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snapshot news

Our aim is to help you understand the various aspects of pension planning and to encourage better savings and personal finances. snapshot pensions is focused on providing you with key information about pensions to allow you to understand certain key aspects that may affect how much money you have when you retire.  Articles found here should not be deemed as personal advice.

Should you have any questions relating to any of the information featured here, please contact us at help@snapshotpensions.co.uk

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Pension Tax Relief

27% of people surveyed did not know how it worked. To encourage saving for retirement, the government pays tax relief on pension contributions. This means that your pension provider can claim tax back from HM Revenue & Customs (HMRC) and add that amount to each contribution you make. But this fundamental aspect of pensions remains a mystery to many people…
Lindsay
16 August 2021
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Pension Freedoms

Looking for a wider choice of investment options? Saving for your retirement is one of the longest and biggest financial commitments you will ever make. Imagine you’re retiring today. Have you thought about how you’re going to financially support yourself (and potentially your family too) with your current pension savings? The pension freedoms introduced in 2015 provide even more of…
Lindsay
9 August 2021
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Mind the Divorce Gap

Women see incomes fall by 33% following divorce, compared to just 18% for men. Divorce is an emotionally charged event – and can be an expensive one. The financial impact of divorce can also last for decades and carry on into older age. Women are also often impacted harder financially by divorce, new research highlights. Many women are likely to…
Lindsay
2 August 2021
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Pension Boost

Are you claiming all of the generous tax relief you’re entitled to? The unique combination of tax breaks and flexible access available to pensions make them a compelling choice when saving for retirement. One of the key benefits of saving into a pension rather than another type of savings or investment vehicle is the generous tax relief you’re entitled to…
Lindsay
26 July 2021
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Pension Lifetime Allowance

Do you need to take action to avoid risking additional tax charges in retirement? When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges…
Lindsay
19 July 2021
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Money’s Too Tight to Mention

Looking to retire from work, not a paycheck? When it comes to retirement insecurity, one concern dominates all others, the fear of running out of money during retirement and with people living longer than ever before, it’s a very valid concern. A new report reveals how two-thirds (66%) of adults planning to retire this year risk running out of money.…
Lindsay
12 July 2021
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‘It’s not what you earn, it’s what you keep’

When you’re planning your retirement income, there are multiple factors to consider: how much you can expect from the State Pension, the value of the pensions you have accumulated in your working life, your projected outgoings, and your potential later life expenses. One more factor not to overlook is how much of your retirement income could you lose in taxes.…
Lindsay
5 July 2021
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Retirement Goals

Knowing where you’re going and how to get there Retirement might seem a long way off but the later you leave planning for it, the less chance you have of achieving the retirement you want. We all dream of how we’ll spend our retirement but that dream looks different for everyone. Some people want to spend more time with their…
Lindsay
1 July 2021
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Will My Pension Run Out Early?

Impact on people opting for early retirement as a result of the pandemic An increasing number of people have been forced into early retirement due to the economic impact of the coronavirus (COVID-19), with many worried about how they’ll make ends meet in the future. Because of the pandemic, we are currently in a challenging economic period. The global economy…
Lindsay
22 June 2021