28
Jan
2022

The pension Lifetime Allowance: Why you could be closer to exceeding it than you think

The pension Lifetime Allowance limits how much you can have in pension benefits tax-efficiently. While you may think exceeding the allowance is a long way off, you could be closer to the threshold than you think. If you haven’t considered how close you are, you could be liable for much more tax than expected. What is the Lifetime Allowance? The Lifetime Allowance is the total amount you can have in pension benefits before you may face additional tax charges. Crucially, the Lifetime Allowance covers the total amount held in your pension, not just your own contributions. This means employer contributions, tax relief, and investment returns will contribute to the threshold. For the 2021/22 tax year, the Lifetime Allowance is £1,073,100....
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28
Jan
2022

8 things to do if you’re retiring in 2022

If you’ll be retiring this year, you may be looking forward to more free time to focus on what you enjoy. As you start making plans, you need to set out your expectations and how you’ll create an income. To do that, a bit of planning is required, and these eight steps are a great place to start. Set a retirement date The first step is to decide exactly when you want to retire. It can help ensure you have everything in order. A phased approach to retirement is becoming more popular. Whether you want to cut down your working hours or switch to a less demanding job, a phased approach can ease you into retirement. If this is your...
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14
Jan
2022

Investment market update: December 2021

As 2021 drew to a close, the Covid-19 pandemic and its consequences continued to affect economies. The first case of the Omicron variant was reported in South Africa at the end of November 2021. It quickly spread and some counties began to reintroduce restrictions and offer booster vaccine shots. As before, the measures taken to reduce the spread of Omicron affected many businesses, particularly those in the travel and hospitality sectors. The Organisation for Economic Co-operation and Development (OECD) also warned that surging inflation could undermine global recovery. The OECD predicts that price pressures will peak in early 2022. UK Headline figures from the UK paint a gloomy picture, but there are signs that the economy is getting back on...
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Mathew Brooks
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