As summer gets underway the warm weather may leave you daydreaming about the possibilities of retirement – longer days at a more relaxed pace, and more opportunities to spend time with family and friends. The current economic climate, however, has contributed to a more gradual retirement process and means those planning for and approaching retirement have much to consider.
Our feature for this edition of our newsletter drills into the changed pension allowance landscape, exploring the impact of the scrapped lifetime allowance and increased annual pension allowance. While constraints on contributions have been lifted for those at the higher end of the earnings spectrum, working out the best strategy for contributions isn’t straightforward for everyone.
The rise in inflation over the past 18 months has forced many to consider how they spend their money and meet financial commitments. For those nearing retirement, that will include how they take their pension. The security of an annuity will be appealing to many, but we explore creating the right balance of income sources to suit an increasingly phased process. Our other stories include:
- Rising inheritance tax take
- Capital gains rules relaxed for separations
- Your self-employment checklist
