Busting the myths about pensions

If you are approaching retirement age, it’s important to know your pension is going to finance your future plans and provide the lifestyle you want once you stop working. Pension legislation is extremely complex and it’s not realistic to expect everyone to understand it completely. But, since we all hope to retire one day, it…

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Retirement planning journey

When you’re starting out working in your 20s, you may not be thinking about retirement in 40 years’ time. The same goes for your 30s, 40s and even 50s. There is always something on the horizon you could be saving for besides your retirement. No matter how old you are, it’s always a good time…

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It’s not what you earn, it’s what you keep

When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings and your potential later life expenses. One more factor not to overlook is how much of your retirement income…

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Protecting family wealth

If you’ve worked hard throughout your lifetime to grow your wealth, you may hope it will help to safeguard the financial security of your loved ones after you’ve gone. But without careful planning in your lifetime, you could leave them with less than expected after the Inheritance Tax bill is paid. Proper planning can help…

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How to minimise a Capital Gains Tax bill

The rules around Capital Gains Tax (CGT) are complex and they differ depending on your financial situation. It’s a complicated tax and, as a result, some people may get confused about how much they should expect to pay. What is Capital Gains Tax? Capital Gains Tax is a tax payable on the profits (or ‘capital…

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Reappraisal of urban living

The coronavirus (COVID-19) pandemic has led to a reappraisal of urban living, with increasing numbers fleeing city confines in search of green space. Three million people in the UK aged over 50 (12%) [1] now plan to relocate in retirement, as a direct result of the pandemic. A year of lockdowns has motivated these over-50s…

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Protect yourself from pension scams

Being online more means criminals have a greater opportunity to approach unsuspecting victims with their scams. Online scams can have a devastating financial and emotional impact on victims. Pension scammers are bombarding the public with scam calls, texts and emails and it can be easy to fall victim to such a scam. Anyone thinking about…

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Summer 2021 TIPS Financial Magazine

The Summer 2021 edition of our TIPS financial magazine is available now. Inside this issue we look at the unique combination of tax breaks and why flexible access available to pensions makes them a compelling choice when saving for retirement. On page 08 we explore one of the key benefits of saving into a pension…

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What can you do with your pension pot?

When the time comes to access your pension, you’ll need to choose which method you use to do so, with options including: buying an annuity, taking income through (flexi-access) drawdown, withdrawing lump sums or a combination of all of them. There are advantages and disadvantages to each method, and in some cases your decision is…

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Buddy Bag named as our main charity

Truly Independent are proud to announce that our new charity will be the Buddy Bag Foundation. We have always believed in doing our best to have a positive impact in the communities we serve. Having previously supported the National Autistic Society and Hospice at Home, raising over £1000 for these great causes, we have now…

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Boost your pension savings

Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want? But,…

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Minimum pension age to increase

The government has confirmed that it plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty, from age 55 to age 57 commencing 6 April 2028. The Treasury is consulting on how best to apply its decision to increase the age when people…

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