It can come as a surprise to many people to learn that their pension doesn’t form part of their estate on death. Unlike property, savings and investments which can all be dealt with under the terms of your Will, who gets your pension savings depends on who you nominated when you were asked to complete…
DetailsIn further evidence that pensioners are seeing their incomes rise, those in retirement have seen their annual tax bill grow by 5.7% to an average £7,410 (2015-16 tax year)1. Nearly 30% of pensioner household income was taken up with paying the taxman, and this figure includes income tax, council tax, VAT, insurance premium tax and…
DetailsThe amount of revenue that the government raises from inheritance tax (IHT) continues to rise year by year. In 2016- 17, the figure rose again to over £4.9bn1, with experts expecting it to be even higher in this financial year. Controversially, the threshold at which IHT applies has been stuck at £325,000 since 2009. Over…
DetailsIn the first major study to be conducted since the introduction of the new pension rules in 2015, the Financial Conduct Authority (FCA)1 reviewed the actions taken by pensioners who chose not to receive advice when accessing their pension pots. They flagged up several areas of concern. Common mistakes The FCA found that many people…
DetailsLife can seem particularly tough for today’s 18 to 35-year-olds. Their employment prospects are likely to be far less certain than those of previous generations; it’s been suggested that they could have as many as a dozen different jobs during their careers. As for owning a home and having a family, these life stages are…
DetailsIn his 2015 Budget, the then Chancellor George Osborne announced that the Lifetime Allowance (LTA) for pension contributions would be reduced from £1.25m to £1m from April 2016. It was also announced that the LTA would be indexed by inflation from April 2018. As there had been a change of government in the meantime, there…
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