The Government’s move means most doctors will no longer be hit by tax bills due to the hated ‘taper’ – but it shunned widespread calls to abolish the complicated pension tax rule altogether.
Anyone aged 47 or under must plan ahead if they want to retire earlier than 57, or will need cash for other purposes like paying off mortgages, home renovations or university fees for their children.
Whilst I fully understand the risk of my investments, I was not aware I could lose the pension if the platform company failed. Is this really the case? What are the dangers investors need to know about?
According to the Office for National Statistics, 11 per cent of private sector
workers who have a pension are in a generous final salary scheme. This compares to 92 per cent in the public sector.
The pension incomes of Britain’s richest retirees are now 17 times higher than those of the poorest as the gap between the two has nearly doubled over the past decade.
Pension credit is a benefit for the poorest pensioners, and a surge in applications is likely to be underway due to the decision to means test pensioners for the free TV licence.
A selection of Steve’s top columns can help you avoid being scammed, understand the mysteries of the new state pension, and gain peace of mind by making the most of your pension savings.
Five years after the introduction of pension freedoms, the Association of British Insurers is warning that many middle-aged savers may not be doing what’s best with their pension pots.
‘Cash today, poverty tomorrow must be avoided, as large withdrawals from pension pots could mean later life hardship for many,’ says the Association of British Insurers.
What is to stop my ex-husband converting everything to useless shares that are falling in value? Barrister Rhys Taylor explains how pensions are handled when couples divorce.