Scottish Widows is planning to ‘supercharge’ pension engagement as it launches a revamped app and TikTok channel in a bid to drive young people to take notice of their pensions. The life insurance and pensions firm said it is investing £100million to improve its digital offering, including launching its TikTok channel ahead of ‘pension engagement … Read more
Our estate comprises a house worth £800,000 to £1million, plus approximately £300,000 in Premium Bonds and cash. Our daughter has a controlling husband who has eyes set on her inheritance. We want to ringfence her share, whilst allowing our two sons immediate access to theirs. In order to minimise inheritance tax we want to take … Read more
State pension: How would means testing work in practice? How likely is such a radical overhaul? I decided to take early retirement in 2020, just before the pandemic. I’m 66 in August and will get my state pension from early September. I have 46 years of NI contributions and am looking forward to getting my … Read more
I am about to turn 66 and plan to retire just before my birthday. Will my state pension immediately start being paid to me from that date? Do I get it paid out automatically and if so, how do they know where to pay it to? Is there anything that I need to do? B.B … Read more
Trevor Chainey: ‘I honestly think this “working from home” culture is the root of the problem’ A retired heating engineer forced to wait six months for his state pension ended up being owed almost £7,000 by the Department for Work and Pensions. It is the third case of late payments to people turning 66 that we … Read more
Dividing assets in a divorce is challenging enough but it can become even more fraught when decisions affect what you might be able to leave your loved ones in future. Inheritance tax only starts becoming an issue if you have assets worth £325,000 upward, or £650,000 while you are still married. But there are other … Read more
Taking cash out of your pension while still working can make financial sense You can also damage your future finances, or blunder into a tax mistake Minimum age you can access private pensions will rise from 55 to 57 in 2028 By Tanya Jefferies Updated: 06:00 BST, 6 June 2024 Nearly one in three over-55s … Read more
The minimum age you can start accessing private pensions will rise from 55 to 57 overnight on 6 April 2028. This means people in their mid to late 40s and early 50s need to start planning ahead if they want to retire early, or intend to use some of their pension savings to clear debts … Read more
Combining pensions in one place can cut down on admin and work out cheaper. But it is not always advisable because you can risk losing valuable benefits when you leave an old scheme. You might find it’s worth rolling up some old pensions together, but leaving others alone. Here’s what to check before making a … Read more
I’ve had some advice from my private pension provider, which said I was in the unusual position of being able to access my pension at 55 for a short period and then being denied access until I’m 57. They said this was because I was born in a specific two-year window between 6 April 1971 … Read more
