Retirement: 8 questions to answer before you cash in your pension

8 questions to answer before you cash in your pensionFrom the 6th April the new Pensions Freedom rules, will allow anyone over the age of 55 to cash-in their entire pension pot and spend the money as they like. When the new rules were announced last year, Steve Webb, the Pensions Minister, famously talked about people spending their pension pot on Lamborghinis. Although this is unlikely (the average pension pot in the UK might just stretch to the cost of the tyres on such an expensive car) if you are thinking ...

Retirement: Pensions Wise opens for business, but what does it actually do?

Pensions Wise opens for business, but what does it actually do?Budget speeches rarely live long in the memory, but George Osborne’s 2014 Budget revolutionised retirement, giving savers greater access to their pension pot, whilst introducing a new concept: ‘guidance’. In his speech Mr Osborne said that every person retiring would receive “advice” on their options. This was swiftly changed to ‘guidance’ to differentiation the concept from regulated financial advice. Nevertheless, a new source of information is now available in the guise of Pensions Wise, which opened its phone lines earlier this ...

Five reasons why you still need an ISA

Tax Free Key Means UntaxedThe announcement in the Budget, that savers will now receive a proportion of their savings interest tax-free, has led some people to suggest that ISAs (Individual Savings Accounts) will no longer be needed. Since its introduction the ISA has become the foundation of most people’s savings and investments, so is the future of the ISA really in doubt? What changed in the Budget? George Osborne has announced a new personal savings allowance will be introduced from April 2016. This will mean the first £1,000 of interest for basic rate ...

Q & A: Everything you need to know about Help to Buy ISAs

Everything you need to know about Help to Buy ISAsAlmost everyone seems to be in agreement, getting on the housing ladder if you’re a first time buyer is harder than ever. A combination of rising house prices and stricter mortgage lending criteria is making life extremely tough for many first time buyers, even after the launch of various Government incentives, such as Help to Buy. So the news in last week’s Budget that a new Help to Buy ISA (Individual Savings Account) will be launched later in the year is a boost ...