What are Pensions?
A pension is a tax-efficient way of saving money for your retirement. There are different types of pension. One of the most common is a workplace pension, where both you and your employer contribute. You may also have a personal or private pension that you've set up for yourself. You can save into several different pensions, as long as you stay within your annual and lifetime limits.
How much will my Pension be worth when I retire?
This can depend on a number of factors including your level of contributions, investment performance and when you intend to retire. It is imperative that you obtain advice on the matter.
Can I combine all of my Pensions?
Not all pension types can or should be transferred. It's important that you know and compare the features and benefits of the plan(s) you are thinking of transferring. It can be a complex decision to work out whether you would be better or worse off combining your pensions.
Are Pension contributions taxable?
When you or your employers pay into a pension, the contributions are exempt from taxation. Both you and any contributing employer receive tax relief, up to set limits. Any growth in the value of your pensions are also exempt from taxation.
How much can I pay into a pension?
Your pension contributions are limited by the pension annual allowance which is £60,000 each tax year for most people. Any contributions made by you and your employer count towards it, as does any basic-rate tax relief added by the government.
How much can I pay into an ISA?
For the current tax year, the maximum you can save in an ISA is £20,000.
Should I open a Cash ISA or Stocks & Shares ISA?
The choice of Cash ISA vs Stocks & Shares ISA comes down to your savings goals and appetite for risk. There are a number of factors to consider when making the decision and it’s important to take regulated advice.
What is Life Insurance?
Life insurance is designed to reassure you that your dependants, such as your children or a partner, will be financially looked after in the event of your death. There are several things to think about when buying it, such as the type of policy you want, when you need it and how to buy it.
How much can I borrow to purchase a property?
Your lending capacity may vary depending on the lender but as a general rule of thumb, many lenders allow you borrow up to 4 or 4.5x your annual income whilst also taking into consideration your deposit, debts and other financial commitments.
Do I need a financial plan?
Whatever stage you are in your financial journey, a financial plan can help you identify your goals and outline what you need to do in order to reach your goals. Most importantly, a financial plan will provide you with a road map of clear action steps to get you from here to there.