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Understanding pensions: Types of pension. There are three main types of pension here in the UK and it is possible for an individual to have all three. State pension - Provided by the government based on your National Insurance contributions. This will be paid when you reach retirement age and the current* full state pension rate is £221.20 per week. Workplace pension - Most employees will be enrolled into a workplace pension. This will be deducted directly from your salary before tax, so not only will you have tax benefits, but a minimum of 3% of your earnings being contributed by your employer too. Private pension - Managed individually, this option has the most flexibility over contributions and investment plans and is not restricted by employment status, age, or national insurance contributions. #PensionPlanning #RetirementSavings #InvestingForTheFuture

Susan Nelder, financial planner at Five Wealth, spoke to The Telegraph about accessing your additional voluntary contribution (AVC) pension.   With Labour's budget announcement fast approaching, it's important to stay on top of your pension planning, as Susan discusses AVC schemes and the difference between defined benefit pensions.   Check out the full article below 👇   https://lnkd.in/ewSTqGHJ

Combining pensions into a new modern pension with Pension App. In 2012 the government introduced auto enrolment. This meant that employers were obliged to create pensions for their workers. This was a very positive initiative that has resulted in millions of people having private pensions. The downside is that people have multiple pensions from previous jobs often with no idea of the amounts, how they are performing or even which pension providers are holding their money. Pension app can trace existing pensions even if you do not know the provider name(s). The balances are then transferred to a new Pension App pension. This is a modern pension that you can easily keep track of and manage online or via the App. We are constantly developing the service to give you better control over your combined pension. https://lnkd.in/dy2pRgJT https://lnkd.in/dAaPQB2M

🧲 Pot follows member... I'd be in favour of this. For auto-enrolment pensions, if you change jobs, let your pension pot follow you by default. Until it becomes a material value and you might want to weigh up whether it makes sense to transfer (largely based on product costs these days, but maybe a touch of service and investment flexibility too). You can do this now by choice, but people don't. I don't blame them, it's boring admin for something that feels decades away for most. What we have now is people building up £100 here, £200 there. Some frequent job switchers will have no doubt covered NEST, People's, NOW, L&G, Scot Wids, Aegon, Aviva, Standard Life, Royal London and may well have lapped back round for a second run on some of them. We still await a "dashboard" to show where we are up to on the whole. It's either this, or force us to pick a provider "for life" (with the option to switch - EASILY!) and payroll systems need to be designed to suit funnelling money to the right place (not impossible). But we can't carry on as we are. Auto-enrolment was a massive step in the right direction. Now up the minimums and tackle this issue, one way or another 🧲 https://lnkd.in/egqXNWV4

Combining pensions into a new modern pension with Pension App. In 2012 the government introduced auto enrolment. This meant that employers were obliged to create pensions for their workers. This was a very positive initiative that has resulted in millions of people having private pensions. The downside is that people have multiple pensions from previous jobs often with no idea of the amounts, how they are performing or even which pension providers are holding their money. Pension app can trace existing pensions even if you do not know the provider name(s). The balances are then transferred to a new Pension App pension. This is a modern pension that you can easily keep track of and manage online or via the App. We are constantly developing the service to give you better control over your combined pension. https://lnkd.in/dS_ryDeC https://lnkd.in/dWtcNtq9

Jersey’s government recently introduced new pension legislation that could impact you if you have more than one small pot pension. Until the end of 2023, a small pot pension was classified as a scheme worth less than £19,000. Individuals could cash in their small pot pensions at any time. The law has since reduced the classification of small pot pensions from £19,000 to £15,000, meaning those with pots worth more than £15,000 could miss out on the benefit of accessing their funds before retirement. This reduction isn’t likely to be the only one. The government has already stated that further reductions to classify small pot pensions will occur in the years to come. Do you want to determine how this new legislation could impact your pension scheme? We’ve recently written a short blog that offers more information on the matter; click here to read our latest blog: https://bit.ly/3UCTxxD Alternatively, if you’d like to speak to someone about your pension, please get in touch with SaSo Strategic Advisers via our website or call us today on 01534 488777. We’re here to help.

📢 Attention New Employers: Stay on Top of Your Workplace Pension Duties! 📢 If you’ve recently hired your first employee, it’s time to think about workplace pensions. The law requires you to provide a pension scheme and meet your legal obligations as an employer. The Pensions Regulator has all the guidance you need to: ✅ Set up and manage your workplace pension ✅ Understand your responsibilities ✅ Stay compliant and avoid penalties Starting out as an employer doesn’t have to be complicated—visit their website to get step-by-step support: The Pensions Regulator – New Employers Don’t delay—take action today to ensure you're covered and your employees are supported! 🕒 Learn more, here: https://lnkd.in/e6FZ5g6W #WorkplacePensions #EmployerSupport #StayCompliant #NewEmployerGuide

When and how you draw your pension is one of the most important decisions you will make. It’s key to get good guidance and advice to make sure you make the right decisions.

📢 Attention New Employers: Stay on Top of Your Workplace Pension Duties! 📢 If you’ve recently hired your first employee, it’s time to think about workplace pensions. The law requires you to provide a pension scheme and meet your legal obligations as an employer. 💼✨ The Pensions Regulator has all the guidance you need to: ✅ Set up and manage your workplace pension ✅ Understand your responsibilities ✅ Stay compliant and avoid penalties Starting out as an employer doesn’t have to be complicated—visit their website to get step-by-step support: The Pensions Regulator – New Employers Don’t delay—take action today to ensure you're covered and your employees are supported! 🕒 Learn more, here: https://lnkd.in/e6FZ5g6W #WorkplacePensions #EmployerSupport #StayCompliant #NewEmployerGuide

Proposals from the SMF about the future of UK pensions: A larger, but later, Senior Citizen’s Pension, supplemented by Income Support (being replaced by Universal Credit by end-2024) extended beyond State Pension Age ‘Auto-protection’ for defined contribution pot decumulation with two distinct components introduced by default with the ability to opt out: ‘Auto-drawdown’ of between 4% and 6% of pension pot assets per annum over a finite 15 year period from ages 60 to 75. ‘Auto-annuitisation’ of residual pots at the age of 75 to collectively hedge individuals’ exposure to risks of longevity and remove later-life exposure to investment market and inflation risks. Pay bonuses, instead of tax relief, on all contributions to pension pots, to help generate a broad-based savings culture rather than one targeted towards higher earners https://lnkd.in/emNtZCat