For most people, their pension becomes available at the age of 55, rising to 57 in 2028, even if they plan to work past this point. It means you can access your pension while still working, providing flexibility. However, thousands are doing so unaware that it could affect their pension contributions in the future.

Third of over 55s plan to access their pension before retirement

When you access your pension for the first time, it’s important to have a plan in place. The decisions you make now could affect your income for the rest of you...

2020 saw a lot of volatility within investment markets. While vaccine news means there is hope for battling Covid-19 in 2021, there’s still a lot of uncertainty. If you’re retired and are taking a flexible income from your pension, it’s likely your pension is invested, so it’s important to take stock of how it has been affected.

If you chose to access your pension flexibly using a Flexi-Access Drawdown scheme, your pension savings will typically remain invested throughout retirement. This gives your pension an opportunity to deliver retur...

If your estate could be liable for Inheritance Tax (IHT), gifting is one solution for passing on wealth while reducing the bill that could be appropriate for you. Our latest guide explains the basics of IHT and what you need to consider if you want to make gifting part of your long-term financial plan.

The guide covers:

• What Inheritance Tax is and when it has to be paid
• What Potentially Exempt Transfers (PET) are and how they affect IHT
• Gifting allowances that allow you to pass on wealth or assets to loved ones free from IHT
• How a c...

At some point in our lives, most of us will need to take out a mortgage if we aspire to own a home. Yet, mortgages and the process of securing one can still be filled with jargon and other complexities. Our guide aims to provide you with all the information you need when searching for a mortgage, whether as a first-time buyer or you’re hoping to move up the ladder.

In the guide you’ll find information on:

• Deposits and LTV ratios
• The different types of mortgages available
• Why interest rates are important when selecting a mortgage
• Oth...

Taking ESG (environmental, social and governance) factors into consideration is a growing trend among investors. But what does it mean and why would you look at these areas when making investment decisions?

Our latest guide explains the basics of ESG investing. According to the Investment Association, 26% of all UK assets use ESG factors in some way, though the depth varies. As a result, it’s gradually being incorporated into more investment strategies. Our guide explains:

• What ESG factors cover
• How ESG factors may be used when making...

Last month, the first children to benefit from Child Trust Funds were able to access them. So, what are they and if your child or grandchild has one, what are the options?

Child Trust Funds were introduced in April 2005 by the then Labour government. The government automatically opened a Child Trust Fund in the name of every child born between 1 September 2002 and 2 January 2011. They were introduced to encourage long-term saving for a child’s future and savings were tax-free.

To get savings started, the government made contributions at ...

This month marked financial planning week, which aims to showcase the benefits of financial planning, from the financial gains to improved wellbeing. To celebrate this, we’ve got a checklist of steps you should take before 2020 ends to ensure you’re on track.

1. Think about your lifestyle goals

The financial steps you make should be linked to your lifestyle goals. As a result, this is one of the first things you should do. Since setting out your current financial plan, have your aims changed? Take some time to think about what you want t...

October is Free Wills Month, an initiative solicitors can be part of that offers free will writing expertise to over 55s to support charities. The key reason to write a will is to ensure your wishes are carried out, but did you know it could help you mitigate how much Inheritance Tax your estate will be liable for too?

If you don’t already have a will in place, doing so should be a priority. Without a will, your assets may not be distributed to those you want to benefit from your estate. Even if you do have a will, you should make reviewi...

More people are becoming self-employed and it’s a step that’s been linked to improved wellbeing. But it can mean your financial security falls, particularly when looking ahead to retirement. For self-employed workers, it’s important to take steps that can ensure your financial security in the long term.

According to research from the Institute of Fiscal Studies, wellbeing improves markedly upon entering self-employment. Job satisfaction was found to rise by 1 point on a 7-point scale. The improvement is even found among those who did not ...