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‘It’s not what you earn, it’s what you keep’

The potential impact to your expected retirement income over time. When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings, and your potential later life expenses. One more factor not to overlook is how much of your retirement income could you lose in taxes. The amount you pay to HM Revenue & Customs (HMRC)

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Pension boost

Are you claiming all of the generous tax relief you’re entitled to? The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to receive. Making the most of pension saving involves maximising tax relief and allowances which could substantially boost your retirement savings.

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Protecting family wealth

Start planning your legacy to mitigate or reduce Inheritance Tax. If you’ve worked hard throughout your lifetime to grow your wealth, and hope it will help to safeguard the financial security of your loved ones after you’ve gone. But without careful planning in your lifetime, you could leave them with less than expected after the Inheritance Tax bill is paid. Proper planning can help you pass on as much as possible to the people you choose by avoiding additional unnecessary

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Retirement planning journey

What you need to consider at every life stage. When you’re starting out working in your 20s, you may not be thinking about retirement in 40 years. The same goes for your 30s, 40s and even 50s. There is always something on the horizon you could be saving for besides your retirement. No matter how old you are, it’s always a good time to review your pension savings and update your retirement plan. Understanding your retirement goals during each decade

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Live The Life You Want

How much pension income will you need for a comfortable retirement? The purpose of a pension is to provide an income for you to live the life you want once you have retired. But, due to longer life expectancies, less generous schemes and lack of understanding around saving, a common problem is that some people don’t retire with enough to last them. The current life expectancy in the United Kingdom[1] in 2017 to 2019 was 79.4 years for males and

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Steps Towards A Better Financial Future

Grow, protect and transfer your wealth. Financial planning is a step-by-step approach to ensure you meet your life goals. Your financial plan should act as a guide as you move through life’s journey. Essentially, it should help you remain in control of your income, expenses and investments so you can manage your money and achieve your goals. Life rarely stands still. Priorities shift, circumstances change, opportunities come and go and plans need to adapt. But regular discussion and reviews are

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Minimum Pension Age To Increase

Age change to when people can start taking pension savings. The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 commencing 6 April 2028. The Treasury is consulting on how best to apply its decision to increase the age when people can start taking their private pension savings. The Normal Minimum Pension Age (NMPA) will increase

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Sustainability Matters

Plan for a better tomorrow, today. Responsible investment is a catch-all term to broadly describe funds that invest to make a positive change, either to the environment or for society. Within this umbrella term there are four broad investment approaches: ethical exclusion; responsible practice; sustainable solutions; and impact funds. Increasingly more pension savers are asking where their funds are invested. Many are no longer just concerned about getting the best returns – they also want their money to be used in

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Grandparents, Grandchildren And Money

Sharing your wealth during your lifetime can make a big difference. With all of us leading longer lives, you might be considering how you can help your family when it matters most. Sharing your wealth during your lifetime can make a big difference and bring you a lot of joy, particularly when helping younger generations who are dealing with rising house prices and university fees. After you’ve determined how much you can afford to give, there’s a simple starting point.

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Retirement Options

What can you do with your pension pot? When the time comes to access your pension, you’ll need to choose which method you use to do so, with options including: buying an annuity, taking income through (flexi-access) drawdown, withdrawing lump sums or a combination of all of them. There are advantages and disadvantages to each method, and in some cases your decision is permanent, so it’s important to ensure that you obtain professional financial advice when considering your different options.

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A New Tax Year, A New Start For Your Finances

Creating a roadmap for your future financial success. It’s always a good time to consider financial planning, but at the start of a new tax year, when you have a fresh set of annual allowances to take advantage of, you have the perfect opportunity to get your financial affairs in order and align them with your goals. The UK tax year runs from 6 April to 5 April each year. These dates don’t change but tax rules and regulations do

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Will Your Pension Run Out Early?

Impact on people opting for early retirement as a result of the pandemic. An increasing number of people have been forced into early retirement due to the economic impact of the coronavirus (COVID-19), with many worried about how they’ll make ends meet in the future. Because of the pandemic, we are currently in a challenging economic period. The global economy has taken over ten years to recover from the shock of the last financial crisis. In a recent survey, the

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