Minimum pension age set to rise to 57 from 2028

At present an individual can normally access their money purchase/defined contribution pension funds from age 55, other than due to ill health or where they have a protected right to access the funds before reaching that age. In 2014 the Chancellor announced that the Government intended to increase the minimum age for accessing pension funds…

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Pension Awareness Week – 14th to 18th September 2020

Pensions are our passion! Tuesday 15th September 2020 is Pension Awareness Day. Various pension providers and pension advisers will be promoting a greater awareness of pensions throughout Pensions Awareness Week (14th to 18th September 2020), and Pension Awareness Live will be running live webinars each day, via their website: https://pensionawarenessday.com. To help promote Pensions Awareness…

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What is a pension pot?

‘Pension pot’ refers to the savings you build up in a certain type of pension known as a ‘defined contribution’ pension scheme. You and your employer (if you are employed) pay into the scheme and this builds up a ‘pot’ of money over time, which you can use to give yourself an income when you…

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5 Steps of Retirement Planning

    Some of the key areas to consider when planning for your retirement: 1. It is retirement planning, and not pension planning Under regimes of old, people were either lucky enough to be in their employer’s Defined Benefit/Final Salary pension scheme, giving them a guaranteed income for life, or they would use an invested…

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Taking Benefits From Your Pension

When you come to take benefits from a pension scheme it is usual to take or receive a tax free cash sum income as follows: A tax free lump sum or Pension Commencement lump sum. This is usually up to 25% of the fund value (this is different for final salary schemes). You might use…

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Can I buy a Property in a Pension scheme?

It is very common for a pension scheme such as a SIPP (Self Invested Personal Pension) or a SSAS (Small Self-Administered Scheme) to hold commercial property as part of the overall pension portfolio for both diversity and potential tax benefits. Types of Property In general only property or land that is wholly used for commercial…

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