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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
Saving for a private pension is among the top financial advice you can receive. But the tip is usually said to people in their 20s and 30s. Does that mean it’s not worth opening a pension after 50? Here is a quick look at why buying a private pension could be a good idea. You can also read about the alternative options you have to generate retirement income.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
HSBC has been linked to fraudulent activity in a leak of documents called the FinCEN Files. Britain's biggest bank moved millions of dollars around the world, even after it had learned about investment fraud. The FinCEN Files consist of 2,657 documents that were leaked to Buzzfeed website. The documents were shared with the International Consortium of Investigative Journalists (ICIJ) and widely reported in the media over the weekend.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
The government is proposing reforms to England’s controversial leasehold system. The reforms would help stop the high costs associated with extending a lease. The proposed changes could help many leaseholders save money. Among them, former council tenants who bought their homes in the 1980s are likely beneficiaries. Leasehold owners may also find it easier to sell their homes once the new rules are in place.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
Are you thinking about gifting a large sum of cash to your family or friends? Your cash gifts might be subject to Inheritance Tax (IHT). Knowing the rules can help you, and your loved ones, save money. Here's a look at which cash gifts are tax-exempt. Can You Gift Money Tax-Free in the UK? The answer to the question depends on:Who you are giving the gift. How much money you are gifting. When you gave the gift. What does this look like in action?
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
Financial planning is a significant chunk of ensuring you enjoy the lifestyle you want in retirement. Your pension will be the source for most of your retirement income, so it's only natural you want to ensure you get the most from it. If you're on a final salary pension scheme, you might get an offer to transfer out of it. Large numbers of people are offered considerable sums to transfer their final salary pension. At the outset, these offers can seem too good to pass.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
Retirement can mean quite a few changes in your everyday life. It’s also a big shakeup to your income, and knowing how to plan for paying income tax in retirement is essential. Knowing what income is taxable can guarantee you keep your finances in order. What is taxable income? There are many ways you might receive income even after you stop working full-time. However, not all income is subject to tax.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
The COVID-19 pandemic has caused a lot of economic uncertainty. Many people have lost their typical income sources and are looking for extra help. According to an HMRC report, many have cashed in their pension. But is withdrawing your pension early something you should do? HMRC reported that 347,000 people withdrew money from their pension between July and September. The figure is a notable increase from last year, and the decision to cash in could be down to the COVID-19 crisis.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
If you look at the statistics, you might conclude that life insurance is not worth it. According to Finder, around 60% of people in the UK don’t have life insurance. But just because the majority doesn’t have life insurance, it doesn’t make it obsolete. The truth is that there are pros and cons to getting life insurance. Before you make a decision, you should understand what the benefits and drawbacks are. But you also need to understand what life insurance is all about.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
At the end of the year, the government sets the level of the state pension for the following tax year. An official forecast predicts the state pension will go up by 2.5% next April and an even more significant increase is on the horizon for 2022. The increases are posing a challenge to the government. The Office for Budget Responsibility (OBR) published its official forecast for the following year. The forecast expects the UK state pension to increase by 2.5% in April 2021.
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Oct 18, 2023 | 
pensiontimes.co.uk | Krista Lomu
The death of a loved one causes significant emotional distress. It can also have a devastating financial impact. By choosing the right life insurance plan, you can ensure finances don’t become problematic for your loved ones after your death. Here’s a quick look at how to choose a life insurance plan that works for you. Cover typesLevel term onlyCover typesDecreasing and level termCover typesDecreasing and level termCover typesDecreasing and level termCritical illness cover option?
