SIPPs (Self Invested Personal Pensions) and workplace pensions are types of tax-wrapping pensions you use to save for retirement. If you’re new to the world of pensions and you are asking yourself, “Can I have a SIPP and a workplace pension simultaneously,” the answer is yes, you can. This Moneyfarm blog has been created to […]
The UK government introduced the compulsory workplace pension scheme in October 2012. The initial implementation phase, known as “automatic enrolment”, occurred over six years. At the outset, the average company pension contribution in the UK was 2%, and the average employer pension contribution in the UK was 3%. What is the average pension contribution percentage […]
A Nest (National Employment Savings Trust) pension is a type of workplace pension scheme set up by the UK government. Known as a “Master Trust,” an employer is entitled to use the Nest scheme instead of setting up their own scheme if they so wish. In this Moneyfarm blog, we look at the possibility of […]
There is a lot of jargon used when it comes to the word pension, so it is not always easy for the average man and woman in the street to fully understand what is being said. Take the term crystallised pension as an example. In this Moneyfarm blog, we discuss crystallised and uncrystallised pensions in […]
You hear a lot about state pensions, and how it’s more convenient for you to defer it instead of collecting it once you become eligible – but what does deferred pension mean and why is it more convenient? In the UK, the state does not automatically start sending you payments from the pension of money […]
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The FCA (Financial Conduct Authority) introduced “Investment Pathways” in February 2021 for non-advised drawdown consumers and financial advisory firms. The idea behind this new investment pathways initiative was to offer people aged 55 or more who held defined contribution pension schemes a choice of readymade investment opportunities for: Transferring some or all their pension pots […]
As opposed to a pension transfer, through which you can combine pension assets, a pension sharing order is a way of pension splitting for divorce. Untangling your finances after a divorce can get complicated, especially when shared pensions are involved. That’s where pension sharing on divorce comes in. What is a pension sharing order, and […]
If you want to know how to use pension contribution to pay less tax, you have come to the right place. We have compartmentalized everything you need to know about tax relief for pension contributions and what you need to do. What is pension tax relief? The government rewards you for saving for your pension […]
When it comes to saving for retirement, there are many different pension options that you may not even be aware are available to you, from state pensions to workplace pensions to self-employed pensions to self-invested personal pensions. If you are eligible to receive state pension, by deferring your claim to earn greater pension payments once […]