We have some interesting pension updates to share with you, including benefits you could be missing out on and news about pension withdrawals…
PENSIONERS MISSING OUT ON STATE BENEFITS
A study conducted over nine years shows that seven in ten households with pensioners aren’t claiming all the benefits they are entitled to. Researchers calculated that the average sum unclaimed is £1,0588, the highest figure recorded in the last five years.
Three key benefits regularly overlooked are Guarantee Credit, Savings Credit and Council Tax Reduction which is managed by local authorities.8Just, 2019
PENSION WITHDRAWALS HIT RECORD
Payments made under the pension reforms of 2015 have steadily climbed and hit 628,000 in the final quarter of last year, up from 121,000 in the second quarter of 2015 when the reforms took effect4.
Interestingly, the average withdrawal dropped to a record low of £7,197 in Q4, down from £7,597 in the previous quarter.
This could be a sign that people are sensibly conserving their pension wealth.
FREE PENSION REVIEW
Would you like to ensure you’re getting all the benefits you’re entitled to as a pensioner? Or make use of Pension Withdrawal? Please don’t hesitate to get in touch with our Financial Advisor based in East Sussex for pension advice. Your initial pension review meeting is free of charge. Our advisors can travel across the South East to meet you – Eastbourne, Hastings, Bexhill, Uckfield, Heathfield, Seaford, Newhaven, Tunbridge Wells, Maidstone, East Grinstead and further afield.
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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.
It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
The information contained within the blog is for information purposes only and does not constitute financial advice.
The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.
