The liquidation of the international travel group has led to thousands of layoffs. Do Thomas Cook employees need to fear for their savings? The collapse of an international firm is likely to have ripple effects, affecting both its current and former staff.
The International SIPP, an affordable, flexible retirement solution, from Novia Global, is now live for British Expats.
What is the lifetime allowance? Pension simplification came in to effect from 6th April 2006 to rationalise the British tax system in regards to pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions.
Can anything help the UK pensions deficit? It seems to be going from bad to worse for the UK pension deficit. Across the 6,000 private sector defined benefit scheme pensions, 5,000 are now in deficit with roughly 1,000 close to insolvency, according to the Financial times.
The Bank of England’s decision to slash interest rates and increase the UK stimulus package to £435bn may have adverse effects to pensioners.
Pension freedoms was announced last year 6th April by George Osbourne, which gave people more flexibility to take pension pots as they wish. Rather than buying an annuity, pensioners were able to choose from a number of options including; taking a 25% lump sum, taking an annuity, accessing UFPLS or taking 100% of their pension pot as a lump sum.