Pensions
When can I access my pension?
Under current pension rules 25% of the value of a pension fund can be taken as tax free cash. The balance is used to provide income over the individual’s lifetime. Clients have often told me they weren’t keen on saving into pensions because of the restrictions on when and how you can access the fund.…
Read MoreHow much is state pension?
The current basic state pension is £113.10 per week which is the equivalent of £5,881.20 per annum. This basic amount is increased if you also have an Additional State Pension or a Graduated Pension. The basic amount increases each year by the “triple lock“, which is the greater of price inflation (measured by Consumer Price…
Read MoreDo you know when you will receive your state pension?
Up until 2010 women had a state pension age of 60, and men had a state pension age of 65. However, with increasing life expectancy it became very obvious the Treasury needed to make changes. It wasn’t uncommon for some individuals to be claiming state pension for a longer period of time than they had…
Read MoreHow is the value of your pension share calculated?
During your divorce negotiations both you and your spouse will have obtained a valuation for each of your pensions. The date of this valuation must be within 12 months of the hearing date. Clients will often rely on this figure as the value of the pension that is to be shared. They apply the sharing…
Read MoreWould you be happy to throw away your money?
Now of course we all know that if I asked this question directly the answer from everyone would be “NO”. And probably you would think that I was even mad to ask the question. And yet, I often see this being done by my clients. I am dealing with a client now who received a…
Read MoreHow to protect your pension share on divorce
The process for agreeing a financial settlement on divorce can go on for many months. Financial information is made available at the beginning of the divorce process, but what happens when these values change? This is particularly relevant for any stock market investment, which will cover pensions, Isa, unit trust, investment trust or bonds. There…
Read MoreChanges to the state pension
With effect from April 2016 the government plans to introduce a single tier state pension of £144 per week in today’s terms. This is a significant increase on the current basic state pension of £110 per week. However, it’s not all good news. The new proposals to increase the basic state pension will be coupled…
Read MoreCan your pension savings be too large? Your pension lifetime allowance
There are a number of tax advantages available to saving into a pension. For a revision of these see Pensions: a 20% off sale. You can save as much as you like into your pension plan but there is a limit on the amount of tax relief you can receive on your contributions. To limit…
Read MoreDealing with pensions and finances on divorce
For many couples who are going through a divorce, the pension may be the 2nd biggest asset after the family home. It’s therefore vital that professional advice is taken as to what options are available for the pensions and which option is the most appropriate for you, your circumstances and your goals and priorities. I…
Read MoreHelp, should I consolidate my pensions?
It’s not at all uncommon for clients to have a large number of different pension pots which have been accumulated over a number of years, all with different providers. Often you start a pension with an employer but then when you change employment leave that pension sitting where it is and start up a new…
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