New Year’s resolutions usually focus on health, work or lifestyle. But there’s one annual habit that can pay off for decades: a quick, structured check-in on your retirement plan. Retirement planning rarely goes wrong because of one big decision. It more often drifts off course through a series of small default choices: leaving old pensions scattered, taking money without […]
Should they play a role in your plan? For nearly a decade, annuities were out of fashion. Rock-bottom interest rates and new pension freedoms meant that locking into a guaranteed income felt restrictive compared to the flexibility of drawdown. But as the latest Financial Conduct Authority (FCA) data shows, annuities are quietly staging a comeback, […]
When pension freedoms were introduced in 2015, they gave savers greater flexibility and control over how and when to access their retirement pots. But with freedom came a new rule that still catches thousands of people out each year: the Money Purchase Annual Allowance, or MPAA. According to the Financial Conduct Authority’s latest 2024/25 Retirement […]
Perhaps the most surprising thing about Chancellor Rachel Reeves’ 25 November budget was the lack of surprises after the Office of Budget Responsibility (OBR) accidentally released the details on its website immediately prior her statement to the House of Commons.
The overall theme was that income from work will continue to be supported (through the National Living Wage and the State Pension), while income from assets and higher levels of wealth will bear more of the tax burden.
For many people approaching or in retirement, the focus is rightly on how best to use their pension savings to fund the lifestyle they want. But data from the Financial Conduct Authority (FCA)1 shows a clear trend: withdrawals from pensions are rising sharply. When combined with the government’s decision to freeze tax allowances until 2028, […]
When pension freedoms were introduced in 2015, they were meant to empower savers – giving people more choice over how to access their money. And they have. But they’ve also revealed something else: we are not always rational when faced with choice, especially when that choice involves our own money. The Financial Conduct Authority’s (FCA) […]
Retirement isn’t what it used to be. The old idea of finishing work on a Friday and starting retired life on Monday is fading. Today, more people in their 50s and 60s are easing gradually into retirement through working part-time, freelancing, or combining earned income with flexible pension withdrawals. According to the Financial Conduct Authority’s […]
Pensions aren’t just about funding retirement; they’ve also been one of the most effective ways to pass on wealth tax-efficiently to the next generation. At present, pensions usually sit outside your estate for inheritance tax (IHT) purposes. But from April 2027, the government is changing the rules. If you are 50 or over and starting […]
Opting out of a workplace pension might seem tempting if money feels tight, but doing so usually means walking away from one of the most valuable benefits your employer can offer. Thanks to the rules on workplace pensions introduced through auto enrolment, millions of employees benefit from employer contributions, tax relief, and caps on charges […]
Pensions are designed to provide benefits for life. But the latest data from the Financial Conduct Authority (FCA) shows that more people are taking big decisions about their retirement pots without advice – and sometimes withdrawing far too much, far too soon. In its 2024/25 Retirement Income Market Review, the FCA reported that: · Over […]
Holding cash during retirement seems sensible. After all, it provides a sense of security and easy access to funds for immediate or unexpected expenses. But too much cash can be problematic. With inflation consistently eroding purchasing power and the missed opportunities of investing, retirees face a balancing act. The key question is: how much cash […]
Ah, pensions – a word we are all familiar with, but often don’t know all that much about. There is so much to know about the complex world of pensions, and how best to use them. Have you ever considered the idea of using your pension as a tool for inheritance planning, leaving a lasting […]
