NEW PENSION REFORMS EXPLAINED

On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London which he framed as “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces.

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TAX RELIEF ON PENSIONS

Tax relief is one of the best features of using a pension to save for retirement.

When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.

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RETIREMENT PLANNING

With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering your retirement plans.

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Pension Options at the age of 55

Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.

If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a
pensioner” as this is the age at which you are allowed to access some pension savings.

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TRACING LOST PENSION PLANS

Helping you plan for your retirement is one of our core services, ensuring you are prepared when the time comes to call it a day.

With medical advances enabling more people to live for longer, the average person who retires at 65 lives for another 20 years.

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TQOTW: CLASS 4 NIC CHANGES

I understand that Class 2 NIC is finally being abolished from 6 April 2019. This means that those of my self-employed client with losses or low profits who want to protect their state pension contribution record will have to pay Class 3 contributions which are considerably more expensive. Will there be any alternatives? (more…)

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