Approaching retirement is one of the most critical financial planning periods in life. Here changes that are made can have a material impact on your long-term financial security, which highlights the importance of making informed decisions.
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As financial planners, we explore what the financial impacts of divorce are on a financial plan and provide assistance in more complicated areas such as pensions. This article provides an overview of the different ways pension rights can be divided on divorce and some of the implications to the member and ex-spouse.
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Specialist pension funds call a SIPP (Self Invested Personal Pension) or a SSAS (Small Self Administered Scheme) allow access to a wider choice of investments than conventional personal pensions. This includes direct investment in commercial property which means an individual’s pension fund can directly own (or part-own) a commercial property.
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With the right contract, employees and company directors can reduce their Income Tax and National Insurance tax liabilities by swapping some of their salary for a non-cash benefit of equivalent value. This is commonly known as salary sacrifice or salary exchange.
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Individuals are likely to change jobs many times throughout their careers, probably starting a pension with each new employer. As retirement draws closer it is quite common to have pensions scattered across numerous providers, which some people find difficult to keep track of and understand.
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Are you confident you can spot a Pension Scam? 88% of people failed to do so. Since the pensions freedom reform in 2015 a new playground for scammers has been created. Research by the Citizens Advice Bureau alarmingly shows the more confident you are in spotting a pension scam, the more likely you are to fall for one. 88% of the 2000 people who took part failed to do so with 87% of respondents saying they felt confident they could spot a scam.
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