Confusion over pension contribution cap resolved

The Government has moved to resolve the confusion over the amount some people can pay into their pension. Although, not everyone will be happy with the news. Announced in the Budget earlier this year, the change proposed a cut in the amount some people could pay in to their pension. Known as the Money Purchase Annual Allowance (MPAA), it caps the amount some people, who have already drawn money from their pension under the new Pension Freedom rules, can subsequently contribute. The Government proposed a cut from £10,000 to just £4,000. However, ...

State Pension: More than 50% of people unaware of State Pension changes

iStock_000003696929SmallNew research has shown that staggeringly over 50% of the UK population is unaware of changes to the State Pension and more importantly how it will affect them. Even more worryingly, the survey conducted by Met Life, found that 32% of 55 to 64 year olds, the next generation to retire, did not know the State Pension is about to change. State Pension confusion...

State Pensions: Don’t miss the six month window to top up your State Pension

iStock_000007329749XSmallThe introduction, from 2016, of the new flat rate State Pension, will benefit millions of people retiring in years to come. Until now it was thought that people retiring over the next two years, or who are already drawing their State Pension, would miss out, but new proposals have revealed how these people will be able to top up their State Pension. The flat rate State Pension, also known as the single-tier State Pension, will be available ...

Retirement: Pensioners consider taking in lodgers to help make ends meet

Retirement savingsA new survey has shown that 1 in 7 pensioners, over the age of 65, are thinking about taking in a lodger to help make ends meet. The survey by More Th>n Home Insurance highlighted just how financially stretched some pensioners are: Retiring soon? Our advisers can help you make the right decision...