Category: Financial News

A gradual increase over two years every decade State Pension age is the earliest age at which you can claim your State Pension. It is currently 65 for men and 60 for women. However, the State Pension age is changing and will increase between 2010 and 2046. Currently, the State Pension age is 65 for… Continue reading Changes to the State Pension age

Putting off your claim for at least five weeks By choosing to put off claiming your State Pension you can receive an extra State Pension. You must put off your claim for at least five weeks. For every five weeks you put off claiming you can earn an increase to your State Pension of one… Continue reading Extra State Pension

Joining your employer’s scheme Occupational pension schemes vary from company to company. Your scheme is likely to be one of two general types, final-salary related or defined contribution scheme. Final-salary related schemes Final-salary related schemes are also known as defined benefit schemes. With these, the amount you receive on retirement depends on your salary when… Continue reading Occupational pensions

Options available when an occupational pension is not provided Your employer is required to offer you the chance to join a pension scheme. If an occupational pension is not provided then this would normally be a stakeholder or alternative personal pension. Your employer must offer you access to a stakeholder pension, so long as both… Continue reading Personal pension plans through you remployer

Deciding on your options There are three types of non-State pensions. Some are offered by employers and some you can start yourself. They are: – occupational final-salary related schemes – offered by some employers; – occupational defined contribution schemes (also called money purchase pensions) – offered by some employers; and – stakeholder pensions and personal… Continue reading Types of pensions

Shopping around for the annuity that best suits your needs An annuity is a regular income paid in exchange for a lump sum, usually the result of years of investing in an approved, tax-free pension scheme. There are different types. The vast majority of annuities are conventional and pay a risk-free income that is guaranteed… Continue reading Annuities explained

The biggest change in pension legislation in a lifetime The introduction of Pension Simplification legislation on 6 April 2006 (A-Day) brought about the biggest change in pension legislation in a lifetime with the following aims: – to reduce the complexity of pensions – to offer simpler and more flexible retirement arrangements – to encourage saving… Continue reading Pension rules from 6 April 2006

Encouraging you to save towards your retirement Pensions are long-term investments designed to help ensure that you have enough income in retirement. The government encourages you to save towards your retirement by offering ‘tax relief’ on your contributions. For each pound you contribute to your scheme, the pension provider currently claims tax back from the… Continue reading Tax advantages of personal pensions

Taking an income each year from your retirement saving Unsecured Pension Plan (formerly Income Drawdown) is the name given to the facility to continue to keep your retirement savings invested and take an income each year rather than buying an annuity. This facility can only be continued to age 75, at which time an annuity has… Continue reading Unsecured Pension Plan

Taking control of your pension planning A Self-Invested Personal Pension Scheme (SIPP) provides you with the option of choosing when, where and how you invest the assets of your pension fund. Any contributions that you make to a SIPP will receive tax relief of between 20 per cent and 40 per cent depending on what… Continue reading Self-Invested Personal Pension Scheme