Dividing this asset is of vital importance to avoid pension poverty
Divorce is an emotional and stressful period for those who have to go through it. However, it’s important that people realise that a pension is a valuable asset when considering how they split their money.
£19m released each day since pension freedoms launch
In his 2015 Spring Budget, then-chancellor George Osborne introduced sweeping changes to the way that pensions are taxed. The new pension freedom rules have led to the over-55s being faced with a variety of different choices when taking and investing their nest eggs.
Young women are putting their future retirement security at risk by opting out of their workplace pension. The analysis shows a worrying spike in opt-outs, with 10.5% of women aged 22–29 opting out of their workplace pension. This compares to 8.1% of men in the same age group.
Are you ‘property rich’ but want or need more than you have saved?
An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Many people in the UK might be ‘property rich’ but want or need more than they have saved to enjoy the lifestyle they want. And with more people living longer, there are, on average, more years to fund.
It’s often a common fallacy that only those that are wealthy have any need for professional financial advice. Regardless of how careful you are with your money, dealing with the tricky intricacies of taxation, investments and financial regulations can be difficult for even the most money-conscious of earners.
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