The Pension Schemes Bill received Royal Assent on 29 April and became the Pension Schemes Act, marking the most significant overhaul of pensions in a decade. How will this affect you and your family? The Act will bring about significant reforms to the UK pensions system, benefitting workers by up to £29,000 by the time …
The new tax year is here, and upcoming pension changes mean that it’s now a good time to review your retirement plans. 1. Age to access your pension is rising From April 2028, the earliest age most people can start taking money from their private pension will rise from 55 to 57. If you were …
The Pensions Ombudsman (TPO), an independent pensions complaints arbitration service, has spoken out over potential fraudulent letters. The service has warned that it is aware people have received fake letters purporting to be from the TPO about a “failed investment”. The TPO’s site states: “These letters are not genuine, and the telephone number is not …
When you first set up a pension, whether through your employer or personally, it can feel like a huge tick in the box. But unlike setting up a dishwasher or booking a holiday, pensions aren’t something you can just “set up and forget.” They’re more like a long-term relationship: they need care, attention and regular …
Budget 2025: Pension salary sacrifice cap explained The Government has announced in its 2025 Budget a key change to pension salary sacrifice arrangements that could alter how many workers save for retirement. Under the new rules the Government will cap National Insurance (NI) relief, on pension contributions made through salary sacrifice, at £2,000 per year …
For many people approaching retirement, the pension tax-free lump sum is one of the most attractive features of their pension savings. It allows you to take up to a quarter of your pension pot as a one-off payment without paying income tax, up to a current maximum of £268,275. While this can seem straightforward, the …
When many people hear the words “estate planning”, they immediately think of very wealthy people with country homes, investment portfolios, or big family businesses. But estate planning is something that affects almost everyone, regardless of their wealth. Whether you own a house, have some savings, or simply want to make life easier for your loved …
The State Pension is due to increase by 4.7% next April after the latest Office for National Statistics (ONS) figures were published on 16th September. The ONS data confirmed the latest annual wage growth of 4.7% would be the deciding figure under the State Pension Triple Lock. This uplift, while lower than some recent past …
Between April and June this year, HMRC issued refunds amounting to nearly £49 million to pensioners who had overpaid taxes on their pension withdrawals. Approximately 13,000 claims were processed during this period, with each individual receiving an average refund of £3,800. The issue of over-taxation arises from the method HMRC uses to calculate tax on …
Retirement planning is critical to financial security in later life. There are many considerations over years of preparation that go into ensuring a plan, once made, can work effectively for the long term. This guide is here to help you consider the essential steps and aspects of retirement, whether you’re 10 years, five years, or …
