PensionBee UK

Did you know that pensions usually sit outside of your estate, and in most cases won’t count towards your Inheritance Tax threshold when you die. This means that they’re often viewed as a tax-efficient way to pass on wealth to your loved ones by nominating beneficiaries to receive it when you pass away. Our recent research found that 51% of Brits are planning to, or already have moved money into their pension to reduce the size of their estates. However, some conditions will apply depending on how old you are when you die, and the type of pension you have in place. Here are some examples if you have a defined contribution pension: 🐝If you die before age 75 and haven’t touched your pension, your beneficiaries have two years to claim your entire pot tax-free. 🐝Whereas, if you die before age 75, and have already started accessing your pension, it’s possible for your beneficiaries to access your pot as a tax-free lump sum or sometimes to receive regular drawdown payments tax-free. 🐝Finally, if you’re 75 and above when you die, your beneficiaries will have to pay income tax at their usual rate. #tax #inheritancetax #personalfinance #financialplanning #retirement #pension #tips

In the July general election, the Labour Party achieved a resounding landslide victory - but what does this mean for your retirement savings? Well, with a joint ministerial role across both the Department for Work and Pensions (DWP) and HM Treasury, Emma Reynolds is set to conduct a comprehensive review of the UK pension landscape, fulfilling a promise made by the Labour Party during their election campaign. Reynolds will be joining Liz Kendall, the Secretary of State for Work and Pensions in the Department for Work and Pensions (DWP), and the Chancellor Rachel Reeves in the Treasury. Together they’ll be working towards a wish list of items that previous Pension Ministers have failed to successfully address. In this article we explore the nine areas the new Pensions Minister will need to tackle.👇

It’s challenging to know how much you need in retirement and it’ll largely depend on your individual circumstances. To help get an idea of how much you may need, the Pensions and Lifetime Savings Association created their ‘Retirement Living Standards’ to show you what life in retirement looks like at three different levels. The three standards of living, and how much you need based on your relationship status are: Minimum lifestyle: 👉£14,400 a year for a single person; or 👉£22,400 a year for a couple. Moderate lifestyle: 👉£31,300 a year for a single person; or 👉£43,100 a year for a couple. Comfortable lifestyle: 👉£43,100 a year for a single person; or 👉£59,000 a year for a couple. To get a more tailored and detailed look at how far your pension savings could go in retirement, check out our Pension Calculator on our website or in your BeeHive if you’re a PensionBee customer. Capital at risk.

Are we more worried about losing money than gaining it? In the latest episode of our #PensionConfident Podcast, our guests explore how many of us are preoccupied with shielding our savings from potential losses instead of focusing on making it grow. Watch the full discussion: https://lnkd.in/ej-yBpRJ

When planning for retirement, it’s important to understand all of your options. We've partnered with Silversurfers.com to bring you a free webinar packed full of pensions knowledge on 16 September, 6-7pm. We'll be discussing how much you may need to retire and the ways in which you can access your pension. Our panel of experts will be giving you tips to leave you feeling more pension confident. Click the link to save your space https://lnkd.in/emWt64M6

This month on our #PensionConfident Podcast our guests debate whether money can buy you happiness - but what do you think? Let us know!👇 Watch the full discussion: https://lnkd.in/ej-yBpRJ

Did you know that women are more likely than men to display preferences for sustainability considerations when investing, according to a study by UBS. In fact, in 2022, BNY Mellon calculated that if women invested at the same rate as men, there would be an extra $3.22 trillion of global assets under management available to invest. This would allow more money to be allocated to funds and businesses addressing the world’s great social and environmental problems. So how do we close the gender investing gap? In a recent article by Founder of Sustainable and Social, Amy Nguyen, she explains how education is key to assisting women’s financial inclusion, with gaps in confidence starting at a young age. Improving understanding of financial terms will help build confidence with things like budgeting and investing. To support this, there’s been a rise of financial education platforms to help women develop skills, whether that’s with managing their money or improving financial literacy. What do you think needs to be done to help women improve their financial confidence and close the gender investing gap? Let us know in the comments. Capital at risk. #sustainableinvesting #cop #environment #esg #investing #girlsthatinvest

New episode alert!🎉 This month on our Pension Confident Podcast we explored the age-old question: can money buy happiness? Our host, Philippa Lamb was joined by Author and Co-Founder of TheHumblePenny.com, Ken Okoroafor; Occupational Psychologist and chartered member of the The British Psychology Society, Kim Stephenson CPsychol, ACII, Dip PFS; and our Head of Culture, Inclusion and Wellbeing, Emily Tribe to discuss the relationship between money and happiness. Watch the full episode: https://lnkd.in/esN3XbCg