Speculation is growing that we could soon see significant changes to pensions in Labor’s second budget, including some of the valuable tax benefits they currently offer, as Chancellor Rachel Reeves seeks to reduce the budget deficit. Some commentators have suggested that the current generous tax relief on pension contributions could be limited, perhaps to Coffee […]
Do you want to travel to retirement? Make sure your pension can follow!
Many of us dream of being able to pass our retirement to travel, but before you start planning your adventures, you will have to make sure that your pension can keep the distance. Whether it is sipping coffee in a Parisian café, trekking through the Andes or navigating in the Mediterranean, trips are often at […]
How many taxes will I pay on retirement withdrawals?
The amount of the tax you pay when you withdraw money from your pension depends on the amount you wish to withdraw and the tax bracket in which you strive. Under current retirement rules, you can generally withdraw up to 25% as a lump sum free from a contribution pension defined once you have reached […]