21 May 2025
Tracking down your lost pension: Where does it go?In the UK, there is currently £31bn in assets floating around in unclaimed pension pots. But what happens when these assets aren’t reclaimed by their owners?
Pension providers will make every effort to reunite lost pots with their owners, but ultimately lost pensions can go into the Dormant Assets Scheme, where they may eventually be donated to...
20 May 2025
The UK has over £31bn in lost pensions: can combining pots help?There is over £31 billion* in unclaimed pension pots floating around the UK, a number exacerbated by frequent career changes and workers being automatically placed in a pension scheme.
The automatic enrolment workplace pension scheme has been touted as one of the most successful projects by government in recent years. In 2012, when auto enrolment...
20 May 2025
How cutting charges can boost your pension pot by over £50,000Pensions come with great tax perks to help boost your retirement savings, including sheltering the investments you hold in a pension from tax. But high pension charges can eat into your overall returns. And just like investment returns, the impact of higher charges on your pension pot can compound over time.
How much could you save by making sure...
20 May 2025
Could you have £959,729 in lost pensions?There are 3.3 million lost pension pots, according to the Pensions Policy Institute, as people have moved jobs, lost paperwork or forgotten their pension existed. But what if you had 11 missing pension pots you could track down, or a pension worth £959,729 sitting there waiting to be found?
That’s what some people discovered when using our pension...
20 May 2025
Four ways to build a pension and keep your retirement savings strategy on trackIt’s never too early to plan for the cost of retirement and the amount of money you need to save. Even if you’re 20 or 30 years away from giving up work, the sooner you get your strategy in place, the easier it might be to squirrel away money so you can enjoy your golden years without financial stress.
In the future you’ll look back and be thankful...
20 May 2025
Am I saving enough for retirement?Determining how much you need to save for retirement in your pension can be a tricky calculation because it involves a lot of unknowns.
Just 18% of people have a figure for how much they believe they will need for retirement, and only 20% are confident they are saving enough, according to the Pension & Lifetime Savings Association (PLSA).
By...
20 May 2025
Five ways combining pensions can boost your retirement potIf you’ve moved between different jobs over time, you’ll probably have built up pensions in a few different places. Getting them in one place not only helps you remove a whole heap of hassle, but it can also boost your retirement pot.
Here are five benefits of combining your pensions.
1. Easier managementOne pot means it’s far easier to keep an...
20 May 2025
Why combining pensions into a single pot can make your life easierCombining different pensions into a single pot is a helpful way to make your path to retirement clear and simple, while possibly saving you money along the way.
Throughout your career, you may have accumulated a collection of workplace pensions that can all help towards your retirement goals. But when these investments aren’t in one place...
16 May 2025
One third of adults have less than £10,000 in their pensionA large chunk of the UK population is setting themselves up for a nasty shock later in life by not putting enough money away for the future.
The newly published Financial Lives survey by the Financial Conduct Authority (FCA), a financial regulator, implies that certain people will be too reliant on the state pension to pay the bills and support...
29 April 2025
Government to press ahead with plans to consolidate small pension potsAutomatic enrolment is one of the big public policy success stories of our time. But it’s not without its flaws. People start a pension when they join an employer, but when they switch employer, they often leave their old pension behind, neglected and unloved. This has created a plethora of small pension pots which are easily forgotten.
Confirmatio...
16 April 2025
How market drops could affect your pensionWhen markets fall, a simple solution for most pension investors can be to ride it out. Historically, prices have recovered, and if your plans for retirement are still far away you likely have time to wait.
But when you’re in the final years before retiring or have already retired and started accessing your pension, a tumble in your investments can...
9 April 2025
Why savers and retirees shouldn’t panic in the face of Trump tariffs turmoilThe US President’s actions over the last week haven’t exactly been calming for global stock markets, with huge falls recorded across indices from the Dow Jones to the Hang Seng and the FTSE in the UK. This instability can be deeply unsettling for savers and retirees, who may log in to their pension and see a big fall in the value of their fund. But...
28 March 2025
Navigating a decade of pension freedomsNext month we will be lighting the candles on the cake celebrating 10 years of pension freedoms. George Osborne’s 2014 Budget bombshell was a dramatic initiative which ripped up the rulebook on annuities and gave people more control over how they access their pension savings.
In the biggest pensions shake-up in a generation, government relaxed some...
21 March 2025
Pensions in the spotlight as UK life expectancy ticks upFor decades it was taken as a given that life expectancy would continue increasing for each generation. However, even prior to the pandemic, life expectancy improvements had ground to a halt. Despite a very marginal improvement in 2021-2023, average lifespans have still not recovered to pre-pandemic levels.
Life expectancy trends are important to...
18 February 2025
Are you one of the 20 million people with a lost pension?There has been a boom in the number of small pension pots in the UK, the Institute for Fiscal Studies (IFS) has found. There were around 20 million defined contribution pension pots valued under £10,000 in 2023 which are no longer being topped up and are worth a total of almost £30 billion, according to an IFS report.
The think tank claims over...
6 February 2025
Should you top up your National Insurance record before the deadline hits?The deadline for people to plug National Insurance gaps in their records is closing in, with only two months left for those with gaps going back to 2006 to make voluntary contributions to boost their state pension entitlement.
Anyone with less than 35 qualifying years of National Insurance can pay voluntary National Insurance contributions as a way...
24 January 2025
AJ Bell urges government to rethink inheritance tax on pension proposalsWhen the government first set out its plans to bring pensions into inheritance tax (IHT) at the Autumn Budget, it became apparent to many in the industry that its initial proposals were unworkable. Not only do they threaten to create delays and complexity, leading to financial gridlock in the probate process, but in many cases could lead to...
17 December 2024
Five ways to get your pension savings on track this yearPensions aren’t always at the top of our priorities after a busy Christmas, but these five quick and simple checks can get your pots in shape for the coming year.
1. See if you can save moreIt’s easy to simply say people should pay in more, but if you can afford to put a little extra towards your retirement, pensions offer great tax perks in...
10 December 2024
SIPPs explainedTom Selby, Director of Public Policy, gives an overview of Self Invested Personal Pensions (SIPPs). He discusses how SIPPs differ from other pensions, what investment options are available and how you can access your money in retirement.
5 December 2024
Pension Credit applications surge as Winter Fuel Payment deadline loomsRachel Reeves’ decision to means-test the Winter Fuel Payment has caused fury among retirees and campaigners with the benefit, worth up to £300, now only available to low-income pensioners who qualify for Pension Credit top-ups.
Pension Credit has historically been chronically underclaimed, with over a third of households who could be eligible...
27 November 2024
Three tips to get the most from your pension potPensions come with generous tax perks to help you save for retirement, but people sometimes make mistakes that could lose them extra money in their pot.
1) Keep track of your pensionsPension admin can easily slip down a growing to-do list but checking in on your pension (or pensions) could end up saving you hundreds, if not thousands, of pounds in...
7 November 2024
First UK pension scheme dives into Bitcoin, but don’t expect a stampedeIt was only a matter of time before a UK pension scheme bought into Bitcoin, but this isn’t likely to spark a stampede into the asset class.
Bitcoin is notoriously volatile, and pension scheme trustees are just as notoriously risk averse. Why wouldn’t you be when you’re looking after someone else’s retirement savings?
The FCA says those investing...
31 October 2024
Four key changes from the BudgetThis week saw the first Budget from Labour since they came into power in July. There was lots of speculation ahead of the announcements about what would happen, and it ended up being one of the biggest tax-raising Budgets in recent history. But a lot of those additional taxes will come from businesses rather than directly from individuals.
Here we...
30 October 2024
Value of lost pensions hits £31 billion – should you combine your pots?The total value of ‘lost’ pension pots has hit £31.1 billion increased by £4.5 billion, new data published by the Pensions Policy Institute reveals*, having risen from £26.6 billion in 2022. Almost 3.3 million pension pots are now considered lost, containing an average sum of £9,470. This rises to £13,620 per pension among people aged 55 to 75.
...
18 October 2024
AJ Bell CEO: It’s time for the government to stop fiddling with the pensions systemBy Michael Summersgill, Chief Executive of AJ Bell
The Budget presents a perfect opportunity for the Chancellor to commit to a long-term Pensions Tax Lock, guaranteeing stability in pension taxation for at least this parliament.
Aspirational workers who set money aside decades before retirement, taking responsibility for providing for themselves...
17 October 2024
Kamala Harris vs Donald Trump: the potential winners and losers for investors and markets on the outcome of the US presidential electionGreen energy and technology are the key industries to watch if Kamala Harris wins the US presidential election, while defence contractors, oil and gas producers and cryptocurrencies will be front of stage if Donald Trump is victorious.
Unlike the UK general election where Labour had such a wide lead in the polls from the start and which made it...
2 October 2024
Can I inherit my late father’s pension, and will I owe inheritance tax?Can you explain how Inheritance Tax (IHT) will impact my pensions? My father worked for the NHS for 35 years and recently passed away – will I inherit anything from this pension? He also had a small defined contribution pension. And what could happen to at the Budget in relation to pensions and IHT? I’ve tried to do my own research but it’s...
1 October 2024
Pension withdrawals jump to £52 billion in cost-of-living crisisInflation may have returned closer to ‘normal’ levels in recent months, but three years of spiking prices and rising interest rates has had a huge impact on Brits’ retirement plans, with both the number of people accessing their pension and the amount withdrawn surging in the 2023/24 tax year.
Savers withdrew over £52 billion from their retirement...
21 September 2024
How to: use the pension finder toolIf you’ve had several jobs, you’ll probably have several pensions, and if you've found yourself wondering about some long-forgotten pension pots, you're not alone! AJ Bell's pension finder can help you track down your old pensions and bring them all together in an AJ Bell SIPP. Here's a handy guide to using the AJ Bell pension finder tool.
19 September 2024
Are you one of the 10 million Brits with an old pension?Brits hold 10 million pension accounts in old ‘closed book’ non-workplace pensions worth a total of £250 billion, a Freedom of Information request from AJ Bell has found.
Closed book pensions are no longer open to new customers. Although some products may still represent good value, closed book providers have limited incentive to compete on cost...
12 September 2024
Three priorities for Labour’s first BudgetThe first Budget for new Chancellor Rachel Reeves is coming at the end of October. The rumour mill has already geared up with speculation on what could be included, but we’ve laid out three key areas the Government could focus on when it comes to people’s investments and savings.
ISA simplificationAt a time when government is facing significant...
27 August 2024
Is it worth setting up my own pension?With prices of just about everything still going up it might be hard to think about putting money away for the future but, according to the latest government figures, the number of personal pension savers in the UK keeps rising. As of 2023, government statistics show there are now 6.8 million of us using pensions to help build a retirement nest egg...
27 August 2024
Can property really be your pension?If you’re thinking about using property to fund your retirement, you wouldn’t be the first. The post-financial crisis boom in house prices, propelled by low interest rates and government support schemes, led many budding property tycoons towards investing in buy to let instead of saving in a pension. For many, that gamble probably paid off, thanks...
21 August 2024
Why invest?In the opening chapter of our ‘Investing for beginners’ video series, Dan Coatsworth details several benefits of investing, including capital growth, dividends and beating inflation.
16 August 2024
Seven ways to beat the death taxThe death tax is dubbed Britain’s most hated tax, but only around 1 in 20 estates pay it. Those numbers are rising, along with the amount of money HMRC is raking in each year.
If you’re concerned that your estate might have to pay inheritance tax (IHT) when you’re gone, there are things you can do to reduce (or even eliminate) the amount it will...
9 August 2024
Why people have been taxed £1.3bn too much on their pensionsNew figures show that people have been taxed £57m too much on withdrawals from their pensions in the past three months, as the total amount of over-taxation hits almost £1.3bn.
Data from HMRC shows that in April, May and June over 16,000 reclaim forms were processed during the quarter from people who had been hit with higher tax bills than...
3 August 2024
What to do with your pension in your 40sWhen it comes to saving for retirement many of us bury our heads in the sand. It’s easy to leave it so long that you fall into the trap of feeling it is too late to start. However, this is not the case and there are lots of things that savers in their 40s should be thinking about as they build their retirement pot.
It’s never too late to startAlth...
3 August 2024
What to do with your pension in your 50sAs you enter your sixth decade you will be getting closer to retirement, meaning you will be planning for it and thinking about when and how to take a retirement income. Here are the main things you need to think about with pensions in your 50s.
Accessing your pensionIf you’re aged 55 or over then you have the option to access your defined...
31 July 2024
What to expect in October’s Budget following the Chancellor’s public finance updateThe Chancellor has signaled to the public that tax rises are extremely likely at the Budget on 30 October, pointing to what she claims is a £20 billion black hold in the public finances.
During the election campaign Rachel Reeves and Keir Starmer, now Chancellor and Prime Minister respectively, were at pains to insist they wouldn’t raise income tax...
17 June 2024
How to combine your different pension potsLots of people will have multiple pensions from different employers, and it’s tricky to keep track of them all. But by taking charge of your pensions, you can evaluate your current savings and have your whole pot in one place to more easily manage. You might be pleasantly surprised by your existing savings, but regardless, being informed empowers...
17 June 2024
How our personal finances have changed under a Tory GovernmentThe Conservatives came to power in 2010, and during that time there have been a raft of changes to our personal finances. There have been some bold and positive achievements in the past 14 years, though it is by no means an entirely rosy picture, and to the extent that welfare spending falls under the heading of personal finance, the austerity...
12 June 2024
How to build your first pension or expand an existing oneCreating a plan for your retirement savings now could put you in a better position later in life. You will thank yourself for getting your finances in order – it should not take long and could bring peace of mind knowing that you have a pension strategy in place.
The first step is to find out if you have existing pension assets. Certain people...
20 May 2024
How to combine your pensions into one potSince automatic enrolment was introduced in 2012, meaning more people were contributing to a pension with their employer, lots more people will now have small pension pots with different companies. Pension savers throughout the UK have been forced to wait for a solution that means they can access all their pensions in one place – which would help...
24 August 2023
Consolidating your pensionLisa Webster, Technical Resources Consultant at AJ Bell, discusses the benefits of consolidating your pension, and what you need to consider when transferring a pension.
6 April 2023
What do the new pension rules mean for me? Untitled DocumentA new tax year brings a fresh set of allowances, but at his recent Budget, the Chancellor also increased what was on offer for pension savers in this new tax year, too.
You can read about the changes and how they impact your own finances below.
What has changed? Annual pension allowancesThe changes that will affect most people...
13 March 2023
How much can I pay into my SIPP?It should be an easy question for investors to answer. But because of pension rules, working out how much you can pay into your SIPP takes a bit of homework.
In this article, I’ll explain how these pension rules work, and what to think about when calculating how much you can pay in.
This article gives you information and tips, but isn’t tax...
2 March 2023
Three top tax tips for SIPPs Untitled DocumentSIPPs can be a great way to boost your retirement savings. Not only do investments in a SIPP grow free of tax, but tax relief from the government generously top ups the money you pay in.
As SIPP tax relief is so valuable, I’ve drawn up three top tips to make the most of it. That includes how to shield yourself from a potential...
4 January 2023
Change to capital gains tax rules – what you need to knowOver the next two years, the tax-free allowance for capital gains is being slashed by over 75%. In this article I discuss the rules on capital gains tax and five ways you can reduce your potential tax bill.
Whilst this article contains information and tips – it is not tax advice or a personal recommendation. If you need help with tax or your...
26 October 2022
Rishi Sunak’s in-tray: 5 taxing questions for the new prime ministerAs the new prime minister Rishi Sunak enters No. 10, he faces difficult decisions over a range of tax, pensions and economic issues which remain unanswered after months of debate and discussion through the leadership contest and the fallout from last month’s mini-Budget.
AJ Bell experts consider 5 key questions awaiting the new prime minister:
Inc...
7 October 2022
FCA warns over 'misdirection' scams risk as a quarter of savers eye early pension access during cost of living crisisAs inflation tightens its grip on Brits’ finances and millions of households face up to the prospect of spiralling mortgage bills as interest rates rocket, it is inevitable scammers will increase their activity as they look to prey on rising vulnerability.
Recently published data shows the number of savers accessing their retirement pots for the...
