Pensions: 3 reasons why you shouldn’t use your pension to fund your business

Pension Retirement Income compensation Office Business Concept We often get phone calls from people wanting to use their pension to help start a business, or indeed plough money into an existing business, which is often facing financial difficulties. In fact, we’ve seen an increase in the number of enquiries of this nature, partly we believe due to Pension Freedom, which gives people over the age of 55 greater access to their pension. It’s also possible that wider knowledge of self-invested pensions has a part to play too. In our view, using your pension ...

Retirement: Thinking of raiding your pension pot? 10 things you need to know

Thinking of raiding your pension pot 10 things you need to know 150pxNew figures from the Financial Conduct Authority (FCA), show that in the three months to September 2015, over 120,000 ‘cashed in’ their pension pot and withdrew every penny they had. For some people this will have been the right thing to do, for others though, it may well have been a mistake, which could leave them unable to make ends meet in years to come. So, if you are thinking of ‘cashing in’ your pension, what are the key things ...

Retirement: Planning to raid your pension to invest in buy to let? 6 reasons why you should think again

6 reasons why people who plan to raid their pension to invest in buy to let should think again New research has discovered that an astonishing number of people plan to raid their pension pot and invest in buy to let property. From April next year anyone over the age of 55 will have unprecedented access to their pension, with no restrictions on the amount of money they withdraw. It appears that large numbers of people plan to use these new freedoms to buy rental property. The survey by Bank of Ireland ...

Retirement: Short-term future of pension tax-free lump sum revealed

PENSION on calculator displaySpeculation over the future of the pension tax-free lump sum is over, at least for a few months! Savers with a Personal Pension, Stakeholder Pension, SIPP and some work place pension schemes, can take up to 25% of their pot once they reach the age of 55. The tax-free lump sum is important to most retirees and is often used to repay debt, pay for home improvements or simply to create additional income in retirement. Tax-free cash speculation In the weeks leading up to each Budget and Autumn Statement, the ...