The lifetime allowance on pension savings could catch out those with modest incomes.
Pensions are changing. Old-style defined-benefits pensions are disappearing. State coffers are running dry. And the government is constantly fiddling with the pensions rules. A comfortable retirement is by no means guaranteed.
So now more than ever it’s vital that you build up a healthy pot of money that you can draw on to fund your retirement. At MoneyWeek, we can help you do that. Not only accumulating your pension pot throughout your working years, but also making sure it produces the income you need to enjoy your retirement.
Latest articles on pensions
Pension providers will have to offer default drawdown options after many savers ended up in cash funds that generated no investment growth and leave them worse off.
Making the effort to move your money from your financial provider’s default settings could make you significantly better off, says Merryn Somerset Webb.
There’s been a lot of wailing about the extra tax burden once you hit the pensions lifetime savings allowance. But it’s better to just carry on contributing and pay the tax, says Merryn Somerset Webb.
Doctors whose pensions are too big want an exemption from the lifetime allowance. They shouldn’t get it, says Merryn Somerset Webb.
Pension superfunds can save on costs, but may be prone to failure, says David Prosser.
A more competitive market means retirees with equity release mortgages could save by switching provider.
Making the most of your retirement options can make a big difference, says David Prosser.
To get a grip on your pension finances, it helps to have it all in one place, says David Prosser.
Today’s pensions allow for a lot more flexibility when scaling back on work, says David Prosser.
Schedule your retirement party, but your financial options take more thinking about.