Pension schemes have a critical role to play in the transition to a net zero economy
Pension schemes have a critical role to play in the transition to a net zero economy, with many schemes already assessing the impact of their investments in the context of the goals of the Paris Agreement.
More young adults are more engaged about money with their parents than past generations
When it comes to conversations about money, more and more families in Britain are opening up, new research reveals[1]. This is a significant increase from previous years, when such conversations were considered taboo.
One of the most common concerns among those approaching retirement is whether they will have enough money to last them. A new study[1] shows that only 25% of retirees feel very confident they’ve saved enough for retirement.
Britons cutting back on food and entertainment to keep cars on the road
Soaring petrol costs pushed inflation to its highest level for 40 years. New research has uncovered the impact of these high fuel prices on consumers as more than a third (35%) are spending less on food to keep their car on the road[1].
What to consider if you have multiple pension pots
The employment landscape has evolved significantly over the last few decades and changing jobs multiple times before retirement is now very much the norm.But did you know, there is an estimated £9.7 billion of unclaimed UK defined contribution pension funds?[1].
Despite the fact that the government has been trying to encourage people to save for their retirement through initiatives such as auto-enrolment, there are still too many Britons who have no pension savings at all. Research reveals that a fifth (20%) of people still have no pension savings at all, and people nearing retirement aren’t doing much better[1].
Cost-of-living crisis delays homeownership, having children and retirement
Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knock-on effect on their lifelong goals such as owning a home or retiring comfortably.
Deciding whether to withdraw cash from your pension pot
Choosing what to do with your pension is a big decision. If you’ve been saving into a defined contribution pension (sometimes called ‘money purchase’) during your working life, from age 55 (age 57 in 2028) you need to decide what to do with the money you’ve saved towards your pension when you eventually decide to retire.
Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation
If you want to pass wealth on to your children and grandchildren, it’s wise to contemplate when it might be best to make that gift. Should you transfer wealth during your lifetime — or after?
If you’re a higher rate taxpayer, the freeze on the Income Tax threshold will have meant an increase in your tax bill. The reason for the increase stems from the Chancellor’s decision in April 2021 to freeze the higher rate tax threshold rather than increase it in line with inflation.