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A personal pension plan in the UK is a private pension arrangement designed to help individuals build a retirement fund independently of workplace pensions or the state pension. These plans allow you to contribute regularly or in lump sums, with the funds invested in a range of assets such as stocks, bonds, and mutual funds.
Popular tags: Pensions in the uk, private pension uk, personal pensions, self invested personal pension, private pensions, personal pension, retirement planning, pension planning, independent financial adviser
Effective retirement planning is a structured process that ensures you are financially prepared for life after work. While everyone’s retirement needs are different, there are four fundamental steps that form the foundation of a secure retirement strategy.
Popular tags: Retirement planning, pension planning, diversified investment portfolio, portfolio diversification, pension contributions, individual savings account, retirement income planning, investing for income in retirement, retirement and pension, income planning for retirement, independent financial adviser, retirement planning UK
The increase in the pension allowance to £60,000 offers a unique opportunity to enhance retirement savings, especially when combined with strategic use of company pension schemes. However, the complex nature of pension regulations means that careful planning is essential.
Popular tags: Business pension contributions, benefits of company pension contributions, how much can my company pay into my pension, business pensions, business owner pension, pension planning, individual pension plan, independent financial adviser, pension allowance, salary sacrifice
The occurrence of emergency tax on pension income is typically due to a lack of current tax information. When you make your first pension withdrawal, HMRC might not have your latest tax code on file, particularly if you’ve recently retired, changed jobs, or haven’t provided a recent P45 form.
Popular tags: Emergency tax, retirement planning, pension planning, emergency tax on pension, how much is emergency tax on pensions, emergency tax on pension lump sum, emergency tax on pension withdrawal, emergency tax rate on pension lump sum, hmrc emergency tax, emergency tax codes, tax code for emergency tax, emergency tax rate
The accumulation and decumulation phases serve distinct purposes in your financial life. While accumulation is about maximising your savings, decumulation is about managing those savings to last through your retirement, balancing immediate needs with long-term financial security.
Popular tags: Pension accumulation, pension decumulation, can I withdraw my pension, when can I draw from my pension, pensions uk, pensions in the uk, retirement planning, pension planning, uncrystallised funds, pension lump sum, annuity purchase, pension drawdown, pension commencement lump sum, ufpls, pcls, financial planning, pension adviser, independent financial adviser
Pensions are invaluable tools in estate planning, offering unique opportunities for tax-efficient wealth transfer. Understanding how to leverage pensions in this context can significantly enhance financial legacies and reduce tax burdens for beneficiaries.
Popular tags: Types of pensions in the uk, defined benefit pensions, defined contribution pensions, pension schemes, defined contribution vs defined benefit pension plan, pensions, pension funds, benefits of pensions, estate planning, maximum pension contribution lifetime allowance, setting up a pension scheme, tax planning, retirement drawdown strategy, inheritance tax, pension planning, sipp, lifetime allowance charge, lifetime allowance examples, sipp self invested personal pensions, international estate planning, qnups, retir
Despite the prevalence of cohabiting relationships in modern society, unmarried couples do not enjoy the same legal recognition and rights as their married counterparts. From a tax perspective, this lack of legal status can have significant implications, particularly concerning inheritance tax planning.
Popular tags: Tax planning, independent financial advisers, financial management, inheritance tax in the uk, inheritance tax, transferable nil rate band, inheritance tax for unmarried couples, calculating iht, inheritance and tax, inheritance tax for cohabiting couples, property rights for unmarried couples, estate planning, pension planning, inheritance tax threshold
In the UK, a pension allowance refers to the maximum amount of money you can contribute to your pension schemes each year while still receiving tax relief. This includes contributions to all types of pensions such as personal, workplace, and stakeholder pensions.
Popular tags: annual pension allowance, what is a pension allowance, pension allowance, pension annual allowance 2023/24, carry-forward allowance, personal pensions, pension contributions, yearly pension allowance, pension scheme annual allowance, pension planning, national employment savings trust
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Note: This page is for information purposes only and should not be considered as financial advice. Always consult an Independent Financial Adviser for personalised financial advice tailored to your individual circumstances.