Posts by Simon Garber
Pension Contributions for Business Owners and Self employed
Being a business owner can be hard work, especially during the long days and late nights, so it’s good to know there are some perks at times. Whilst Pension Contributions for business owners are a legitimate tax break that could help them improve their future wealth, many self-employed business owners are missing out, and it could have serious financial implications…
Read MoreWhat happens to pensions in a divorce?
Pensions are often one of the largest assets that need to be divided in a divorce. In the UK the average married couple’s pension pot is valued at £123,000 and yet in 71% of divorce settlements, pensions are not ever discussed. Pensions, like any other marital asset under UK law, should be split 50/50 in a…
Read MoreBoost your happiness in retirement with these 9 hobbies
Whilst we all know that a balanced diet and exercise can help to keep us healthier for longer in retirement, did you know that participating in hobbies and staying socially active is equally as important when it comes to quality of life and longevity? Certain hobbies can improve your health and mental wellbeing and increase your happiness in retirement.…
Read MoreFinal Salary vs Defined Contribution
In the UK personal pensions are the most popular way to fund retirement and your pension pot is normally built up through a workplace scheme. There are two types of workplace pension scheme – a Final Salary pension (also known as a Defined benefit or DB pension) or a Defined Contribution (DC) Pension. These two…
Read MoreWhat Happens to your Final Salary Pension when you die?
If you don’t know what happens to your Final Salary pension when you die, you’re not alone. Scottish Widows estimate that as many as one in five people have no idea who stands to get their retirement savings. It’s understandable that so many people are in the dark, pension rules can be complex, not least because…
Read MoreDefined Benefit Pension Reform
Pension Specialists and Financial Advisors are awaiting the final report and recommendations from the Financial Conduct Authority’s (FCA) consultation around Defined Benefit Pension Transfer, due this Autumn. The outlook for anyone looking to transfer a Defined Benefit Pension in the future is mixed. Whilst it looks like customers will be offered much more protection against rogue…
Read MoreWhy You Don’t Need A TVAS Report
A TVAS or Transfer Value Analysis report is a tool that Financial Advisors use when carrying out Final Salary Pension Transfer Analysis. It used to be an FCA requirement that you had to have one in order to be recommended a transfer. Despite the FCA guidelines we are still routinely being asked to provide TVAS reports…
Read MoreRetirement income planning? You need to consider these 7 things
Retirement income planning? You need to consider these 7 things Retirement is a time for you to do the things you’ve always wanted. So it’s important to plan your finances accordingly. When working out how much money you’ll need in retirement you need to consider not only the type of day to day lifestyle that you…
Read More5 common pension mistakes to avoid
We recently read a story of a man who had emigrated to spain leaving an old private pension invested in the UK. He planned to use the pension to support him and his wife through their retirement. But, when he finally contacted his pension firm to access his pension pot he had a nasty surprise.…
Read MoreWhy you need to set a retirement date
One Of The Best Pieces Of Retirement Advice You’ll Receive may also be one of the simplest. Setting A Retirement Date is not hard, so why are so many people failing to do it? Research by Standard Life[1] shows that most over-45s are not making plans to match their hopes for the future. Although 86% of people aged…
Read MoreDeciding what to do with your pension savings – even if you’re still working
Deciding what to do with your pension savings – even if you’re still working. It might seem like a far-off prospect, but knowing how you can access your pension can help you understand how best to build for the future you want when you do come to retire. On 6 April 2015, the Government introduced major changes…
Read More5 exciting types of retirement you can enjoy
Forget summer holidays! Retirement is no longer a one-size-fits-all affair. Since the pension freedoms brought in with the 2015 reforms, people are structuring their retirement in different ways to build the kind of lifestyle they really want to live. With changes to working arrangements, private pensions, business ownership and lifestyle goals, there’s been a huge shift in…
Read More2018/19 Tax Changes
It’s important to consider the tax implications of making financial decisions. The 2018/19 Tax year is now upon us and a raft of new changes have come into force. The good news is that there is little change in the overall tax burden for basic-rate taxpayers. However, there are a number of areas that have changed…
Read More4 Questions to Ask Yourself Before You Transfer Your Final Salary Pension
Final Salary Pension Transfer is a complex business. It requires you to give up certain and guaranteed benefits in exchange for different freedoms and benefits that also come with risk attached. Your reasoning has to be sound and thought through – the answer is not always black and white but it comes down to…
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