Category: Pensions
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Five reasons why self-employed people should take advantage of the power of their pension…
The picture-perfect view of being self-employed is understandably attractive: the notion of being your own boss and doing what you love under your own steam. In fact, the number of self-employed workers in the UK has steadily risen from 3.3 million in 2001 to 4.8 million in 2017, according to latest figures. However, recent statistics…
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Women overtake men in workplace pensions
A higher proportion of women are now in workplace pensions than men according to Office for National Statistics figures published today. New data on workplace pension scheme membership drawn from the latest Annual Survey of Hours and Earnings for 2018 shows where workplace pensions saving is heading. It shows that among full-time and part-time workers,…
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Paying off debt most common reason for taking pension cash
Paying off debt has been cited as the main reason for taking tax-free cash from a pension, a survey has found. Research has found that more than a third of those seeking advice on taking tax-free cash were doing so to tackle ongoing debt. A further 21 per cent suggested the funds were for home improvement and…
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Savers urged to be vigilant after fraudsters steal £202m from pensions
I noticed this piece in the Mail on Sunday and found it to be very disturbing. The Insolvency Service, which is a part of the Department for Business, has shut down some 24 companies guilty of pension abuse since 2015, according to this Mail on Sunday piece. Around 3,750 victims have been affected, including both…
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Income drawdown most popular way to access pension pot
More than half of people are likely to access retirement savings through income drawdown, according to the latest FTAdviser poll. The poll, which was carried out by FTAdviser in association with Scottish Widows, asked financial advisers how their clients were receiving an income in retirement. Income drawdown was the most popular, as 52 per cent of advisers…
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Making the Most of Pension Freedom
HM Revenue & Customs’ most recent figures show a total of £21.7bn has been cashed in from pension pots since the freedoms were introduced in April 2015. There has been a steady increase in the funds being withdrawn year on year with almost five million withdrawals having now been made using the pension freedoms. There…