Topic: Retirement

Taking all of a pension pot as a lump sum

When someone reaches retirement, they can take up to 25% of their pension as a tax-free lump sum (called the ‘pension commencement lump sum’). The remaining 75% has usually been used to purchase an annuity, a financial product that provides them with a guaranteed income for life, or been left invested, allowing them to take a portion of their pension pot each year to provide an income – known as ‘income drawdown’. (more…)

Greater choice and flexibility about how retirees use a
pension pot to fund retirement income

T he 2014 Budget announced major changes to the way that members of a defined contribution pension scheme could access their pension savings. In March 2014, the Chancellor George Osborne announced changes to the pension world which would revolutionise the way members of defined contribution schemes could access their pension benefits. These wide-ranging changes move away from individuals being required to purchase an annuity and instead offer a number of different options for drawing their pension benefits. (more…)

Protecting your assets to give your family lasting benefits in an uncertain world

Inheritance Tax (IHT) in the UK is a subject that was once something that only affected very wealthy people. It may be one of life’s unpleasant facts but today it affects more people than ever, partly due to the rise in the property market that has not been matched by a corresponding rise in the IHT threshold. (more…)

Filling in the family gaps

With an ageing population and increasingly more children living at home for longer, more and more people are joining the ‘Sandwich Generation’, having to fund family at both ends of the spectrum, such as their parents and children as well as themselves. (more…)

One in three could not carry out current jobs past their traditional retirement age

Employers estimate up to a third of their staff would struggle to continue in their current jobs past traditional retirement ages, research for MetLife Employee Benefits[1] shows. Its nationwide study found HR directors believe that, on average, 31% of their current workforce would not be able to perform their jobs adequately once they reach normal retirement ages, even though 54% of them expect an increase in the proportion of older staff. (more…)