Don’t miss the deadline to boost your State Pension

The Government has offered up to 12 million Pensioners the chance to convert a lump sum into a guaranteed income for life, on terms significantly better than those available on the open market. The scheme is available to people who retired on the old basic State Pension of around £120 per week, and who therefore miss out on the higher, flat rate pension, of £155.65, introduced in 2016. But time is running out as the scheme closes on 5th April 2017.   How does the scheme work? To qualify you must be entitled to the State ...

Retirement: When the right answer is to do nothing at all

iStock_000029045488XSmallIf you’re close to your anticipated retirement date or State Pension Age (SPA), your thoughts will be dominated by how to turn your pension pot into an income. Questions such as, is Annuity or Income Drawdown right for me? Would another option be better? How can I get the best Annuity rate will rightly dominate your thoughts. But, there is one option which is all too often overlooked: Deferral....

Pensions: Should the rules be changed to allow early access?

iStock_000017861768XSmallMost of us know we are not paying enough into our pensions, a fact confirmed by two recent reports. Firstly, annuity provider, Partnership, showed the average drop between pre and post retirement income is 40%, whilst figures from Aviva showed that 20% of people are not paying into any form of pension. There are many reasons why most of us are not putting enough money aside for retirement by paying into a pension; cost, apathy, and mistrust are three. Lack of ...

Leaving an inheritance becomes less of a priority

A blank file in a filing cabinetLeaving a healthy lump sum and reducing the amount of any Inheritance Tax (IHT) your beneficiaries pay on your death, are often thought to be key financial priorities of older generations. However, research from Aviva shows these aims may no longer so important for many of us. IHT is payable at a rate of 40% on estates valued in excess of £325,000 for an individual, or £650,000 for a couple. Often referred to as a ‘voluntary tax’, ...