Home
Search
Guides
About
Glossary
Why use an adviser?
Home
Personal Finance News
01/11/12
-
Money advice in increasing demand, says study
31/10/12
-
Payment barriers exist for disabled and older people, says study
31/10/12
-
Gender differences apparent when financial planning
31/10/12
-
Half of Brits shop with a basic credit card, says study
30/10/12
-
Number of Brits sitting on forgotten direct debits - 2.68 million
News archive
2013
May 2013
April 2013
March 2013
February 2013
January 2013
2012
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
2011
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
2010
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
2009
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
2008
December 2008
November 2008
October 2008
September 2008
This Week's Personal Finance News Update
01/11/12
-
Money advice in increasing demand, says study
31/10/12
-
Payment barriers exist for disabled and older people, says study
31/10/12
-
Gender differences apparent when financial planning
31/10/12
-
Half of Brits shop with a basic credit card, says study
30/10/12
-
Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12
-
More than half of parents are unaware of Junior ISAs
30/10/12
-
Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12
-
Brits left with £1.4bn repair bill during 'mischief week'
29/10/12
-
East of England landlords at apex of yield chart
29/10/12
-
Buyers more optimistic about Scottish property market
News
30/07/2012 14:40:48
Pensioners warned that lack of financial planning could lead to tax woe
Those in retirement have been urged to seek pensions advice from a professional financial adviser after research showed that many people could be exposing their savings to a high rate of tax.
Skandia found that 59 per cent of customers in capped drawdown are not taking an income, which means that the remaining savings are subject to a 55 per cent rate of tax if paid as a lump sum to a beneficiary when they die.
For those over 75, all money left in a pension is subject to this charge, regardless of whether the funds are in drawdown. This means that it is essential for all pensioners to seek retirement advice from a qualified adviser who can help them determine the best approach considering income and inheritance taxes.
"The number of people currently in drawdown and not taking an income highlights just how many people could benefit from further financial planning," explained Adrian Walker, Skandia's pension expert.
"We believe our statistics will be mirrored by a large extent across the industry, showing just how many people could be at risk of suffering a 55 per cent tax charge on death."
