Just like every other type of investment, pensions tend to fluctuate in value over time, especially during political or economic uncertainty such as the current coronavirus pandemic. This can result in a great deal of stress and anxiety, because not only did you work hard to save for your pension, it’s what you’ll be relying on to live comfortably in retirement. So what are some of the main reasons why Read More….
It has been revealed that HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax since the pension freedom rules were introduced in 2015. Designed to give people more control over their finances, the rules allow over-55s to withdraw money from their defined contribution pension pots as and when they want. But according to new data, the taxman has overcharged pensioners by £600.4 million Read More….
Before the former Chancellor of the Exchequer Sajid Javid resigned from his post, he was reportedly considering plans to limit tax relief on pension contributions to 20pc. Treasury insiders told the Financial Times that cutting pensions tax relief would be revealed at the 11th March Budget in a bid to help fund Boris Johnson’s plan to “level up” the economy. It remains to be seen whether Rishi Sunak, the UK Read More….