\u201cConstant tinkering\u201d and a confusing system provide little incentive for pension saving, leaving millions at risk of poverty in old age, new research suggests. <\/p>\n\n\n\n
This is despite the government\ngiving out \u2018free\u2019 money in the form of tax relief. These tax reliefs cost\nthe government \u00a340bn a year, yet just one in three savers say they are the\nreason they save into a pension, according to a recent article in the\nIndependent, while more than half have no idea how pension tax relief works or\nhow much they get.<\/p>\n\n\n\n
You can read the article\nhere: Jargon and confusion mean millions miss out on \u2018free\u2019\nold-age cash | The Independent<\/a><\/p>\n\n\n\n Many people see the pension\nsystem as complex. Savers are expected to know their annual allowance and tax\nrate, national insurance reliefs in salary sacrifice, the lifetime allowance,\nand whether tax reliefs are given at source or through a net-pay\nagreement. At Hamnett Wealth Management, we\nalways speak in plain English and explain everything comprehensively. We\nencourage clients to ask as many questions as they need to until they are\ncomfortable and able to make an informed decision.<\/p>\n\n\n\n If you would like pension advice, we can look at whether\nyour current pension arrangements are likely to help you achieve your\nretirement goals. If not, we will recommend actions to take and the likely\neffect of them in order to secure your financial future.<\/p>\n\n\n\n We ensure that you fully understand all of your numerous\nretirement options and that you don\u2019t have to take the first offer from your\nexisting pension provider. There is nearly always better value to be had from\nthe open market when considering annuities and the new flexible pension option\nshould also be fully considered.<\/p>\n\n\n\n Our impartial advice takes into account all of this as well\nas the latest retirement and pension legislation, including the new limits on\nlifetime allowances. If necessary, we will also recommend any steps you can\ntake to limit your tax liabilities.<\/p>\n\n\n\n We\u2019re\noperating as normal but can also offer appointments by telephone or\nFacetime, Microsoft Teams and Zoom. Please call 0114 235 3500<\/a> to arrange a free review\nmeeting or visit www.hamnettwealth.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" \u201cConstant tinkering\u201d and a confusing system provide little incentive for pension saving, leaving millions at risk of poverty in old age, new research suggests. This is despite the government giving out \u2018free\u2019 money in the form of tax relief. These tax reliefs cost the government \u00a340bn a year, yet just one in three savers say … Continue reading “Confusion provides little incentive for pension saving”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-414","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/comments?post=414"}],"version-history":[{"count":1,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/414\/revisions"}],"predecessor-version":[{"id":415,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/414\/revisions\/415"}],"wp:attachment":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/media?parent=414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/categories?post=414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/tags?post=414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}