Can you cash in a defined benefit pension?

Can you cash in a defined benefit pension? 2020 Financial Pension transfer specialists

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…

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How to start planning for retirement (UK)

How to start planning for retirement UK_2020 Financial retirement planning specialists

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…

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What happens to your pension when you die

What happens to your pension when you die_2020 Financial

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…

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5 Of The Best Pension Lump Sum Tax Calculators

5 of the best pension lump sum tax calculators_2020 financial

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. …

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How can I avoid paying tax on my pension UK?

How can I avoid paying tax on my pension UK_Simon Garber at 2020 Financial

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…

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How Much Do I Need to Retire at 60 in the UK?

retiree destination sunloungers in South of France

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…

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Should I Transfer My Final Salary Pension to a SIPP?

should-i-transfer-my-final-salary-pension-to-a-sipp- Ask Simon

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…

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How 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…

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Can I cash in a drawdown pension?

Can I cash in a drawdown pension- 2020 financial

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…

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Why are Final Salary Pension Transfer Values so High?

Graph of Defined benefit transfer value Index 2020 - transfer values reach highest level July 2020

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…

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What is a good cash-equivalent transfer value?

Simon Garber Penson Transfer Specialist answers What's 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…

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Final Salary Pension Rules 2021

pension transfer specialist Simon garber holding Defined Benefit pension transfer guide

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…

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How much do i need to retire at 55

How much do i need to retire at 55_Simon garber retirement specialist

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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