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Pension News

Transfer a Deferred Pension

What is a deferred pension? A deferred pension is a UK pension where you have stopped paying into the scheme, but you are not yet receiving a pension. Or that you have delayed claiming your pension, based on the premise that the longer you wait to claim, the more money you will receive in payments. […]

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Can I transfer an ISA into a pension?

If you’re a UK resident and either a basic-rate or higher rate taxpayer, ISAs are a very attractive form of saving as any gain is free of both income and capital gains tax. However, whilst ISAs are allowed to grow tax-free they do not offer tax relief on any contributions, which is such a key […]

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Can I Transfer my Pension to Another Person?

You can only transfer your pension to someone else in exceptional circumstances. A pension is personal and there is no legal structure to transfer your pension pot to someone else, except in the case of divorce or dissolving a civil partnership. The only other circumstance when your pension pot can be transferred to someone else […]

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Can I transfer a Section 32 Pension?

If your pension holds enough funds to honour all the rules of the pension when it was initially transferred out, then you can transfer your section 32 pension out to a different pension and provider. If it doesn’t hold enough funds, which you can no longer add to then transferring a section 32 pension becomes […]

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Can I Transfer my UK Pension to a New Job?

If you leave an employer, the pension you have accrued whilst employed remains yours, so even if you leave your pension in situ, you will still receive that as a pension when you reach the retirement age as stipulated in scheme’s rules. You can continue to pay into it yourself, or you can transfer the […]

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How Long Should a UK Pension Transfer Take?

The timescales will vary however, according to research carried out by the Financial Conduct Authority (FCA), the average time it takes to complete a uk pension transfer is 16 days. Remember that is the average, as there have been cases where transfers have taken over six months, the average for a defined benefit transfer is […]

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How Safe Is My SIPP?

Your SIPP is protected, though the extent of this protection depends upon the investments your SIPP holds. FSCS protection The Financial Services Compensation Scheme (FSCS) was designed to help you when an authorised firm fails. It paid out over £110m in compensation for SIPP-related claims in 2017-18. Having FSCS protection means that… It’s automatically paid […]

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How couples differ in retirement planning

Financial planning for couples generally starts with the assumption that the two parties will share common goals, that they want to do things together and know how to agree on what they will do next. But that is not always going to be the case, especially around the challenges of retirement. Perhaps the single, greatest […]

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What are the UK Pension rules?

How does tax relief on pension contributions work? To encourage people to save for their retirement, the government will pay tax relief on money you pay into a UK pension. This is equivalent to the level of income tax you pay and effectively means you make your contributions from pre-taxed income. So, if a basic-rate […]

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UK Pension – Can I cash in my entire Pension?

Part of the April 2015 pension rules changes, made it possible to take your entire UK pension fund in one go as cash for you to spend as you wish. You can do this from the age of 55. However, there are considerable tax implications to be aware of before doing this. You can close […]

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What is a UK Company or Workplace Pension Scheme?

A Company or Workplace UK Pension is one that’s organised for you by your employer. They work by you paying a percentage of your salary into the pension scheme every payday. Should I take a workplace pension? In the majority of cases, the government and your employer contribute to your pension. This is the defining […]

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Should I transfer my final salary pension?

You can transfer a final salary workplace pension to unlock the cash from it, but you need to be aware of all the facts before you consider transferring a final salary pension. What are the benefits of final salary pensions? Defined benefit and final salary pensions give you a guaranteed income when you come to […]

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UK Pension Reviews

How well is your current UK pension plan performing? UK Pension reviews You may not be appreciative of the importance of reviewing your UK Pension scheme on a regular basis, principally since the UK Pension Freedom reforms of 2015 gave people more choices for accessing their retirement savings than ever before. Tax relief on contributions […]

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Salary Sacrifice & Salary exchange UK Pension Schemes

If you want to put more disposable income into your pension then a Salary sacrifice scheme maybe the solution. Salary sacrifice schemes or salary exchange schemes are becoming more popular for employees looking to increase their pension contributions. What is a salary sacrifice scheme? A salary sacrifice pension scheme is an arrangement between you and […]

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Frozen or dormant UK Pensions

Many people have enrolled into UK pension schemes when starting a new job, but have subsequently left and forgotten to combine the funds when switching to a new employer or perhaps they didn’t realise they needed to. These inactive pensions are often named frozen pensions, or sometimes referred to as dormant pensions or preserved pension. […]

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Investing in Property with a Self Invested Personal Pension (SIPP)

How does a property SIPP work? A Property SIPP isn’t a different type of SIPP, any SIPP can hold property within its portfolio. It has all the tax efficiencies of a traditional SIPP, but it doesn’t allow you to invest directly in residential property. You can though, use a SIPP to invest in commercial property, […]

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Can I Transfer my UK Pension to my US 401k?

Can I transfer my UK pension to the US? There are roughly one million British expats who are now resident in the US, there are also many hundreds of thousands of US citizens who have worked in the UK and are entitled to UK Pension benefits. If you are planning to retire in the USA […]

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State Pension Inheritance Rules for Unmarried Couples

Many private pensions schemes can now be inherited by cohabiting partners by simply stating your next of kin in the death benefit nomination forms, however the UK state pension system is different and entirely based around legal marriage or civil partnership. In the UK over six million people are living together as couples, but the […]

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UK Pension for US Residents – How to report to IRS

The IRS reporting of United Kingdom retirement for Foreign Bank Account Report (FBAR) & Foreign Account Tax Compliance Act (FATCA) isn’t as complex as the tax rules, but they still can be confusing. The main rule for the IRS is that you have to report foreign retirement on the FBAR (Foreign Bank and Financial Account […]

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UK Pensions – Resident in the US, is Income tax payable in the USA?

UK Pension and the tax implication of living in the USA The US Tax rules involving foreign pensions are complicated. The UK and the US entered into a complex bilateral double tax treaty in 2002. This tax treaty is very detailed involving the IRS and US taxation of UK pension scheme incomes, retirement rules, and […]

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Is Self-invested Personal Pension (SIPP) right for you?

While SIPP’s are appropriate and suitable for some investors, they are not suitable for everyone and some investors may find that other pension savings schemes could be much better suited to their circumstances. There are people investing in Sipps who shouldn’t be, and paying more in fees than they should be, who would be better […]

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UK expats moving to the US – Taxation Guide

If you are a UK Expat and are moving to the USA there are tax implication you may need to contemplate. Whatever the country you are wondering moving to, you will always need to pay taxes, and every nation has its own system and some are considerably more complex than those in the UK. The […]

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The Advantages & Disadvantages of Taking Lump Sums From Your UK Pension

Uncrystallised Funds Pension Lump Sums (UFPLS) You can leave your money in your current UK Pension fund and take lump sums when you need to. This is named ‘uncrystallised funds pension lump sums’, or UFPLS. They are uncrystallised because you haven’t moved the money out of the pot and into another product, such as income […]

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The Financial Benefits You Can Claim When You Retire

When you retire, there are a variety of benefits, discounts and advantages on offer once you reach retirement age. Some are offered by the state like pension top-ups, there is help to enable you to meet the cost of energy bills or free and discounted travel. However, you have to remember to claim them, as […]

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How to save into a UK Pension if you are self-employed

Saving for a UK pension for those who are self-employed can often be more challenging compared to people who are not self-employed. This particularly holds as the self-employed are not automatically “auto-enrolled” into any particular UK pension. In comparison, auto-enrolment makes it compulsory for employers to offer eligible workers a workplace pension, and it is […]

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UK Pension transfer to the US

There appears to be a lot of confusion over what can be done with a UK pension, both Personal Pensions and Occupational Pensions if somebody lives in the USA. This answer will apply to both US citizens as well as British Expats residing in the USA. A few years ago there were several listed QROPS […]

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Looking after your dependants when you retire

When you retire, as well as ensuring that you will have enough money, it’s a good idea to make sure that your partner and/or children will be provided for too. There are several ways this can be achieved. Before retirement Once you retire Buying an annuity Before retirement All defined benefit workplace British Pension Schemes […]

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UK Pension Transfers – Understanding International SIPPS

Demand for UK Pension Transfers Overseas remains high among UK expats despite UK taxman’s constant adjusting. For many advisers focusing their efforts on a market that has reduced by 75% over the past four years might not seem like a sensible idea. But the falling number of UK Pension transfers to qualifying recognised overseas pension […]

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UK Pension Transfers – Understanding QROPS

The Qualifying Recognised Overseas Pension Scheme (Qrops) system was first introduced in April 2006. It was designed to allow UK expats permanently living overseas to simplify their affairs and enable them to continue to save to provide an income for retirement by allowing their UK pensions transfer to a QROPS based pension based in their […]

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Widow’s UK pension and bereavement allowance

What financial support can I get when my partner dies? If you’re financially dependent on your partner or spouse, you may consider how you will cope financially. The government does offer some financial support to those who have lost a partner. The bereavement allowance. It used to be known as the widow’s pension. How much […]

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Retiring overseas and paying tax

Retiring abroad could affect your income tax bill, as well as the amount of tax you pay on your savings and pension. Do I pay UK tax if I live abroad? If you move abroad for good, your income tax liability moves with you. You may still have UK tax to pay on investment or […]

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Annuity Rates

What is an annuity rate? Annuity rates determine the amount of regular income you will receive in return for your UK pension savings. They are displayed as to how much money you’ll get every year for every £100,000 you pay in. An annuity rate of 5% would mean you’ll get £5,000 for every £100,000 you […]

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Take 25% tax-free, then get an annuity

With this option you take your 25% tax-free cash, and then with the remaining 75% you buy an annuity. This is a product that usually pays you a lump sum each year for the rest of your life. When you die, it’s gone. Having an annuity means you get the security of knowing exactly how […]

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Take 25% tax-free, then get a flexible income drawdown product

With this option you take your 25% tax-free lump sum all at once. Then with the remainder you get a flexible income drawdown product. What is a drawdown? This is an investment product. So your money will be buying a mix of investments – shares, funds, gilts, corporate bonds or more. The aim is that […]

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Maximise your UK pension by avoiding the main dangers

There are many UK pension planning dangers to avoid. Consolidate your UK pensions from previous employments Consolidating your pension pots from previous employments into one flexible pension account is usually cheaper to administer and easier to understand, with a single balance that you can check any time. Consolidation allows you to take your savings out […]

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Take lump sums leaving the rest invested in your UK pension

You take cash from your UK pension as and when you need it, but the bulk of your pension money remains exactly where it is in your pension making it similar to a bank account. How does it work? When you do take cash, a quarter of each amount is tax-free, the rest is taxed […]

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Retiring abroad and your UK pension

Find out how your UK Private pension and UK state pension is paid and how your other retirement savings are affected when you retire abroad. Retiring abroad with a UK state pension The basic state pension for 2020-21 is £134.25. To get this under the old system, you need to have made a minimum of […]

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Keep the cash in your UK pension

Keeping your cash in your UK pension the most common option for those who are of an age when they can take their pension. Because while you can take your pension from age 55, for many people that is too young because they will still be working – if you’re 55 but you’ve got another […]

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Receiving your UK pension

When the time arrives to start receiving your pension you will need to make a few decisions, firstly though you need to understand what sort of pension you have. There are to main types of UK Pensions: Defined Contribution Pension The majority of pensions in the UK fall into this category. With this type you […]

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UK Pension Advice – How long will you live?

You pay into your pension all your working life and once you’re over 55 you’re allowed to take the money out. However, the point of saving for your pension is usually so that you’ll have money to use when you’re finished your career. If you use the money before you stop working, or even before […]

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