Gap in pension benefits between men and women widens
For many women, the decision to work part-time often coincides with important career and childcare milestones. While pension contributions may not be the deciding factor for this decision, it’s important to understand the long-term impact on pensions. This knowledge is crucial for good financial planning.
Changes present significant opportunities for various individuals
When making contributions to your pension, it’s important to keep in mind that there’s a limit to how much you can contribute each year without incurring additional taxes. This limit is known as the pension Annual Allowance.
Nearly one million pre-retirees considering annuities
Pre-retirees, aged over 55 and still in work, are considering annuities for the first time in preparation for their retirement, according to new research[1]. Nearly one million (990,000) people fall under this category[2]. Of these, 16% are thinking of the product due to improved rates against the backdrop of rising living costs. This is in addition to the 828,000 (14%) of working over-55s who had always planned to purchase an annuity in their retirement[3].
Making decisions in relation to your financial affairs, health and welfare
It is critical to consider the potential consequences of not having a Lasting Power of Attorney (LPA) in place. Many people assume that their loved ones or close relatives will automatically have the authority to make decisions on their behalf. However, this is not the case, and without a LPA, those close to you will not have the legal authority to handle your financial affairs, health decisions and welfare.
Deciding what to do with your pension fund can be a complex decision
Are you approaching retirement age and have a pension fund that you need to decide what to do with? There are several options available to you, but one option is to buy a lifetime annuity. An annuity is a financial product that converts your pension fund into an annual pension.
