I had a really weird convo with one of my pension providers today - they are a former employer. I am 55 - nearly 56, have researched and decided to take 25% out of that pension - I have a few as have worked in the finance sector FOR AGES and always had
PensionBee customer since 2019 I’m in control of what I’m doing. I can adjust any withdrawals that I make depending on what my needs are at the time. Moira (64) PensionBee customer since 2021 PensionBee is authorised and regulated by the Financial Conduct Authority. With pensions, your...
In my letter, I included my gross pension contributions for the tax years I was claiming for (what I contributed plus what the government added). You can get those details from your online pension account. And I added the total rebate figure – this is 20% of the total contributions over...
Find out about the tax benefits of saving into your pension. What is tax relief on pensions? For every payment you make into your pension, we add a 25% government top-up. Tax rules may change in the future and are subject to your individual circumstances. ...
It applies whether you’ve begun to draw an income using a drawdown plan or taken a taxable lump sum amount from your fund. It impacts the answer to the question of ‘do I have to pay tax on my savings in the UK?’ because the more you save, the more tax you may have to pay,...
I was working out my Capital gain on the shares using your helpful guide and it looked as though I was facing a CGT Tax bill for shares on the 20/21 return. I was a little concerned I was being double taxed as I had paid income tax on my annual tax returns every year on these ...
Even I, a former pension-phobic person, would prefer to lock away some of my money for many years in a pension than chuck it away by paying 40% or 45% tax on it today. The bottom line is taxes are continuing to rise. Take cover, or take the pain. Note: This article was updated...
The Bank of Mum and Dad is a way in which children are financially supported by their parents, or helped to get on the property ladder. Helping your loved ones onto the property ladder Helping a loved one onto the housing ladder is something most of us wish we could do. But for many ...
Then you start drawing down the pension. If you want to leave it to your children after death then you carry on in drawdown, but if you don’t you can get some security against outliving your savings by keeping an eye on annuity rates as you age, and switching to one when the annuit...
After a career break, workplace pension options may be limited. Steve Webb, partner at Lane Clark & Peacock, explains that public sector workers can restart defined benefit (DB) schemes. But in the private sector, many DB schemes have closed to new accruals, so you may have to join the ...