Exploring personal finance and investing
You are contributing to a SIPP for yourself but have you thought about opening a Junior SIPP for your child? You may be saying to yourself ‘a pension account……. for my toddler?!’. And, ‘I’ve better things to do with my money right now’. A pension account for your toddler….well, yes! The advantage is that your … Read More “Is Opening a Junior SIPP a Good Idea?” »
NEST is a workplace pension scheme which was set up to facilitate Automatic Enrolment (AE) as part of the British Government’s workplace pension reforms per the Pensions Act 2008. As at September 2023, it had £33bn in assets under management (AUM) and 12.5m members. What Is NEST? NEST stands for National Employment Savings Trust. It … Read More “How To Invest in a NEST Pension” »
When you’re young and in your 20s, the current pension age of 66 seems light years away, like you’ll almost never reach it, it’s SO far away. For the average 20-year-old, 66 seems SO old (!). I had this conversation with a friend’s 20-year-old son, let’s call him Tim, a few years ago when he … Read More “But Pensions Are for Old People!” »
Pension Credit is a means-tested government benefit. It helps with day-to-day living expenses if you’re over State Pension age and on a low income. Currently, almost 1.4 million pensioners in Britain receive Pension Credit. If you receive Pension Credit, can it be stopped? Let’s look at the circumstances under which this could happen. When Can … Read More “Can Pension Credit Be Stopped?” »
Minister for Pensions Laura Trott stated, “Up to an estimated 850,000 eligible households are not claiming Pension Credit, with up to £1.7 billion of available Pension Credit going unclaimed.” Department of Work and Pensions press release June 2023. The average Pension Credit is worth over £3,500 per year and it may mean you can get access to … Read More “Is Pension Credit Means Tested?” »
A pension is a long-term savings plan that you will use in later life to fund your retirement. Pensions are amongst the most tax-efficient ways to save for retirement. Not only do they cut your tax bill, they also grow almost tax-free. The Benefits of Saving for a Pension The benefits of saving for a … Read More “Guide to UK Pensions” »
Why Invest In a Pension? Millions in the UK aren’t saving enough for retirement and face three options: Don’t depend on the State Pension. It’s only £203.85 a week or £10,600.20 a year for 2023/24. However, the amount you get may vary from this figure depending on your National Insurance (NI) record. This is far … Read More “How Much Do You Need For Retirement?” »
