Pensions
Help…what is happening in the stock market now?
The attached graph shows us what has happened in the stock market since 1925. It’s hard to read but very happy to send you the pdf if you’d like ti so you can view the details. It highlights the Bull markets (increases in the market of 20% or more) against the Bear markets (falls in…
Read MoreWell, what a week that was..
Well, the past week has been rather interesting hasn’t it? This time last week I was counting down the last working week until my holiday, due to start on Saturday. Today, I’m planning my one daily trip out to get exercise and actually see that other people actually exist! Luckily, I live by the river…
Read MoreWomen losing out on pensions on divorce
There were some rather shocking headlines last week regarding women losing out on pensions when they divorce. This was all sparked by an Age UK report. The report stated that is should be “the norm” for private pensions to be considered as part of the divorce process and, wherever possible, divided fairly between spouses. In…
Read MoreWould you turn away a cash sum of £300,000?
The annual Scottish Widows Women and Retirement Report, now in its 13th year was published in November. A copy of the report is available here. But be warned, it doesn’t make good reading. The survey highlights that on average, women have savings pots half the value of men. There are several reasons for this: The ever…
Read MoreImproving your state pension entitlement
Prior to 6th April 2016 if a couple were going through divorce, or dissolution of a civil partnership it was possible to substitute the National Insurance (NI) record from a former spouse/civil partner if they had a better NI record. Therefore, potentially a non-earning spouse could still receive a full state pension if their…
Read MoreHigh earners lose out on pension contributions
Under the present tax rules anyone making a pension contribution can get tax relief at their marginal rate. Further details are in Pensions: a 20% off sale! In summary, if you are a basic rate tax payer and wanted to pay £100 into your pension plan your cash contribution would be £80. Your £20 tax…
Read MoreChanges to the State Pension 2016. What it means for you.
With effect from 6th April 2016 a number of changes are taking place with regard to State Pension. Anyone who is already claiming their state pension and those who reach state pension age by this date will remain under the existing rules. This group will not be affected by the changes. Those who reach state…
Read MorePension not discussed as part of divorce.
The Scottish Widows Women and Retirement Report 2014 noted that among divorced women 84% said pensions weren’t discussed or they couldn’t remember them being discussed as part of any settlement. This is a similar figure to previous years. This is very worrying. Not because I believe 84% of family lawyers failed to discuss the pension…
Read MoreHow much do you need to save for retirement?
In their recent “women and retirement report 2014” Scottish Widows asked thousands of women about their plans for retirement. There was certainly good news, in that the number of women saving into a pension had increase by 10%. However, the report also highlighted that women save 40% less than men. This is a huge difference.…
Read MorePension sharing: two bites of the cherry
A pension sharing order (PSO) cannot be varied at a future date. In addition, if you are awarded a PSO from your partner’s pension you cannot apply for a second PSO for the same marriage on the same pension. It’s therefore important to ensure you take good legal and financial advice during your divorce negotiations. …
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