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Money Confidence - 10 Questions On Pensions
On this episode Sarah and Georgia answer 10 common questions on pensions.
KEY TAKEAWAYS
A nomination of beneficiary in relation to a pension is where you want your pension to go upon your death, also known as an expression of wish. Make sure that you’ve nominated someone or a charity or organisation to receive your benefits upon your death.
You can access your pension any time from the age of 55 for a defined contribution or a money purchase pension. This is increasing to age 57 from 2028.
If you leave your employer then your employer will stop contributing to your workplace pension. You may be able to carry on paying personal contributions to that pension if you wish to. You will start paying into a new workplace pension when you start a new job. You may be able to transfer your previous pension into your new workplace pension but seek financial advice before you do that as pensions can be complicated.
BEST MOMENTS
‘If possible start contributing into a pension as soon as possible. The sooner you start contributing the lower your monthly contributions need to be as you will be contributing over a longer time period. You could also invest in more risky investments because your retirement is further away but seek financial advice before investing.’
‘The benefits of having a pension include the tax relief on your contributions at your marginal rate of income tax and the tax-free growth within a pension. They are also usually outside your estate for Inheritance Tax purposes.'
'When you come to access your pension you can usually take 25% as tax-free cash and the remainder is taxed at your marginal rate of income tax.'
‘How much you need in your pension to retire comfortably depends on your expected expenditure in retirement and differs from one person to the next. It's a good idea to talk to a financial adviser about this.'
ABOUT THE HOSTS
Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!
The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.
CONTACT METHOD
W: https://www.thegoodmoneycoach.com
IG: https://www.instagram.com/sarah_talks_money/
LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/
Hosted on Acast. See acast.com/privacy for more information.
View all episodes
By Sarah Blyth and Georgia LeggOn this episode Sarah and Georgia answer 10 common questions on pensions.
KEY TAKEAWAYS
A nomination of beneficiary in relation to a pension is where you want your pension to go upon your death, also known as an expression of wish. Make sure that you’ve nominated someone or a charity or organisation to receive your benefits upon your death.
You can access your pension any time from the age of 55 for a defined contribution or a money purchase pension. This is increasing to age 57 from 2028.
If you leave your employer then your employer will stop contributing to your workplace pension. You may be able to carry on paying personal contributions to that pension if you wish to. You will start paying into a new workplace pension when you start a new job. You may be able to transfer your previous pension into your new workplace pension but seek financial advice before you do that as pensions can be complicated.
BEST MOMENTS
‘If possible start contributing into a pension as soon as possible. The sooner you start contributing the lower your monthly contributions need to be as you will be contributing over a longer time period. You could also invest in more risky investments because your retirement is further away but seek financial advice before investing.’
‘The benefits of having a pension include the tax relief on your contributions at your marginal rate of income tax and the tax-free growth within a pension. They are also usually outside your estate for Inheritance Tax purposes.'
'When you come to access your pension you can usually take 25% as tax-free cash and the remainder is taxed at your marginal rate of income tax.'
‘How much you need in your pension to retire comfortably depends on your expected expenditure in retirement and differs from one person to the next. It's a good idea to talk to a financial adviser about this.'
ABOUT THE HOSTS
Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!
The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.
CONTACT METHOD
W: https://www.thegoodmoneycoach.com
IG: https://www.instagram.com/sarah_talks_money/
LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/
Hosted on Acast. See acast.com/privacy for more information.