Kanishk Swarup’s Post

Good news! The lifetime allowance on pensions has been scrapped as of April 6th, 2024. This means you can now save more for retirement without tax limitations. Here's what you need to know: ◻️ You can potentially increase your annual pension contributions significantly. ◻️ The standard annual allowance remains at £60,000. ◻️ Tax relief is still available on contributions, up to 100% of your earnings or £3,600 (whichever is lower). But wait... There's a cap on the tax-free lump sum you can withdraw at retirement: £268,275 or 25% of your pot (whichever is lower). The takeaway? ◻️ Maximise your pension contributions for a comfortable retirement. ◻️ Consider ISAs alongside pensions for additional tax-efficient savings. #pension #retirementplanning #tax #financialadviser #UK #ISA

Are you making the most of your pension contributions? Here's why you should: 🔹 Tax Relief: Pension contributions are tax-deductible. Pay less tax now! 🔹 Reduce Your Tax Bill: Higher earners can potentially reduce their tax rate by making larger pension contributions. Remember: The tax benefits of pensions make them one of the most efficient ways to save for retirement. Need help to optimise your pension strategy? https://lnkd.in/eaCRqSZ8 #businessowner #smallbusiness #ukpension #taxsavings

What Happens to Your Pension After You’re Gone? Ensuring your loved ones are protected and your assets are passed on as you wish is a vital part of financial and estate planning. Many people aren’t aware of how their pensions are handled in the event of their death, or how to make sure the right beneficiaries are set. Our latest blog on Pensions & Death Beneficiaries breaks it all down: 🔹 Naming Beneficiaries: Why it’s essential and how it impacts who inherits your pension. 🔹 Tax Implications: Learn about the different tax rules for passing on pensions to beneficiaries. 🔹 Choosing the Right Options: Discover ways to keep your financial legacy safe and optimised. Don’t leave these decisions to chance—taking steps now can secure your family’s future and give you peace of mind. Check out our blog to make sure your pension is protected for those who matter most. Read more 👉 Pension Beneficiaries https://lnkd.in/dudenNzK #PensionPlanning #FinancialLegacy #BeneficiaryPlanning #HeadwayWealth #ProtectYourLovedOnes Capital at risk

New government employees get voluntary pension from July 1st; existing ones receive pensions from the budget. SECP proposes the scheme for both public and private sectors, emphasizing consistent post-retirement income. The move aims to reduce financial burden, aligning with IMF suggestions. Legislation is anticipated in the finance bill. #PensionScheme #SECP #FinancialReform #GovernmentEmployees #Sparkpakistan

As of April 2024, the lifetime allowance on pensions is being removed and replaced with new allowances, marking a significant shift in pension savings management. “The changes to pension legislation, specifically the removal of the lifetime allowance and its replacement with new allowances are significant, but will indeed not affect most clients - unless they've previously accessed benefits, therefore, used up a proportion of your lifetime allowance and still have substantial amounts remaining in their pension pots” says our financial adviser, Alex Palmer. Who's Affected?- Primarily those with pensions over a million, but it's worth a check for peace of mind and future planning. Why This Matters?- The new allowances may influence your pension withdrawal strategy and estate planning, especially for high-value pensions. ➡️ Read Our Full Summary here. If you need further advice, get In touch today. https://lnkd.in/ec_-fReU #PensionReform #FinancialPlanning #RetirementSavings

A 2024 study by Now Pensions shows a significant disparity between the value of pension funds between men and women. ❕ On average, women retire with £69,000 in their pension pots, compared with £205,000 for men* The article below discusses the Gender Pension Gap in greater detail, so please take a read to learn more ⬇ https://lnkd.in/eCG_Uhyg Please get in touch if you have any questions! *Source: Now Pensions, 2024 #GenderPensionGap #RetirementPlanning #FinancialSecurity #FinancialPlanning #Pensions #Women #FinancialEmpowerment #EmpowerYourWealth Finura

A recent study by Pensions Policy Institute (PPI) found that women need to work an extra 19 years to retire with the same pension pot as men. As the gender pension gap grows, it's important you get the most from your pension. Scroll through our top tips on getting the most out of your pension below, and learn more over on our website 🔐 https://lnkd.in/e4SKW7XC #PensionPlanning #PensionGenderGap #FinancialPlanning #WealthManagement

Are you making the most of your pension contributions? Here's why you should: 🔹 Tax Relief: Pension contributions are tax-deductible. Pay less tax now! 🔹 Reduce Your Tax Bill: Higher earners can potentially reduce their tax rate by making larger pension contributions. Remember: The tax benefits of pensions make them one of the most efficient ways to save for retirement. Need help to optimise your pension strategy? https://lnkd.in/eVU3gMYB #businessowner #smallbusiness #ukpension #taxsavings 

In the latest Budget announcement, Chancellor Rachel Reeves confirmed a 4.1% increase to the state pension, bringing the full new state pension up to £230.30 per week by April 2025. This increase, alongside the maintained pensions triple lock, offers welcome support but leaves room for challenges. With the Winter Fuel Payment now restricted and tax allowances unchanged, pensioners may find limited relief from these changes. The frozen personal allowance, for instance, narrows the gap before retirees begin paying income tax on their pension. For younger generations, proactive retirement planning remains essential. Workplace and private pension contributions can provide valuable buffers and tools like pension calculators offer useful guidance for setting realistic goals. At Park Hall, we start by assessing your current situation and explaining anything you are unclear about so you know exactly where you stand before we even think about making any recommendations. We’ll assess your pensions, see whether they are good value and good quality and then see whether they could be bettered elsewhere. Even complex pensions needn’t be daunting. We do all of this from your first free meeting… #statepension #budget2024 #retirementplanning #financialfuture #parkhallfinancial

n the UK, the State Pension age is currently 66 for most people, but it is gradually increasing. The State Pension age will rise to 67 between 2026 and 2028 and may go up further in the future. You can still work after reaching State Pension age if you wish. Many people also have workplace or private pensions, which can often be accessed from age 55, providing flexibility for early retirement. To find out your State Pension age, use the government’s State Pension age calculator online. #pension #statepension #finance