Wealth Knowledge

Savers warned over raiding pension to invest in property Retirement savers in their mid-40s and early 50s have been urged to think twice about accessing their pension to invest in buy-to-let property. YouGov polled 2,014 over-45s on behalf of Royal London and found 15% of over-55s are considering investing in property to fund their retirement.

Wealth Knowledge – November 2019 HMRC reveals surge in the number of pension allowance breaches Substantially more pensioners were taxed for exceeding the pensions annual allowance in 2017/18 than the previous year. New statistics from HMRC reveal that 26,550 people had pension contributions that exceeded the £40,000 annual allowance last year – up from 18,500

Wealth Knowledge – October 2019 One in four over-60s in employment opt out of workplace pensions Around a quarter of people over 60 and in employment are believed to be opting out of saving into workplace pensions through auto-enrolment, a report claims. Government figures showed there were more than 1.7 million over-60s in full-time employment

Wealth Knowledge – September 2019 Treasury to review tapered annual allowance as debate rumbles on The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it. The amount of pension contributions that can be made tax-free in a year stands at £40,000 in 2019/20, but this is restricted

Millennials challenge the concept of the Bank of Mum and Dad Almost half (49%) of millennials have provided financial support to their parents in the last year. The Bank of Mum and Dad is perceived to provide financial support to adult children in times of financial hardship. Parents have been helping their grown-up children to

Wealth Knowledge – July 2019 Consumer ‘demand for cash ISAs has increased’, report claims The number of cash ISA products on the market has increased from 301 to 437 since the introduction of the personal savings allowance in 2016/17. The personal savings allowance enables basic-rate taxpayers to receive up to £1,000 a year in tax-free

Savers withdraw £25.62bn through pension freedoms The total amount of withdrawals made using pension freedoms since April 2015 has risen to £25.62 billion. People aged 55 and over have benefitted from more choice when it comes to accessing their pension savings from 2015/16. Since then, government statistics show the amount of money withdrawn by over-55s

Oblivious workers over 65 ‘are being taxed on their state pension’ Up to half a million workers could be paying unnecessary tax on their state pension, Royal London has claimed. Around 1.1 million over-65s were in employment in 2017, with roughly 950,000 of those receiving a wage alongside drawing their state pension. The mutual insurer

Contractors urged to seek advice on loan schemes Contractors whose employers paid them through loans from offshore trusts are being urged to speak to HMRC as soon as possible or risk receiving huge tax bills. Up to 50,000 contractors in the UK are believed to have benefitted from the lower income tax rates applied under

FCA: Pension savers ‘cashing in, but losing out’ The Financial Conduct Authority (FCA) has warned savers they could be missing out on retirement income when they access pension freedoms. The regulator announced a set of proposed measures, which would require pension providers to offer a range of ready-made investment solutions to customers who do not