Posts by Simon Garber
Can you cash in a defined benefit pension?
If you want to cash in a defined benefit pension, there is a lot that you need to keep in mind. While you might be able to transfer out of a defined benefit pension, it must be transferred into another pension vehicle such as an existing personal pension, an existing employer pension or a SIPP…
Read More11 Factors to Consider before you transfer your final salary pension
Over £80million has been transferred out of Final Salary pension schemes since the biggest changes to pension rules for a decade were brought into force in the UK in 2015. And although 2020 and 2021 have seen fewer people opting to cash in their final salary pension than the highs of 2018, there are still…
Read MoreHow to start planning for retirement (UK)
Contrary to belief, retirement doesn’t have to be hard; in fact, with the right planning and approach, it can be an exciting experience. However, it is often oversimplified. Retirement planning is a complex process with many moving parts like state pensions, pension rules, and it’s likely that you will need to adjust your plans over…
Read MoreWhat happens to your pension when you die
If you have a defined contribution pension, your pension can be passed on to any named beneficiary free of inheritance tax when you die. Ultimately what happens to your pension when you die is up to you: you could pass it onto a spouse, a child, a sibling… You could even pass it onto your…
Read More5 Of The Best Pension Lump Sum Tax Calculators
If you’re planning on taking a lump sum from your pension, it is important to understand the tax implications of doing so, especially if you’re accessing your pension at 55 and still working, as a higher rate taxpayer you could end up paying 40% tax on any lump sum you withdraw from your pension pot. …
Read MoreHow can I avoid paying tax on my pension UK?
Let’s face it: no one enjoys paying tax. Fortunately, there are several legitimate ways to avoid paying tax on your pension (without stepping into tax avoidance territory). Ultimately, these come down to maximising your use of your 25% tax-free cash and taking full advantage of your personal allowance. Of course, there are plenty of rules…
Read MoreHow Much Do I Need to Retire at 60 in the UK?
Slow, lazy mornings, sun-filled afternoons with your loved ones and an endless bucket list… Sounds pretty sublime, right? And now that you can access your pension from the age of 55, you might be wondering if you can retire early and reap all of those incredible benefits as soon as possible. But can you really…
Read MoreShould I Transfer My Final Salary Pension to a SIPP?
If you’re considering a final salary pension transfer, it’s important to understand the benefits, the risks and everything in between before you make that all-important decision. For the overall majority of people, transferring their Final Salary Pension to a SIPP is not in their best interests. It’s an incredibly high-risk area and it’s rare that…
Read MoreHow much can i drawdown from my pension pot?
So, you’re considering drawing down from your pension pot, but you aren’t sure how much you can (and should!) take? It’s important to understand the rules around pension drawdown as well as the potential implications that taking money from your pension can have on your retirement plans and future wealth. So if you’re wondering “how…
Read MoreCan I cash in a drawdown pension?
You’re about to turn 55. On your right is a teetering tower of mortgage repayments, debt and “oh but can’t we just run away to the Maldives?”, and on the left is one heck of a pension pot. We’d hazard a guess that the question “can I cash in my drawdown pension?” is looming at…
Read MoreWhy are Final Salary Pension Transfer Values so High?
There is an updated article on pension transfer values here: Why are pension transfer values falling? The last decade has seen huge numbers of people transfer out of their Final Salary Pension Scheme mainly as a response to soaring pension transfer values over the last few years. Our Pension Transfer Specialist Simon Garber explains why…
Read MoreWhat is a good cash-equivalent transfer value?
It’s a question that we are asked time and time again: what is a good cash-equivalent transfer value? The answer isn’t a quick one – in fact, it depends on an enormous number of factors. A good cash-equivalent transfer value (CETV) is one that gives you the funds and benefits needed that can be invested…
Read MoreFinal Salary Pension Rules 2021
The last few years have seen some of the biggest changes the pension industry has ever seen. Rules for those with defined contribution pensions have changed almost beyond recognition and so the Final Salary Pension Rules have had to change to keep pace. Final Salary pension rules are different to defined contribution pension rules and…
Read MoreHow much do i need to retire at 55
Now that you can access your pension from the age of 55, you might be wondering if you can retire early. The Pension Freedom changes may have put early retirement within reach, but can you afford to do it? Exactly how much do you need to retire at 55? According to the UK’s Centre for Research in Social…
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