Money and Me Solicitors’ Post

New 'one pension pot for life' proposal. For those of you who employ staff, you'll be aware of requirements surrounding workplace pensions. Changes could be afoot for pensions, with new proposals to give savers a legal right to require a new employer to pay pension contributions into their existing pension pot. A consultation has been launched by the Government. If later approved, a new system of 'one pension pot for life' would be born. It would mean individuals can choose their pension provider rather than having one selected by their employer. One of the aims of the proposal is to tackle the issue of lost pension pots, estimated at 2.8 million by the Pensions Policy Institute. The reform aims to prevent the loss of pensions when changing jobs, providing a consolidated view of contributions. For all pension enquiries contact us on enquiry@ppsacc.co.uk call 01793 488544 or DM. #Pension #Pensions #PensionPot #WorkplacePension #WorkplacePensions #PensionContribution #PensionContributions #PensionProvider #PensionPot #PensionPots #OnePensionPot #PensionsPolicyInstitute #Retirement #FinancialPlanning #Money #Investment #Finance #RetirementPlanning

Aviva is joining us in helping to reconnect people with their pension savings by supporting #NationalPensionTracingDay.   Here’s why they believe this campaign is important:  "Aviva’s Working Lives Report found over two in five (41%) employees said they have multiple pensions from different employers. Over a quarter (29%) of all employees don’t know how many different pensions they have. This could mean a lot of pension pots needing some attention. National Pension Tracing Day is a helpful reminder that nurturing pension pots today can provide more comfortable retirements. Aviva’s ‘Find and Combine’ service is helping savers to find, check, and consolidate lost pensions. Finding a little time for your pension today, could make a big difference to your future." #GreatPensionTreasureHunt #PensionAttention

🕵️♀️ Do you know where all your previous company pensions are and what they are worth?  🌈🍯 I'll share a client review on my profile later this week from a couple that I found a pension fund of over £100k for. A pot of gold really was at the end of their rainbow. The last numbers that I read said there were over 2.8 million pension pots considered lost, amounting to £26 billion in unclaimed pension money*. I'm furious😖about that.  Make sure you are not one of those people missing out on a pension you have paid into and money you should have in retirement. Speak to your Financial Advisor about helping you to trace your pensions from across your working life. Tell your friends and family to do the same.    #pensionplanning #retirementplanning #nationalpensionawarenessweek * The Pensions Policy Institute, 2022 (UK)

While it will never become a national Bank Holiday, and Hallmark won't be making a card to mark the occasion any time soon, Sunday 27th October is National Pension Tracing Day. It has been reported today that in the region of £31 BILLION is sitting in unclaimed pensions in the UK. While the average pot is modest, that is a huge amount of money that could be doing much more good than sitting in a long forgotten pension. Ideally people would benefit from this money themselves, but even worst case leave it to their family/estate. If you think you have a pension from a former employer, try and track it down now, don't wait decades as you risk losing that money. Nobody will make an effort to track you down, the onus is all on you, but then you also get to use that money in the future - so no downside. Take action today and 'pay your pension some attention'. https://lnkd.in/emun6GEg #payyourpensionsomeattention #fairstone #pensiontracingservice

If you have previously worked in the UK there’s a good chance you would have contributed to a company pension during your employment. As individuals tend to work for multiple companies during their time in the UK, there’s now more than 1.6 million pensions left unclaimed. There is currently £39B in lost UK pensions, by 2050 that’s going to be over £50B, I’m sure you are like me, and I don’t want my pension to fall into that category, do you? With many of these individuals now residing overseas who either have unclaimed or forgotten pensions left behind in the UK, deVere is now offering a complimentary UK pension tracing service to all individuals who have previously worked in the UK. Learn how you can track & trace all of your UK pension while living overseas and take back full control of each account to ensure you achieve your desired retirement. Contact me for a complimentary, non-obligation discussion. e: zachary.ockenden@devere-switzerland.ch #ukpensions #pensionplanning #retirementplanning #retirementsavings #pension

Big News Announced Yesterday on the Pensions Landscape 🚨 Finance Minister Jack Chambers has announced a significant increase to the Individual Pension Standard Fund Threshold! 📈   Currently, pension funds over €2m are subject to Chargeable Excess Tax of 40% in addition to the individual marginal rate of tax on distribution. Due to be introduced in Budget 2025, it is proposed that threshold will rise by €200,000 each year until 2029 to a target of €2.8m.   This very welcome change to the Lifetime limit is the first since 2014 and goes some way to account for inflationary increases experienced in recent years.    What does this mean for you? 🔸Greater potential to maximise long-term investment strategies 🔸Greater flexibility to protect your lifestyle in retirement 🔸Greater scope to accumulate pension value without being exposed to the excess tax     #Pensions #TaxRelief #RetirementPlanning #FinancialAdvising #TaxStrategy #IrelandFinance #WealthAlliance

Case Study: Retiring pensions early for a client with future Defined Benefit and State Pensions to come. They have a large personal investment portfolio, rental property and shares in their former employer. All shown on the right hand side of the graph below and weighted by their size in the overall portfolio. I concluded that the best course of action is to take the lump sums and top up their cash (far left on the graph) take an ARF with a very low risk investment approach (mainly cash and bonds) and take a relatively high income (around 7% initially) which perfectly balances the portfolio overall and allows a nice "bridging pension" to be paid (average tax rate of just 18% on total household income of c90kpa) until the defined benefit and State Pensions come into play in a few years. This effectively manages sequence of return risk and retains the ability to top up income from the shares and personal investment portfolio as necessary. Source Portfoliometrix

As the pensions industry prepares for the abolition of the Lifetime Allowance, Karla Bradstock FPMI provides a comprehensive overview of the upcoming changes, including the introduction of two new lump sum allowances, transitional calculations, overseas transfers, and reporting requirements. Originally published in Pensions Expert, this article sheds light on how these alterations will impact the pensions landscape and what actions schemes need to take to prepare for the removal of the LTA. This is a must-read for trustees, pension administrators, and anyone involved in the pension industry. It offers invaluable insights into the regulatory changes that will shape pension planning and administration moving forward. Read Karla's article now to stay informed and prepared for the upcoming changes in pensions. https://lnkd.in/e4MdaZyM #Pensions #FinanceAct #PensionsExpert #LifetimeAllowance #PensionScheme #Trustee #PensionFunds #FinancialServices #PensionsUK #FinalSalary #DBPension #DCPension #ProfessionalTrustee #PensionTrustee

A self-invested personal pension (or a SIPP, as they are widely known) is a ‘do-it-yourself’ pension option, which allows you to draw together more varied investments than most standard pensions. Find out more. #Pension #Retirement

🔍 Did You Know? Many workers are missing out on substantial pension benefits due to forgotten occupational pension schemes from previous jobs. According to recent findings, over €500 million worth of pension benefits are left behind annually by employees transitioning between jobs. 💼 Why It Matters:  As career mobility increases, it's easy to lose track of past pensions. This can significantly impact financial stability in retirement. 📊 Take Action:  - Track Your Pensions:** Keep a detailed record of all your pension schemes. - *Consult Financial Advisors:* Ensure you're aware of all your entitlements. - *Pension Tracing Services:* Utilize available services to trace and consolidate your pensions. 🔗 For more insights, check out the detailed article from the Irish Times [here](https://lnkd.in/ebYSVZbD). #Pensions #RetirementPlanning #FinancialWellness #CareerAdvice #EmployeeBenefits