’t the right time, with uncertainty in the global economy and reforms such as auto-enrolment still bedding in, […]

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New rules for pension cost reporting needed, says consumer panel

4 March 2016

Pensions And SIPPs

A plan to make pension charges more transparent and stop consumers losing out has been drawn up by the Financial Services Consumer Panel.   The panel has called for a new standard of cost reporting that would give pension fund costs greater transparency.   Costs deducted from a pension fund have a ‘significant impact on […]

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You could be working until you’re 75, experts warn

2 March 2016

Pensions And SIPPs

People starting their working lives today may not be able to retire until they are 75, experts have warned, as the Government launches a review the state pension age. Former CBI boss John Cridland has been appointed to lead the review, the first of regular five-year reviews each Parliament. The Government says the review is […]

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