pension Archives - Philip J Milton & Company Plc

One million over 45s ‘have no savings’

It’s scary but not really surprising that a recent survey has found more than one million people aged 45 and over have absolutely no cash savings as they head towards retirement. The survey by not-for-profit organisation Fair4All Finance of 3,101 financially vulnerable people found that 37% had no savings at all, a 14% increase in...

Economic ups and downs

Just as we think things have brightened, out comes the inflation figure at 4% versus the expected 3.9%. That was blamed on tobacco and alcohol – the latter also as duty rose on wine last autumn, based on alcohol strengths. It is as if the government doesn’t realise that increasing taxes on products increases inflation......

What will the Autumn Statement mean for you and the UK?

The much-anticipated Chancellor’s Autumn Statement on Wednesday contained some good news for workers and measures that will help ISA savers and investors, but the overall effects on the UK economy remain to be seen. Chancellor Jeremy Hunt announced he was cutting the rate of National Insurance from 12% to 10%. This will be effective from...

State Pension set to see 8% rise if ‘triple lock’ promise holds

Millions receiving the State Pension could receive a ‘bumper’ rise yet again next year due to rising wages. Due to the ‘triple lock’, experts are predicting the annual State Pension could increase by up to £879 in April, 2024. This means pensioners would receive around £11,500 a year and the maximum flat rate State Pension would...

Replacing your State Pension could cost a fortune

Recent news the State Pension booster scheme has been extended until 2025 is very welcome, but did you know it could cost you a small fortune to replace the full State Pension if you’re not eligible for it? Data from sharingpensions.co.uk published in June has shown it would cost just over £205,430 of pensions savings...

State Pension booster scheme extended – but not forever

Pensions are back in the headlines again with the news the deadline to ‘boost’ your State Pension by as much as £55,000 has been extended. The booster plan from HMRC gives people the opportunity to buy the equivalent of up to 10 extra years’ of state pension if they have gaps in their National Insurance...

Are you paying the wrong pensions tax?

One of the ‘top 10’ most common tax mistakes people make is not telling HMRC they are about to retire, according to the Age UK. The charity has warned retirees could end up paying the wrong amount of tax if they don’t tell HMRC about their State Pension. You must tell HMRC about any changes...

Don’t put pension planning on the back burner

Assurances have been made that the State Pension age is ‘unlikely’ to rise to 68 years-old but the ongoing speculation does bring into focus the need to have a clear understanding of the issues and to plan for retirement. The current age is 66 and the Work and Pensions Secretary recently said in parliament it...

Do you fall into the 60% tax trap?

Higher earners are being warned not to fall foul of the ‘60% tax trap’ that could eat significantly and perhaps unnecessarily into their earnings. This will not affect everyone, of course, but as of April, the additional rate tax threshold for income tax was reduced from £150,000 to £125,140, dragging more people into the higher...

When will the State Pension age go up?

News the state pension age is unlikely to rise to 68 will be welcome for those seeking to banish uncertainty from their retirement plans. A week is a long time in politics, let alone 17 years, but the Work and Pensions Secretary Mel Stride has said it is likely to be ‘2040 or thereabouts’. He said...

One million over 45s ‘have no savings’

Economic ups and downs

What will the Autumn Statement mean for you and the UK?

State Pension set to see 8% rise if ‘triple lock’ promise holds

Replacing your State Pension could cost a fortune

State Pension booster scheme extended – but not forever

Are you paying the wrong pensions tax?

Don’t put pension planning on the back burner

Do you fall into the 60% tax trap?

When will the State Pension age go up?

Risk Warning

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Philip J Milton & Company Plc

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