PLSA rebrands to Pensions UK & updates retirement living standards
Moving forwards, the Pensions and Lifetime Savings Association (PLSA) will now be known as Pensions UK. Importantly, they have also updated their Retirement Living Standards, which help people picture what kind of lifestyle they could have in retirement. Over the past year, a substantial reduction in energy costs has seen the amount needed for the […]
Pension dashboards are on the way
You may have heard about this new government-backed initiative which aims to enable individuals to access their pension information online, securely and all in one place. If you are not yet taking your benefits, the dashboards could help you plan for your retirement as they can: All larger workplace pension schemes and private pension providers […]
Key pension items from the Chancellor’s autumn statement 2024
The key things to note about pensions and related benefits are:
Midlife MOT
If you’re aged 45 to 65, you should visit the GOV.UK digital ‘Midlife MOT’ service. It provides free online support that allows you to assess your finances and wellbeing to prepare for a more secure retirement. You can find this at: www.yourpension.gov.uk/mid-life-mot/.
Abolition of the lifetime allowance
The Finance Act 2024 abolished the lifetime allowance (LTA). The LTA was the amount of savings you could have at retirement from all your pension scheme benefits combined, without incurring an additional tax charge. The Government has replaced the LTA with two new tax-free lump sum allowances: These new allowances apply to all your pension […]
Updated Retirement Living Standards 2024
The Pensions and Lifetime Savings Association (PLSA) ‘Retirement Living Standards’ help savers think in a practical way about the kind of lifestyle they might lead in retirement. The PLSA have updated their standards in line with rising healthcare, food and fuel prices and the need to provide extra financial support to family. They now suggest […]
Pension Awareness Week 2023
In order to make the most of your benefits, it’s important to stay educated on matters surrounding your pension. Pension Awareness Week runs from the 11th-15th of September this year and represents a good opportunity to do that. Pension Awareness Week involves a series of live webinars that can be booked here or viewed later, […]
Lifetime allowance budget changes
The Chancellor’s Spring Budget delivered on 15 March 2023 brought with it some significant changes to UK pension taxation from 6 April 2023. If you are impacted by any of the changes we recommend you seek professional advice prior to taking any action. The lifetime allowance is the maximum amount of savings you can have at […]
Retirement living standards
The Pensions and Lifetime Savings Association (PLSA) has launched ‘Retirement Living Standards’ to help people picture their future retirement and understand what they need to save to achieve it. As you will have seen your expenditure increase over the last year by almost 20%, the PLSA have updated their standards in line with high […]
The impact of rising price inflation on DB benefits
In the current economic climate, inflation has reached the highest level in 40 years and is a big problem for people with savings and investments. How this affects your benefits depends on when you built them up and whether you have already drawn your pension. Only some elements of your Scheme benefits are linked to […]