Clinton V’s Trump

The Pension Planner At retirement, Front page posts, Inflation, Investment planning, News & Views, Saving for retirement, Uncategorized

US Presidential Elections Regardless of your own personal thoughts about those presently fighting it out to become the 45th President of the USA, there’s little question that this year’s campaign is going to be remembered as among the most unusual and unpredictable of all time. Even though this election won’t directly impact on the United Kingdom, it’s fair to state that all eyes will be on the United states until November when we discover who will succeed Barack Obama. And, naturally, any effect on United States financial markets are going to be felt throughout the world. With all the rule books of …

The Pension PlannerClinton V’s Trump

Pension Freedoms: the first year

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement

Pension Freedoms Last year the biggest pension changes seen by this generation came into force. Although there hasn’t been quite the rush of people determined to withdraw all their money from their pension early, to buy luxury things such as hot tubs or holidays, the statistics within the last year suggests, however, that those that have accessed their funds could have been more prudent. HMRC have claimed that approximately 188,000 men and women have dipped into their pensions since April 2015, with an average withdrawal of £18,600. This means that near to £3.5 billion was transferred from pension pots and …

The Pension PlannerPension Freedoms: the first year

New State Pension 

The Pension Planner At retirement, Auto enrolment, Front page posts, News & Views, Saving for retirement

Single Tier State Pension   The recent single-tier state pension, also known as a ‘flat-rate’ pension, moved into effect at the beginning April this year. As it will make the system simpler, and increase the starting figure to £155pw, the recent system isn’t set to benefit everyone though. To see whether you will be better or worse off not affected by adjustments at all read on. The new system relates for men with birthdays following 6th Apr 51 for men, and 6th Apr 53 for women, so when you retired before 6th Apr 16, the new system won’t affect you …

The Pension PlannerNew State Pension 

Will Tax Relief plug the Black Hole?

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement

Prior to the recent Budget there was much speculation the Chancellor was preparing big changes on the tax relief on pensions. However, on the 11th hour, the Treasury scotched speculation of these changes and therefore there were no adjustments to pension savings tax relief within the forecast Budget. However, then came the ‘Black Hole’ once the opposition to suggested welfare savings, especially within disability benefits, headed by Iain Duncan-Smith’s decission to resign, derailed the Chancellor’s financial policies. The relationships were very easily made linking his planned HR income tax reductions for the wealthy and the benefit reductions for those in …

The Pension PlannerWill Tax Relief plug the Black Hole?

George provides a few surprises.

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

Say whatever you like about our Chancellor – he’s pretty good at providing a few surprises. We had all been ready to see big changes in pension tax relief, and perhaps the creation of a brand new ‘pension ISA’ . Then, suddenly, that was cancelled and now we were told to no longer expect anything like that. And so the big release ended up… Well… a ‘Pension ISA’? Well, it’s not a pension ISA it’s a Lifetime ISA, however the principle is in fact the same. Pensions as we all know them are currently safe, however a new type of …

The Pension PlannerGeorge provides a few surprises.

The gap between your pension value and your retirement needs.

The Pension Planner At retirement, Auto enrolment, Front page posts, News & Views, Saving for retirement

Most of us will have pensions that we have accumulated over the years, some of us will have carefully monitored them and chosen investments wisely using the help of professionals.  We have chosen the level of contribution to ensure that we have enough money at our chosen retirement age; and able to fund the level of income we require to ensure a comfortable lifestyle once salary from employment stops.  We have also factored into this calculation our capital needs outside of our day to day needs, to cover things such as new cars, holidays, Christmas and birthdays.  This represents perfect …

The Pension PlannerThe gap between your pension value and your retirement needs.

Seven suggestions made to the government during the consultation on pension taxation

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

The Government has now finished consultation considering how pension taxation could possibly work going forward.  George Osborne, says he expects to disclose the findings as well as the direction he is intending to take in the March Budget. But could there be a way to have an advance glance at the situation? What’s the Chancellor thoughts and just what might his final decision be in? Whilst there aren’t any certainties regarding this, Scottish Widows has highlighted several key ingredients it feels may make the system a success. These ideas could possibly make it into the consultation, so it’s this type …

The Pension PlannerSeven suggestions made to the government during the consultation on pension taxation

Should you start contributing more into pensions while you can still get the tax benefits

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement

Given the latest comment by George Osborne, and with similar comments in the Autumn Statement, it looks like pension tax is placed to get a bit of a shake-up in 2016. Bearing that in mind, there may be a possibility for HR taxpayers to really make the most of their retirement planning before the good times are taken away. Although not yet verified, it would appear that the writing might be on the wall for approximately 5 million pension savers benefiting from HR tax relief. There’s a suggestion the lucrative reduction is going to be heavily restricted – and could …

The Pension PlannerShould you start contributing more into pensions while you can still get the tax benefits

State Pension Top Ups

The Pension Planner At retirement, Front page posts, Inflation, Investment planning, News & Views, Saving for retirement

A fresh initiative enables people who attain the state pension age before April 2016, to increase their pension. Including people who currently draw their state pension. The Government is permitting retirees to purchase additional state pension through ‘Class 3A’ voluntary NI contributions between Oct 2015 and Apr 2017. This helps individuals attaining state pension age prior to Apr 2016 who won’t get the latest flat-rate pension. Some may be better off within the new plan (e.g. females and self-employed people) the top-up allows pensioners retiring prior to date, and who feel they are losing out, an opportunity to secure a …

The Pension PlannerState Pension Top Ups

Here we are in January so time for a health check

The Pension Planner At retirement, Front page posts, Inflation, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

The first part of the Year is an excellent time for planning and considering your goals for the forthcoming year and, in reality, you’ve most likely already done some this by contemplating your New Year resolutions. What have you focused on achieving this year?  getting fit?  stopping a bad habit? Or perhaps starting a good one? Many of us are pretty good at making these types of resolutions however, honestly, the resolution you should make during the early part of the year is financial. 2016 represents yet another chance for us to work on the goals we wish to achieve. …

The Pension PlannerHere we are in January so time for a health check