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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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Suspending Pension Contributions

As more people worry about money and are struggling financially as a consequence of the coronavirus (COVID-19) pandemic, it’s likely that reducing or stopping their pension contributions may be an option to ensure they survive financially. However, while it might be tempting to cut back on your pension contributions to have more money in the short term, it can have…
Lindsay
28 April 2021
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Wealth Creation

If you have an income of over £50,000 it doesn’t just push you into a higher income tax bracket, it also means that you’ll pay higher tax on capital gains and dividend income from your investments. So, it’s important to choose a tax-efficient investment vehicle that is appropriate for your particular investments goals and tax position. Individual savings accounts (ISAS)…
Lindsay
14 April 2021
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Retirement Finances

Six years on from pension freedoms, non-advised savers aged over 50 are facing a ticking time bomb at retirement, according to a new survey . 66% of those saving into a defined contribution pension and 58% of those who have already retired have either no firm plans or no plans at all for their retirement finances. This has translated into…
Lindsay
7 April 2021
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How Much is the State Pension?

While many people have some savings for retirement, most of us will also depend on the State Pension to help cover our living costs. The full new State Pension payment is currently £175.20 a week (2020/21 tax year), but not everyone will receive the full amount and the age at which you’ll receive it varies. If you reached State Pension…
Lindsay
31 March 2021
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Passing on Pension Benefits

If you’ve spent a lifetime saving for retirement, you’d probably like any remaining money to go to a loved one after your death. But whether pension benefits are payable to a beneficiary, and how they’ll receive them, is dependent on the type of pension you’ve chosen and how you’ve accessed it in your retirement. Thanks to changes in the way…
Lindsay
24 March 2021
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Funding Long- Term Care

Long-term care covers everything from residential and nursing homes to home care. It is provided by a range of different organisations, including local authorities, the NHS and private and voluntary organisations. But choosing the right care setting for ourselves or a relative is not something which many of us have experience of. Paying for care is a prospect that increasingly…
Lindsay
17 March 2021
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Critical Factor

What would life be like if you were diagnosed with a serious illness? Things could change very suddenly. You’d get your family together and tell them what was going on. Before long, you’d start spending time in hospital for treatment. You may also need to take some time off. It’s hard to know what the financial impact of all this…
Lindsay
10 March 2021
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Pension Options

Pension freedoms in 2015 fundamentally changed the rules for cashing in your pensions. Current rules allow you far more freedom and flexibility over how to take your pension than in previous generations. If you’ve saved into a defined contribution pension scheme during your working life, you’ll eventually need to decide what to do with the money you’ve saved towards your…
Lindsay
3 March 2021
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Your Future Self

The coronavirus (COVID-19) pandemic crisis could leave the next generation of retirees significantly poorer and sicker. 4.8 million people over 50 and in work fear losing their job because of the COVID-19 pandemic, according to new research that reveals fears of finding a new role . One in three (31%) are concerned about finding new employment in the event of…
Lindsay
24 February 2021