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Simon Taylor
 

5 tips not to lose out by shunning annuity guarantees

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Since increased pensions freedoms were established in April 2015, the FCA says that £3 billion worth of annuities have been rejected by over 55s. Now, nearly three in five over 55s are refusing the guaranteed annuity rate (GAR) offered to them by their...

The longevity challenge and how to tackle it

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In the UK, we are faced with the challenge of an ageing population. Many of us will live longer than we might have expected. Already, 2.4% of the population is aged over 85. Because of improvements in healthcare and nutrition, this figure only looks set to...

What might be in the Autumn Budget?

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In normal years, the Autumn Budget (formerly the Autumn Statement) is announced in November. However, with less than 6 months left on the countdown to Brexit, this year is far from a normal year. At the end of September, Chancellor Philip Hammond revealed...

What do you need to consider regarding a DB pension transfer?

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Pensions freedoms introduced three years ago mean that people are able to do what they like with their retirement savings. If you are on a defined benefit (DB) pension scheme you may be offered the opportunity to transfer out of your pension scheme in return...

4 top tips to protect yourself against pension scammers

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You may well have seen the headlines that victims lost an average of £91k each in pension scams last year. Worryingly, in a recent survey, 32% of pension holders aged 45-65 said they were unsure how to verify if they were speaking to a genuine pensions...

The end of LISA?

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Time to get your lifetime ISA before it disappears? The new girl on the block, in terms of saving products, seems like she may not actually be around for much longer. LISA, or the lifetime ISA, is being threatened with abolition by a Treasury committee,...

Are you keeping track of your pension pot?

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Keeping track of your pension pots can feel like a full time job at times, particularly as we head towards a world where the average person will have eleven different jobs over the course of their career. It’s becoming increasingly uncommon for people...

Can I use equity release to pay for care?

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It’s one of the scary things about growing old, isn’t it? We’re all living longer, thanks to medical science but does that mean more of us are going to end up in a care home, struggling to find the means to pay for it? A year in a care...

Three important ways to use equity release

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Equity release plans, also known as lifetime mortgages, allow those over the age of 55 to borrow against their home. Thanks to decades of rising house prices, for some older homeowners this can mean there is plenty available to borrow. The number of people...

What is a 'market correction'?

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The start of 2018 has been an eventful time in the world of the stock market. After hitting highs at the end of January, both the Dow Jones and Standard & Poor’s 500 saw a considerable drop at the start of February, a fall from which the markets...

Taxes set to rise for baby boomer generation?

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Recent research has suggested that those in the baby-boomer generation should be prepared to pay higher wealth taxes in order to pay for healthcare costs likely to climb steeply in the near future. According to think tank the Resolution Foundation, this...

The next steps in Auto-Enrolment

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A recent statement from the government has announced plans to extend the automatic enrolment scheme so that it applies to all workers aged 18 or over by the mid 2020s. Currently, the scheme ensures that workers aged 22 or older and who earn £10,000 or...

What is the pensions advice exemption?

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In general, pensions information and advice which employers provide to their employees – such as presentations which employees are invited to attend – are unlikely to result in a tax charge on an employee benefit. However, if an external provider...

5 key financial changes to watch out for in 2018

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As with any new year, there are a number of financial changes coming up in 2018 which are likely to impact on your monthly budget and long-term saving goals. Let’s have a look at five of the most significant and what they’re likely to mean for...

Make Regular Savings Your New Year Resolution

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In the complex world of investment, timing appears to be crucial. However – unless you are gifted with foresight – you cannot predict what the stock market will do and this New Year is no exception. This presents a problem for investors: not only...

What the Paradise Papers teach us

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What the Paradise Papers teach us about tax evasion, tax avoidance and tax planning The release of the Paradise Papers last month offers an opportunity to think about how the issues raised relate to your everyday tax planning. With...

Pensions Auto Enrolment - What Happens If I Don't Comply?

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After recognising that people in the UK are living longer and not saving enough for their retirement, the government introduced pension reforms through the Pension Act 2008 that requires all employers to offer their staff a workplace pension - this has...

What Does the First Interest Rate Rise in Ten Years Mean for You?

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After months of speculation, the Bank of England finally raised interest rates in the UK for the first time in over a decade. The increase from 0.25% to 0.5% might seem small, especially when you consider that the last time the interest rate was increased in...

Could the Budget be a Hit for Older Workers - but not as expected?

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Things are not looking good for both older savers and workers, with a rumoured hit planned in next months budget , proposals on the table include slashing tax relief on pensions for older workers in order to pay for lower taxes for the young. With one...

Too Late to Start Saving?

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Not saving towards your retirement until you reach your fifties would not so long ago have been considered leaving matters far too late to put anything meaningful away for your life after work, but did you know the last ten years of your working life...

Do You Know How Much Your Pension Pot Is Worth?

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Recent research from Royal London has found that around five million people in the UK have ‘forgotten’ pension pots from final salary schemes of former employers. What’s more, many of these deferred members of defined benefit funds...

What is the skills shortage costing British business?

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New research by the Open University has found that the cost of Britain’s skills shortages amounts to more than £2 billion annually due to higher salaries, temporary staffing bills and recruitment costs. The survey of 400 firms found that nine in...

What it means when you hear about the tax advantages of marriage

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The number of unmarried cohabiting couples more than doubled in the 20 years between 1996 and 2006, from 1.5 million to 3.2 million. As a divorced financial adviser I know just what the tax issues surrounding marriages are. Recent research found that...

What's happening with DB pension schemes?

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Defined benefit (DB) pension schemes continue to be a hot topic in the business and financial worlds as an increasing number of people seek to transfer their pensions from a DB scheme. Recent figures suggest that more than four out of five (83%) of financial...

Falling house prices in the UK for the third month in a row

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Recent figures have shown that house prices in the UK fell again in May this year, making it the third month in a row which has seen prices go down. Nationwide, the UK’s biggest building society which carried out the research, stated that this is the...

Retiring in England? Here are the top destinations

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Whilst the impact of Brexit is yet to be known, one thing that may become trickier is relocating to the continent after Britain leaves the EU. It’s a change that will affect those at the end of their working life as well as those near the start, as in...

Women face gender gap in pension contributions

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Whilst the pay gap experienced by women in comparison to men is most likely a problem you’ve heard about, another gender gap has emerged which is just as concerning. Recent figures suggest that, on average, women are receiving smaller pension...

Pothole Pensioners Face Bumpy Road Without Proper Route Guidance

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With a recent survey stating that 40% of over 40s don’t even know the basic cost of their own retirement and have no planning in place, it’s now more than ever crucial to sort out your future. The findings from Saga Investment Services suggest...

Which is best? Save or invest?

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Whilst you might expect an increase in the cash and investment ISA limit to be welcomed, at least one dissenting voice has come from Steve Webb, former Pensions Minister and current policy director at Royal London. Webb has warned that the rise in April from...

Should I transfer out of my final salary pension scheme?

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Retirement consultancy Mercer recently revealed that the final salary pension deficit of the 350 largest companies listed in the UK had reached £137 billion by the end of last year, despite the FTSE 100 index closing 2016 at a record high. That figure...

Should the Bank of Mum and Dad start charging interest?

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If you’ve lent money to your children to help them with university fees, a deposit on their first home or even just to support them with the rising cost of living, then you’re not alone. Statistics suggest that around a quarter of all mortgages...

1 in 10 people not saving anywhere near enough for retirement

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Figures released last month have revealed that over one in ten (11%) of working people have yet to begin paying into a pension pot. Worryingly, this includes nearly one in ten people in the 51-65 age bracket. The average age at which most people expect to...

New lifetime allowance could hit more than just pension millionaires

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The latest figures surrounding the pensions lifetime allowance (LTA), which governs how much your pensions can be worth without triggering an extra tax charge, suggest that a considerable number of middle-income earners are being hit by the lower...

You have a financial plan, but do you have a financial plan b?

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“The best laid schemes o’ mice an’ men, gang aft agley”. So said Robert Burns in his poem ‘To a Mouse’, lyrically summing up the idea that no matter how well we prepare, there are always factors beyond our control that can...

Online pensions dashboard getting closer

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Origo, the technology provider taking the lead on developing an online pensions dashboard, has suggested that a fully operational platform could go live as early as next year. The company revealed last month that the back-end technology is now finished,...

INSIGHT: Make The Most Of Your Annual Pension Statement

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How Much Money Do I Need In Retirement and Is My Pension Enough? Final Salary, a guaranteed retirement income, pensionable salary scheme, and golden handshake for the golden years – these seem like phrases from a long gone past...

INSIGHT: SMEs And The Latest Stage In Auto Enrolment

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Auto enrolment was launched three years ago and since then 21,000 UK employers have taken up a workplace pension scheme, but as it reaches the staging date for the majority of smaller UK companies, Pearson Pension Specialist, Simon Taylor, says many are...