Pensions

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 proposals

When 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 year

Pensions 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 more

It’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...

5 December 2024

Pension Credit applications surge as Winter Fuel Payment deadline looms

Rachel 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 pot

Pensions 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 pensions

Pension 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 stampede

It 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 Budget

This 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 system

By 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 election

Green 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 crisis

Inflation 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...

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 Budget

The 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 simplification

At 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...

16 August 2024

Seven ways to beat the death tax

The 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 pensions

New 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 40s

When 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 start

Alth...

3 August 2024

What to do with your pension in your 50s

As 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 pension

If 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 update

The 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 Government

The 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...