Can I backdate pension contributions?
Yes! If you are considering growing your pension contributions beyond your annual allowance, you may have the opportunity to take advantage of unused tax relief from previous years. This...
FAQ Category: Pensions
What are the tax implications of accessing my pension early?
When you turn 55, you can withdraw up to 25% of your pension tax-free from your workplace or personal pensions. If you make any withdrawals from the remaining 75% of your...
How much can I contribute to my pension each year?
Pension planning for your future is crucial, and everyone knows that the more you can save for retirement, the better. However, when it comes to pension contributions in the...
What happens to my pension if I leave my job?
When you decide to leave your job, understanding what happens to your pension is crucial. Your options will vary depending on the type of pension scheme you have, and...
What happens if I opt-out of auto-enrolment?
If you opt-out of auto-enrolment, you will not be enrolled into a workplace pension scheme, and you will not receive the benefits of that scheme. This means that you...
What happens to my pension if I die?
Planning for the future includes understanding what happens to your pension if you pass away. The fate of your retirement depends on several factors, such as the type of...
How much should I be contributing to my pension, and how often?
When it comes to knowing the correct contribution amount for your pension, the factors that define it include your retirement goals, age, income, and financial responsibilities. A widely recommended...
What are the different types of pensions available, and which one is right for me?
When you’re doing your retirement planning, choosing the right pension can significantly impact your financial security in later years. With several options available, it’s essential to understand the different...
What are the benefits of purchasing an annuity?
There are several potential benefits of purchasing an annuity as a retirement income product, including: While annuities do come with some risks and limitations, they can be a useful...
How does an annuity work?
An annuity is a financial product that provides a guaranteed income stream in retirement. Here’s how it works: An annuity can be either immediate or deferred. With an immediate...
