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A Group Personal Pension is a type of defined contribution pension scheme provided by employers to help employees save for retirement. It operates similarly to individual personal pensions but is arranged collectively by an employer for their workforce.
Popular tags: Group personal pension, group personal pensions, defined contribution pension scheme, defined contribution pension, stakeholder pension, retirement planning, pension planning, independent financial adviser
Without proper guidance, retirees risk either withdrawing too much too early—leaving themselves short of funds—or being overly cautious and not enjoying the lifestyle they worked so hard to afford. Pension advisers offer professional insight to strike the right balance.
Popular tags: Retirement planning, independent financial adviser, pension adviser, pension planning, independent pension advice, pension draw down, pension consolidation, pension contributions
One attractive feature for many retirees is the option to withdraw a portion of their pension as a tax-free lump sum. This provides the flexibility to access up to 25% of your pension pot without facing tax liabilities.
Popular tags: Tax free pension lump sum, pensions and tax free lump sum, tax free lump sums from pensions, maximum tax free pension lump sum, tax free cash from pension, tax free cash withdrawal, pension planning, retirement planning, independent financial advisers
An annuity is a financial product designed to provide a regular income, typically for the rest of your life or for a fixed period, in exchange for a lump-sum payment. It’s often used as a way to convert part or all of your pension pot into a stable source of income once you retire.
Popular tags: Annuities, annuites rates uk, pension planning, retirement planning, lifetime annuities, annuities uk, fixed-term annuities, independent financial adviser
Calculating pension contributions involves understanding several key components: your type of pension scheme, the total amount of contributions made by you and your employer, how your investments grow, and how tax relief can boost your savings.
Popular tags: Calculating pension contributions, calculate pension contributions, pension contributions, pension planning, retirement planning, independent financial advisers, how to calculate your pension, types of pension plans uk, defined benefit pensions, defined contribution pensions
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 Pension Commencement Lump Sum (PCLS), commonly known as the tax-free lump sum, provides retirees with access to a portion of their pension savings tax-free, offering financial freedom during retirement. Understanding the implications, benefits, and potential strategies for PCLS is essential for anyone nearing retirement.
Popular tags: pension commencement lump sum, pcls pension, retirement planning, what is a pension commencement lump sum, pcls, pension adviser, individual pension plan, wealth management, independent financial adviser, uncrystallised funds, ufpls, uncrystallised funds pension lump sum, estate planning
For many individuals, combining the benefits of both pensions and ISAs can offer a balanced approach to retirement planning. By maximising pension contributions to take full advantage of tax relief and employer contributions, and then using ISAs to grow additional savings tax-free, you can create a financial strategy that addresses both long-term retirement needs and short-term financial goals.
Popular tags: Individual savings accounts, individual savings accounts uk, pension contributions, independent financial adviser, wealth management, retirement planning, pension contributions and tax relief
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
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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.