These are pension schemes that have been vetted and approved by HMRC, and which allow UK nationals to transfer their pensions overseas.Most UK pensions can only be moved to an HMRC-approved QROPS. It may be possible to move your pension to a non-QROPS scheme, but you’ll face a whopping...
Combining pensions into one pot isn’t right for everyone. You may lose valuable benefits by consolidating, or there may be an exit charge for moving your money. However, you might choose to consolidate to simplify the paperwork and make funds easier to manage, or potentially reduce fees and ...
That helps us answer the question: “Do pensions rise with inflation?” Historically, yes they did. But just now they don’t always keep up with it. That makes it even more important to keep an eye on your pension pot. Check it regularly to make sure it’s growing in line with your...
These are funds which pool your money with other investors to buy a wide range of shares in companies. Depending on the type of pension you have, you may be able to choose the funds that you invest in. Some pensions will also offer a default fund if you feel that you are unable to ...
Once you’ve found any missing pots, you can then look at past performance, how much you have saved in each and maybe think about consolidating all of your pension schemes into one. Why consolidate your workplace pensions? So, why would you want to bring your pensions together in one pl...
A personal pension plan can be used to save for retirement if you’re self-employed, don’t work or want to set up an additional pension. Learn about personal pensions.
There’s a reason that pensions are touted as one of the best ways to save for your retirement. Every penny you save into a pension pot (up to an annual limit of £60,000 in 2024/2025) is eligible for tax relief. If you’re a basic-rate (20%) taxpayer, this means that for...
Make your life easier by consolidating all of your old pensions into one place. Transfer your existing pensions to Moneyfarm and we’ll manage your investments on your behalf for a low-cost. We’ll never charge you a fee to transfer in or away from Moneyfarm, although your existing provider...
it. Also, the gift would be classed as a potentially exempt transfer (PET) and so would not be free from inheritance tax unless you survive more than 7 years from the date of the gift. It may also be worth checking out our article 'Do I have to pay inheritance tax on my parents ...
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