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A short guide to private pensions

Private pensions can be powerful retirement planning tools, helping people enjoy a more comfortable and sustainable lifestyle. Yet, there often needs to be more clarity over how they work. In this guide, our Grantham financial planners explain how UK clients can use private pensions in 2024-25 to maximise their retirement funds.
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What makes your "Second Fifty" different from your parents'?

We often hear about how today’s adults “have it different” from their parents. In the 1970s, for example, properties were cheaper relative to earnings, university fees did not exist and women typically relied on their husbands for a pension (the latter working predominantly in one career). Today, in 2024, those approaching retirement are rightly asking: “Will my retirement look like what my parents have had?”
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A pensions guide for the self-employed

Being self-employed brings many wonderful benefits. Perhaps you have more earning potential than if you were employed, or maybe you have greater control over your working hours. However, self-employed people are arguably at a disadvantage regarding pensions.
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How to consolidate pensions wisely

Consolidating your pensions (“combining” them into a single scheme) can offer a valid way to streamline your retirement savings, potentially reducing fees and management hassle. However, the process of combining pensions is complex.
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The tapered annual allowance: how to protect your pension

How much could you put into your pension each year? For most British people in 2023-24, the annual “limit” for contributions (receiving tax relief) is £60,000 – or up to 100% of your relevant UK earnings for that tax year (whichever is lower). This is called the Annual Allowance.
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5 big pension mistakes to avoid

A single mistake with your pension can significantly hurt your retirement finances if you are not careful. One key reason for errors is that pensions can be complex, leading to misunderstandings. Indeed, one study found that half of UK adults find pension information “overwhelming”. As financial planners here in Grantham, one of our main goals is to make financial information (e.g. about pensions) more accessible – empowering clients to make more confident decisions about their money.
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Rising State Pension age - how to protect your retirement

Average life expectancy in the UK continues to grow in 2023, albeit at a slower rate compared to other G7 countries. In 2020, a 65-year-old male could expect to live another 19.7 years; or 22 years for a 65-year-old female.
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5 proven retirement strategies for business owners

As a business owner, it might be hard to imagine your future without your business. After all, you have spent many years building it up and making it a success. Yet a sustainable business eventually needs to survive without its founder(s). How can you prepare for retirement whilst leaving your creation in safe hands?
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Scorecard: Private pension vs workplace pension

Are you getting the most out of your pension scheme? The type of pension you have, and the underlying investments you choose, can have a big impact on your income and lifestyle in retirement. Below, our Grantham financial planners explain the main differences between workplace pensions and private pensions in the UK – outlining some of the key advantages and disadvantages of both.
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Pension tax-free cash: a practical guide

Pensions are still a powerful vehicle for saving towards retirement in 2023-24, particularly due to their tax advantages. One of these advantages is the freedom to withdraw up to 25% of the value of your pension pots...
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How pension tax relief works with fluctuating income

There were 1.9 million freelancers in 2022, comprising nearly half of the UK’s 4.39 million self-employed people. The latter is slightly down from the peak of over 5 million in 2020 (during the onset of the pandemic), but certainly up from the low of 3.2 million in 2000.
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Should I pay into my partner's pension?

How can you keep more of your money in retirement? Whilst it may sound strange to think about putting money into another person’s pension, it could help your household tax...
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