Many people have not understood the tax implications of drawing down their money, meaning that savers withdrawing pension cash are handing over millions of pounds in income tax.
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
Barclays has managed to infuriate thousands of its customers with the launch of its new stockbroking service. Here’s what to do it if affects you.
People are living longer. That sounds like good news, says Merryn Somerset Webb, but very few people have made proper financial plans for their retirement. And the government certainly hasn’t.
Have pensions freedom reforms so far been good or bad for savers? David Prosser reports.
Pension providers need to make things much clearer for the people whose money they’re looking after, says Merryn Somerset Webb.
Savers could be missing out on investment growth that would boost their retirement income, says David Prosser.
Some five million deferred members of company pension schemes are missing out on valuable opportunities to make the most of their savings because of poor communications from their former employers.
Good news and bad for pension savers. The size of the average pension fund in the UK has risen considerably, but many people will be disappointed by the income that their pot can secure.
The government is to ban all unsolicited calls, text messages and emails relating to pensions under new laws that aim to stem the rising tide of pension frauds and scams.
When it comes to saving for retirement, you can never start too early, says David Prosser.
Trustees are the front line of defence for defined-benefit (DB) pensions-scheme beneficiaries. But can you trust them, asks David Prosser.