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Tax Relief and Pensions

Saving into a pension is one of the most tax efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make.

There are various complex pension allowances in place that you need to be aware of and understand how to make the most of them. These limit the amount of money you can contribute to a pension in a year, as well as the total amount of money you can build up in your pension accounts, while still enjoying the full tax benefits.

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Generating income from investments throughout your retirement years

The time has finally come, you’re ready to retire. You’ve worked hard all your working life to save and prepare for your retirement, but how should you approach investing now that you’re no longer earning a salary? When it comes to investing in retirement, even during volatile markets, the right strategy can help make sure your retirement savings last.

For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, retirees still need to think about how they can continue to generate income from their investments throughout their retirement years.

It is not unusual for people to live more than 30 years once retired, due to increased incentives to quit work early and rising life expectancy, which in itself can present a major risk that retirees may outlive their savings. The longer the time spent in retirement, the harder it becomes to be certain about the adequacy of your assets.

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A GUIDE TO PENSIONS ON DIVORCE

If you’re going through a divorce, dividing up any pensions you have will usually be one of the largest financial decisions you need to make. Agreeing financial arrangements in your divorce can seem daunting; there are so many misconceptions and myths as to what each party is entitled to that it gets confusing.

The rules surrounding dissolution of a registered civil partnership are the same as those for divorce. In this guide, we use the term ‘divorce’ to mean the end of a registered civil partnership as well as the end of a marriage A pension is often the largest or second largest capital asset in a marriage or registered civil partnership. However, pensions can be complex and confusing at the best of times.

Frequently, one person has a substantial pension and the other might have none or a very limited pension provision because, for example, they have given up their job to look after the children.

A decision will need to be made as to whether that pension or pensions should be shared or if you should receive more of another asset, such as the home instead.

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Redundancy – is it safe to proceed?

Redundancies are an unfortunate consequence of current times, with the Government’s furlough scheme coming to an end the expectation is that there will be more employers making cuts to their workforce.

Remember: “Redundancy isn’t personal, personal identities should not be tied with your professional image

If you are facing redundancy, it is important to understand exactly what is included in the package being offered to you, how it’s taxed and the impact it may have on your tax allowances and benefits.

Please read through the 10 key points I have listed below, each will hopefully help you understand what you should know in relation to your redundancy payment and most importantly help you plan for the future

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Getting my finances in order

When it comes to making financial decisions, you don’t have to go it alone The coronavirus (COVID-19) pandemic outbreak has affected people in various ways. However, this has undoubtedly been a time for contemplation surrounding our personal finances. Many have taken the new-found time at home to conduct a review of their finances, to assess necessary and unnecessary expenditure. While uncertainty with the job market continues, a tighter grip on finances is key.

Tracking your finances gives you a baseline to help track your progress and helps you to see spending mistakes before they become disastrous personal finance problems. Even if you have a solid financial plan in place, it still needs to be updated regularly to ensure it reflects any life changes. But what should your priorities focus on now? Is it time to turn your attention to your pension, ISA or your mortgage, or something else? Should you be thinking about investing more for your children’s education or putting an estate plan in place? And then there are those previous company pension schemes to review – is it three, four…or was it five? Sound Familiar?

If you’re unsure what diagnosis to give your current money situation, maybe it’s time to consider a financial health check. But where do you start? Read on for hints and tips to assist.

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