Credencis Blog
Look out for interesting articles written and released by the Credencis team on a regular basis. Releases often include changes in the industry, new offers, and strong advice to help individuals make better decisions with their savings and investments.
How to live off your Pension fund in Retirement – Pension Advice Derby
Pension drawdown allows you to keep your fund invested in retirement as opposed to buying a miserly and restrictive annuity. The issue is that while many individuals detest the possibility of an annuity, the alternative means keeping your money invested which brings...
Take Advantage of the new Lifetime ISA to boost savings – Pension Advice Nottingham
The government recently unveiled plans for a new lifetime ISA, which will be launched in April 2017. The new ISA addition was designed to help younger people save for both a house and their retirement. So for anyone between the ages of 18-to-40, you can basically save...
High Earner’s need to pay into pension’s before April 2016 – Pension Advice Derby
The government are introducing pension rules which could leave high earners with unexpected tax bills. From 6 April 2016, the annual allowance will be tapered from £40,000 for those with earnings of £150,000 or more down to £10,000 for those with income of £210,000 or...
Release up to 25% of your pension funds tax free – Pension Advice Nottingham
If you are over 55, you can access up to 25% of your pension funds tax free and what’s more, you can do with it whatever you wish. One of the big benefits of pensions has always been the tax free cash lump sum you can take when you retire. In general you can take up...
UK State Pension’s the worst in the world – Pension Advice Derby
A new report by the Organisation for Economic Cooperation and Development (OECD), confirms UK pensioner's will retire on just 38% of their former salary. Depressing statistics eh? A full state pension from April 2016 will pay £155.65 a week. That is based on you...
I cashed in Pension Fund but now I wish to reinstate? Pension Advice Nottingham
The new Pension Freedom rules allow anyone over age 55 the ability to cash in their pension fund. If you have cashed in your pension, and now regret the decision, you cannot subsequently go back to your provider and ask them to reinstate it. The rules do not allow...
4 in 10 will deplete wealth to avoid care costs – Paying for Long Term Care Derby
Forty-three per cent of people in England would deliberately deplete their wealth to avoid paying for care, leading to more pressure on state finances than ever before, statistics from the latest Partnership Care Report show. The latest report shows the number of...
Transferring Final Salary Pension a gamble? – Pension Advice Nottingham
The new Pension Freedom rules allow members of final salary pension schemes, or defined benefit (DB), to switch into defined contribution (DC) arrangements and take advantage of the changes. This allows members of defined contribution (DC) schemes to access their...
Start your Pension now or lose thousands in Retirement – Pension Advice Derby
People should consider paying into a pension as early as possible. Research from Brewin Dolphin show that for a target net pension of £20,000 at age 68 – excluding the state pension currently set at £115.95 per week for a single person – 25-year-olds would need to...
The changes in the New State Pension – Pension Advice Nottingham
The new state pension will start in April 2015 with the introduction of a single-tier state pension which aims to simplify state pension advice for those retiring. An individual's state pension is based on their National Insurance record. Under the current system the...
Sell your annuity for cash
Pensioners currently receiving a poor income from an annuity might be able to sell them for a cash lump sum in future. A plan to create a second-hand market in annuities is being pushed by Pensions Minister Steve Webb, who is looking to offer an escape route to the...
Transfer Your Final Salary Pension For Cash
Hundreds of thousands of savers with “final-salary” pensions, which are considered the Gold status of company pensions, are planning to trade in their future guaranteed income for a cash lump sum. It is estimated that as many as 10pc of the 3.7 million private sector...
Scrapped 55 percent death tax charge
The Chancellor announced on Monday 29 September 2014 that from April 2015 individuals will have the freedom to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge which currently applies...
Double Your Pension Income
17,500 – comfortable retirement amount per annum
The perfect annual income (comfortable retirement amount) during retirement is £17,500, according to a new study, based on workers' modest expectations of life after the office. The study suggested that the key requirements for a happy lifestyle in retirement are to...
A rise in post budget pension enquiries
There has been a surge in pension advice enquiries Post Budget 2014. The diversity of potential products available post-retirement was encouraging people to seek advice. Credencis say: “Annuities remain an inflexible solution, and you no longer own your pension pot....
Paying tax under new pension rules
Hundreds of thousands of savers could be heading for a tax shock at retirement because they fail to understand the new pension freedom rules being introduced by the Government. Many people with defined contribution pensions are labouring under the illusion that they...
Do not trust a cold caller with your pension
People being targeted by cold callers who are falsely claiming to offer new, free Government-backed retirement guidance could end up putting their money into risky investments and losing their pension savings, the City regulator has warned. The Financial Conduct...
Employers put off advice for being sued
Employers are currently prevented from helping people plan their retirement because of concerns they could be sued, Simon Foster, head of corporate life and pensions, UK and international savings at Zurich, said. Mr Foster said employers do not want to play a huge...
Budget 2014 – Great for ISAs and Pensions
The Budget 2014 really was fantastic news for savers and investors looking to retire in the future. As things stand pension investors aged 55 or over can normally take up to 25% of their pension as tax-free cash, and a taxable income from the rest. Today George...
Protect your pension from lifetime allowance
Investors with large pensions could find themselves facing a 55% tax charge on 6th April 2014 if they do not take the neccessary precautions to protect their retirement pension fund. The total amount you can hold in a pension, called ‘the Lifetime Allowance’, will...
Buying an annuity – forget prudential
Pension giant Prudential has been criticised for offering uncompetitive annuity rates to retirees that could reduce their old age income by thousands of pounds. The insurer was highlighted by pension expert Ros Altmann for failing to compete on a level playing field...
42 percent have never reviewed their pension fund strategy
Almost half (42%) of respondents have never made a change to their defined contribution (DC) pension investments, according to research by Alliance-Bernstein. In their defined contribution survey, which questioned 500 employees who save into a DC pension, found that...
Force people to save into pensions – scrap national insurance
People should be made to pay into lifelong "personal welfare accounts" under reforms which would see them take more financial responsibility for their old age and National Insurance scrapped, a think-tank has argued. The report from Civitas argued that National...