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Retirement. What can I do with my Pension?

How to turn your pension savings into an income for life.

There are many things to consider as you approach retirement. It’s good to start by reviewing your finances to ensure your future income will allow you to enjoy the lifestyle you want. The earlier you start thinking about what you’ll need for a comfortable retirement and where your money is going to come from, the more control you can have over that period of your life

The changes in the retirement landscape mean some people are adjusting their expectations for retirement. With life expectancy still on the increase, the need to save and plan for retirement is becoming ever more critical. The concept of ‘retirement’, as viewed through the opinions of those currently saving towards it, may have a broad range of meanings. But the reality is that traditional ‘retirement’ is changing, with few now seeing it as a singular event.

The future of retirement is likely instead to see a fundamental change in people’s lifestyles, with a growing aspiration to combine work and leisure to help manage the costs of a longer life expectancy.

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Feel confident about your retirement

If you have been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But unfortunately, the best savers sometimes find themselves inadvertently breaching their pension lifetime allowance (LTA) and being charged an additional tax that erodes their savings.

If you are a high-income earner or wealthy individual, you could be putting too much into your lifetime pension and risk exceeding the pension lifetime allowance.

The government will maintain the pensions Lifetime Allowance at its current level until April 2026, removing the usual annual incremental rises.

The following questions and answers are intended to help you avoid this tax charge.

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Retire Happy.

Planning your future has arguably never been more important. When deciding when to retire, the most important thing to consider is making sure you have enough money to live comfortably.

Imagine you’re retiring today. Will you be able to financially support yourself, and potentially your family too, with your current pension savings?

The run-up to your retirement may feel overwhelming, but this is an important time for you and your savings.

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A Guide to Self-Invested Personal Pensions (SIPPs)

What do your retirement plans look like? Saving for your retirement is one of the longest and biggest financial commitments you will make. Imagine you are retiring today. Have you thought about how you are going to financially support yourself (and potentially your family too) with your current pension savings? The new pension freedoms provide an incentive to look again at your retirement savings.

A Self-Invested Personal Pension (SIPP) could be right for you if you are looking for a wider choice of investment options and have sufficient knowledge and experience of investing to make your own investment decisions.

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Investing with a conscience placing money in companies that bring positive change

Issues such as climate change and sustainability have become increasingly hot topics globally and often the subject of conversation. As a result, Environmental, Social and Governance-linked (ESG) investment strategies continue to dominate financial headlines.

These strategies, which include impact investing, are not new, but momentum is growing as shareholders demand greater action and consumers hold businesses to a higher standard. Increasingly, a significant number of UK investors expect their investments to align with their personal beliefs and continue to express interest in sustainable investing.

Potentially Higher Returns Findings from new research identified that UK millennials are less likely to compromise their personal beliefs in order to benefit from potentially higher returns compared to their global counterparts[1].

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