Final Salary Pension Schemes are the envy of many workers in the UK; they have long been regarded as the most generous pension scheme available, and are enjoyed by millions of workers from the public and private sector alike. Over the past decade, however, these schemes have become increasingly unavailable to the vast majority of workers, resulting from their inability to meet standard obligations.
With delayed retirement, uncertain economic stability and growing inflation, could Home Equity Release provide the financial benefits retirees are seeking? Over the past decade, our idea of what constitutes retirement has changed. Far from the traditional view of retirees, the generation of people now approaching retirement age are vibrant and active.
Changes introduced by the UK government in April 2015 gives people more choice over how and when they can take money from their pension pot. We strongly advise people to take the time to fully understand the options to them and get advice from a professional to ensure the decisions they take now will provide them with a decent income throughout their retirement. In this article, we look at an increasingly popular option – the income drawdown pension.
In today’s uncertain economic climate, having a strong and reliable pension has become more important than ever before. With the age of retirement at its highest, and with so many different options available in the pensions market, it can be tough to understand all the jargon and secure the ideal option for a comfortable future. Selecting the right option for your pension can be challenging; therefore, it is important to fully understand each type to secure the best possible retirement fund. Here we look at the most popular types of annuity pension and how to get the most from yours.
Last year in the UK, substantial changes came into effect with regards to pension payouts. At the age of 55 or over, you can now use your pension pot as you see fit - without the previous limitations based on the amount you have in it. Those who have retired can now choose to withdraw a large chunk of their pension in one go, if they so wish.
The UK Government provides a basic pension to almost every adult in the UK - its just not very much to live on - which is why we strongly recommend augmenting the state pension with your own.