It might not seem like an exciting gift to bestow on your child or grandchild, but starting a junior pension plan early could significantly impact their future prospects. With compound interest working its magic, even small, regular contributions for the first 18 years of their life can accumulate to make for a comfortable retirement. Moreover, gifting a pension plan can provide tax relief for both you and your child in certain circumstances. It’s a win-win situation where everyone stands to benefit from this thoughtful gesture that will continue to grow over time. The post Gifting Children ap ..read more

Personal Pensions Personal Pensions offer a flexible and tax-efficient way for young people to save for retirement. By contributing regularly to a pension plan, you can build up a fund to provide an income later in life. If you start from an early age, you give yourself the advantage of time – allowing your investments to grow and compound over many years. Even small contributions in your younger years can yield significant savings by the time you reach retirement age. Another key benefit of a Personal Pension is the tax relief you receive on your contributions. For every £80 you contribute, t ..read more

Cashflow Forecast A cash flow forecast puts you in the driving seat of your financial future by clearly showing your projected income and expenses related to your pension savings and retirement plans. By reviewing your detailed forecast, you can budget effectively and avoid financial strain during retirement. Our detailed forecast service can help you make smart investment decisions based on the projected income from your pension. Adjusting your investment strategy accordingly, you can work towards achieving your financial goals. We can also help with contingency planning by identifying any po ..read more

Budget Planning In your autumn years, when you’re in the last ten years of your working life, it’s a good time to start reviewing your finances, tracing old pensions and taking stock of your assets in readiness for retirement. A pension is a good way to save for your retirement, but you might also have other savings or investments you could use to boost your income when you retire. By creating a detailed budget plan that outlines your expected expenses and income streams, we can gain a clear understanding of your financial needs for retirement. Our tailored pre-retirement budget planning servi ..read more

Income Structure Review At retirement age, financial stability and peace of mind are paramount, and our personalised Income Structure Review service is designed to help you navigate your income sources effectively to ensure a secure and comfortable retirement. Our financial experts will work closely with you to assess your current income streams, including pensions, savings, investments, and any other sources of revenue. We understand retirees’ unique challenges, such as managing fluctuating expenses, healthcare costs, and estate planning considerations. Our comprehensive review process aims t ..read more

Monitor and Management Our Monitor and Management service ensures that your financial affairs are well managed during retirement. At Fix My Pension, we understand the complexities of pensions and investments, so you can rest assured that your money is being managed effectively to secure your future. With regular monitoring of your pension funds and investments, any necessary adjustments can be made to optimize your financial outcomes and meet your individual needs and goals. We can provide guidance on tax-efficient ways to withdraw funds from pensions, assist with estate planning, and recommen ..read more

Triple Lock State Pension Increase 2024. On 8 April, the state pension saw a significant increase of 8.5%, marking the second-largest rise since the introduction of the triple lock in 2012. Why is the State Pension rising? Typically, State Pensioners receive a State Pension increase every April per The Triple Lock, an initiative brought in by the Conservative-Liberal Democrat coalition government in 2012. Its purpose was to prevent the rise in the cost of living or the working population’s income from surpassing the value of the State Pension. The ‘triple lock’ promises to increase State Pens ..read more

With an election on the horizon and an objective to stimulate the economy without spending too much money, eyes were on Jeremy Hunt, the Chancellor of the Exchequer and the Spring Budget 2024 announcement. How does the Spring Budget 2024 affect pensions? National Insurance The anticipated 2% decrease in National Insurance contributions (NICs) instead of income tax reductions aligns with previous moves, as income tax cuts tend to have a greater inflationary impact than NIC adjustments. Additionally, NIC changes primarily affect workers, while income tax cuts extend to non-working individuals ..read more

The triple lock was introduced in 2010 and dictates by how much the state pension increases each year. It confirms that the UK state pension will increase by the highest of one of 3 measures. The three measures are: National Average Earnings – This is calculated by taking the monthly wage and salaries survey which samples around 9,000 employees in the UK. Inflation taken from September the previous year. In September 2022 the Consumer Price Index (CPI) was 10.1% and 5%   This has resulted in state pensions increasing by 10.1% in April 2023. The full new state pension will increase from ..read more

The annual allowance will increase from £40,000 to £60,000 from 6 April 2023. This is the maximum amount someone can contribute to a pension each year while still receiving tax relief. This allowance has also suffered lots of tinkering over the years. In 2010/11 it stood at £255,000 before being reduced to £50,000, and then again to its current level of £40,000 – it’s been here since 2014/15. However, as wages have climbed we’ve seen more and more people breaching the allowance – over 41,000 declared a breach in their self-assessment tax returns for 2020/21. Andrew Colyer-Worse ..read more