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.
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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.
21 August 2024
How to choose the right investment accountChapter three of our ‘Investing for beginners’ series sees Charlene Young give a run down of the different account options available, and what investing goals may be best suited for each account.
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 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...
