Higher returns generally come with higher risk
It seems incredible that the Bank of England base rate has stood at 0.5% since March 2009. It’s made unhappy headlines for savers looking to generate income over the previous five years.
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Mind the savings gap
Having a plan for the future can make the present feel less stressful
The number of people in the UK with no savings at all has risen year-on-year from eight million to over nine million, or 1 in 5 of the UK adult population, according to the 2014 Scottish Widows Savings Report. This brings the proportion of people who have savings (67%) down to a level not seen since 2011.
New tax year, new ISA allowance
A tax-efficient way to help you minimise the tax you pay
No one knew back in 1999 how popular Individual Savings Accounts (ISAs) would become but with £443 billion[1] now held in ISAs, they’ve established themselves as a core option for saving and investing in a tax-efficient way to help minimise the tax you pay on the proceeds.
A Budget for makers, doers and savers
What you need to know – the main talking points
The Chancellor of the Exchequer, George Osborne, gave his fifth Budget speech to Parliament on 19 March 2014. He unveiled plans to support economic recovery – including tax breaks to boost productivity, exports and manufacturing.
Underestimating how long we are likely to live
Making adequate provision for retirement means not running out of money
Women have historically lived longer than men, but this is gradually changing. Life expectancy has continued to increase all round as all generations enjoy unprecedented wealth, better nutrition, healthier lifestyles and the benefits of advancing medical science.
Locating a lost or forgotten pension
The best chance of being reunited with a lost scheme
People change jobs and employers change their names, but, more importantly, we all forget things from time to time. With that in mind, it is easy to lose track of pensions that you have paid into over the years. If you do not actively look for your lost pensions, then you take the risk of relying on them looking for you! This can be difficult for them to do if, for example, you have changed your name through marriage or moved home yourself.
Pension consolidation
Bringing your pensions under one roof
Most people, during their career, accumulate a number of different pension plans. Keeping your pension savings in a number of different plans may result in lost investment opportunities and unnecessary exposure to risk.
Self-Invested Personal Pensions
Taking control of where your money goes and how it grows
Some people don’t want a pension company deciding how their pension savings are invested – they want to control where their money goes and how it grows. In this scenario, a Self-Invested Personal Pension (SIPP) offers a solution. Very much a do-it-yourself pension, you choose what investments you want to put your savings into, and therefore keep control of your savings.
Workplace pensions
You could soon have a pension without asking for one!
Millions of workers are being automatically enrolled into a workplace pension by their employer. A workplace pension is a way of saving for your retirement that’s arranged by your employer.
Occupational workplace pensions
Most employers are obliged to have an occupational pension scheme for their employees
There are two main types of occupational workplace pension schemes:
Defined-contribution schemes
A defined-contribution (DC) or money-purchase pension scheme is one that invests the money you pay into it, together with any employer’s contribution, and gives you an accumulated sum on retirement, with which you can secure a pension income, either by buying an annuity or using income drawdown.
