In 2020, the state pension age officially increased to 66; however, recently there has been several news articles and commentary around the government’s triple lock promise and that this could mean an 8% increase in the state pension from April 2022.
Pension tax relief can seem like an alien concept, but it pays to understand what it is and how you can make the most of it, up to certain limits.
A growing number of investors are seeking ways to invest tax-efficiently other than through their pensions and Individual Savings Accounts (ISA). The reason being that those investors have fully used their ISA allowances and have significant pension contributions have compounded over the years. Pensions have a tax-efficient lifetime allowance, above which clients question why they should keep adding if they are going to get taxed later at a higher rate!
Teenage years can be difficult and money matters are often seen as insignificant but educating teens on managing their money is an important step in them learning financial independence, as they get older.
Changes to pension annual allowance rates that were announced in this years budget, those who previously opted-out may now consider opting back in.
Losses from pension fraud rose to £1.8 million in the first three months of this year, according to figures from Action Fraud.
Employers that push staff into making unsuitable defined benefit transfers should beware the “Financial Conduct Authority’s (FCA’s) gaze”, a director at the regulator warns.