Pension Tax Boost Safe For Now, Promises Minister

The latest speech from Secretary of State for Work and Pensions David Gauke has confirmed he is unlikely to sanction any moves to cut pension contribution tax relief any time soon. Speaking at an industry conference, he told delegates that he will not shy away from making changes, but is keen not to alter the current tax relief … [Read more...]

Diamond Spending Spree Adds Sparkle To US Sales

Diamond sales have added the sparkle to the profits of gemstone trader De Beers as the business soared to a record turnover. Single women in their 30s – millennials born between 1980 and 2000 -  are driving the boom in sales in America, the world's largest diamond market. Although traditional diamond jewellery sales for weddings and other … [Read more...]

If You Were Scammed, You Might Be In For A Refund

Expats are among the thousands of fraud victims who may have a chance of getting their money back after wire transfer firm Western Union settled a multi-million-dollar court case. Western Union is an international money transfer network that has admitted money laundering and other criminal offences. To settle the case, Western Union paid the … [Read more...]

86% Of Retirees Depend On State For Their Income

Spend today without worrying about saving for tomorrow is a state of mind undermining pension saving. Millions of people make no effort to save for their retirement while working and expect the meagre state pension of around £7,000 a year to cover their bills. Instead of saving to give a safety cushion between paying day to bills and the … [Read more...]

QROPS And The Impact Of The Lifetime Allowance

One of the problems with pension planning is predicting how the government is likely to tinker with your retirement savings in the future. No one would have expected the latest consultation document looking to change the underlying rules of the steel workers’ retirement scheme aimed at making Tata Steel more attractive to a buyer. Chancellor … [Read more...]

No QROPS Where You Live? No Problem

British expats are spread in more than 100 countries around the world and they all have the same problem with Qualifying Recognised Overseas Pension Schemes (QROPS). Many would like to switch their UK onshore pensions out of the country to a more tax effective QROPS but don’t think they can because the country where they live has no local … [Read more...]

How Pension Freedom Rules Affect You

The rules about how retirement savers can take the money from their pensions changed on April 6, 2015. From this date, anyone over 55 years old with a direct contribution pension can draw their money to spend or reinvest as they wish, whether they are still working or not. For savers under 55, the money is only accessible if the retirement … [Read more...]

How Much Have You Saved For Retirement?

One in four over 50s have no idea how much their pension funds or worth or how much cash they have to see them through retirement, according to new research. Despite publicity surrounding new pension freedoms introduced in April 2015, the message seems to have gone unnoticed by thousands of retirement savers. The study by financial services … [Read more...]

Pension Jargon Buster

Pensions are hard enough to make sense of without having to consider some bamboozling jargon. Here’s a translation of some of the more common terms into plain English: Annuity An annuity is an insurance contract that offers a guaranteed income until from the date of purchase until death. Annuities come in different types – Enhanced … [Read more...]

Euro Pension Plans Could Disrupt QROPS Market

The European Qualifying Recognised Overseas Pension Scheme (QROPS) market may come under threat from new plans to introduce an international pension for the European Union. The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation document on setting up a standard European Personal Pension Product to be … [Read more...]