Women left with half the pension pot, no matter the job. We’ve all heard about the gender pay gap, but very few discuss the gender pensions gap, despite the fact so many women experience it. Women’s pensions at retirement are half the size of men’s, regardless of the sector they work in, new research has highlighted[1]. The gender pension gap is the percentage difference in income between men’s and women’s pensions and it begins at the very start of a

What kind of protection insurance do you need? There are various complex risks in life that we all face, such as serious illness, an accident or death. What would happen if something were to happen to you? Would your family be able to cope financially with the impact an unexpected event might have? These are not easy questions to ask but it is important to consider what would happen if an unexpected event or accident took place, and how you

What to consider if you have multiple pension pots. The employment landscape has evolved significantly over the last few decades and changing jobs multiple times before retirement is now very much the norm. But did you know, there is an estimated £9.7 billion of unclaimed UK defined contribution pension funds?[1]. Over time, it is easy to lose touch with pension savings providers as we change jobs, move home and the companies we have worked for change ownership or close down.

One in six over-55s have no pension savings yet. Despite the fact that the government has been trying to encourage people to save for their retirement through initiatives such as auto-enrolment, there are still too many Britons who have no pension savings at all. Research reveals that a fifth (20%) of people still have no pension savings at all, and people nearing retirement aren’t doing much better[1]. Even prior to the cost-of-living crisis there have been a number of reasons

Deciding whether to withdraw cash from your pension pot. Choosing what to do with your pension is a big decision. If you’ve been saving into a defined contribution pension (sometimes called ‘money purchase’) during your working life, from age 55 (age 57 in 2028) you need to decide what to do with the money you’ve saved towards your pension when you eventually decide to retire. However, making the wrong decision could cost you heavily in the form of an unwanted

Cost-of-living crisis delays homeownership, having children and retirement. Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knock-on effect on their lifelong goals such as owning a home or retiring comfortably. Millions of people across the UK fear that the long-term

What if I could make my wealth more tax-efficient? We all want to leave a legacy and make sure the ones we care about most are well taken care of when we’re gone. That’s why making plans for Inheritance Tax is so important, to have confidence that your children, grandchildren and those you hold dearest will be taken care of long into the future. Inheritance Tax is a tax on the estate of someone who has passed away. The standard

81% aren’t seeking financial advice. Self-employed people are at risk of financial hardship if they don’t have sufficient provision in place. Without a regular income, it can be difficult to cover expenses and also save for the future. In many cases, the self-employed are unable to claim for many of the benefits that employees are entitled to, including statutory sick pay. Being self-employed also means you don’t have the luxury of having an employer to rely on for sickness cover

Planning for your wealth preservation and the eventual transfer of that wealth. When you’ve worked hard and invested carefully to build your wealth, you want to look after it. That’s why it’s important to plan for your wealth preservation and the eventual transfer of that wealth. If you’re considering making a gift to someone, there are a few things you need to know about Inheritance Tax. Gifts can be a great way to reduce the amount of Inheritance Tax that

What really important retirement questions should you be asking? As you approach the last five years before your retirement, there will be a lot of things to consider. You’ll need to think about your finances, your health, your housing situation, and your plans for the future to live comfortably in retirement. There will be lots of questions to ask: How much money will I need to have saved? What will my income sources be in retirement? What kind of lifestyle

How to benefit from tax reliefs in the current financial year. As your income increases, the complexity of your finances may too. Tax-efficiency is a key consideration when investing because it can make such an enormous difference to your wealth and quality of life. However, the type of investment and tax-efficiency you should be looking for depends firstly on whether your priority is to save a lump sum for the future, or to draw an income today. There are a

10 practical steps to ensure your money is working hard for you. In these uncertain times, it’s more important than ever to make sure your finances are in order. The Bank of England believes that a painful squeeze on our living standards, driven, primarily, by soaring energy prices, is set to intensify and will push the UK economy into recession later this year.[1] Making your finances recession-proof is all about taking practical steps to ensure your money is working hard