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  • Classic Cars as an Investment for Retirement Planning | RetireEasy News
    result of just this philosophy so if you wanted to do it the best time has probably passed There is no doubt that any investment market will become overheated after a period of rapid growth whether it s shares property values or cars There are strong signs that the classic car market is indeed in danger of overheating Pretty much all models have risen in value significantly with the most desirable and rarest showing the biggest increases For instance in 2007 a Mercedes 300SL gullwing sold at auction for 212 500 while in 2012 one in similar condition went for over 411 000 an increase of 198 500 or 93 in just 5 years And remember no Capital gains Tax Some other increases in value albeit less dramatic but still substantial over the same period were Model Year Value 2007 Value 2012 Change Aston Martin V8 1975 12 300 18 900 53 Jaguar XK150 Coupe 1957 9 27 500 41 400 50 Mercedes Benz 230SL 1966 15 000 36 500 143 Triumph Stag 1974 7 7 950 9 995 25 MG TC 1946 22 950 31 995 39 Sunbeam Alpine SeriesV 1966 5500 9 450 72 Auction result Dealer asking prices for cars described in similar condition Private asking prices for cars described in similar condition So it is getting harder to see strong growth in the future although with the Euro s woes the trend could continue for a while Once investment returns start recovering and interest rates start rising which they surely will at some point collectors may well start to realise their gains to re invest elsewhere At that point the market could rapidly go into reverse no pun intended At present classic cars must be seen as a high risk option and are probably not appropriate

    Original URL path: https://www.retireeasy.co.uk/news/classic-cars-as-an-investment-for-retirement-planning (2016-04-27)
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  • Cashing-In Small Pension Pots | RetireEasy News
    it is these record low gilt yields that control how much retirees can take as a pension If you add this 15 per week to the Government s proposed State Pension for all of 140 per week the total annual income would be 8 060 p a way below the 10 500 personal allowance for over 65s And it s not as if by taking your pot as a lump sum of 18 000 that you avoid tax anyway Only 25 or 4500 is paid out tax free and the remaining lump sum is added to your income in the year of encashment to calculate any tax due on the balance This triviality rule has been around for a while but was extended in December 2011 and now individual small pots of 2000 or less may be cashed in individually subject to massively complex rules of course It s no wonder that PAS has taken this long to publish its guidance There is so much that is unfair about these rules and the latest adjustment tinkers at the edge and provides little additional relief if anyone even knows about it and if you do how on earth are you going to access economic professional advice on something so trivial could not resist the pun here If the rules were adjusted further to fairly reflect current annuity rates then our view is that the triviality limit should be increased to a total pension pot of 30 000 or less providing a basic rate tax payer with the option of receiving a lump sum of 25 500 after tax instead of a tax free lump sum of 7500 and a pension of around 25 per week The increased limit could always be adjusted downwards in the future as and when gilt yields

    Original URL path: https://www.retireeasy.co.uk/news/cashing-in-small-pension-pots (2016-04-27)
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  • Money Advice Service to be scrapped! | RetireEasy News
    Service is to be abolished Mark Soper reports on its short but checkered history A true White Elephant with a total cost of around 250m to date and despite a quarter of this being spent on marketing a recent review by Christine Farnish former head of the National Association of Pension Funds found that very few members of the general public had even heard of it Launched in 2010 it did not take long for serious concerns about the service to be flagged up and during a select committee hearing in 2012 financial advice pundit Martin Lewis called the service embarrassing and its product crap With the advent of pension freedoms Pensionwise was born and although charged with focused guidance for investors taking their retirement benefits rather than the delivery of overall financial guidance that was the domain of the MAS the guidance area had become muddied Instead of Asking Ma the Treasury asked Martin Lewis who was again drafted in last year to try and improve matters and in January this year MAS reported that between April and December 2015 there had been a record 12 million website hits resulting in around 11 million financial transactions Despite this news George Osborne is clearly unimpressed and the service will now be gradually wound up and replaced by a more streamlined service For Martin Lewis well we do not expect he will need to dust off his CV anytime soon Next post RetireEasy 2016 Terms Conditions Privacy Policy SaaS Solutions from Cyber Duck Follow us LinkedIn Facebook Twitter More information Navigation About us What is RetireEasy How it works Accolades FAQs Security News Press Contact Privacy Policy Terms Conditions Info Retirement Planning Retirement Plans Pension Calculator Pension Plans Retirement Income Retirement Annuity Planning for Retirement Planning Retirement Plan for Retirement Retirement

    Original URL path: https://www.retireeasy.co.uk/news/money-advice-service-scrapped (2016-04-27)
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  • “Pensions Dashboard” – Why wait until 2019 when it’s already here? | RetireEasy News
    of different scenarios for example what would happen if you cash in a plan at any time in the future delay your retirement or even take a world cruise And you can see at a glance if your savings will actually fund your projected spending in retirement allowing you to change tack well in time Investors Chronicle itself has described it as the Holy Grail of Retirement Planning and more helpful features will be available later this spring with the introduction of a Premium Version including regularly updated valuations on funds So why will it take the industry up to ten years to get its act together and generate its own dashboard Data Procurement This is a significant challenge as many types of legacy pension arrangement out there for example a pension plan issued say in 1992 by Provident Mutual who were acquired in 1996 by General Accident and then merged with Commercial Union to become CGU to be subsequently acquired by Norwich Union who re branded to AVIVA get the picture It is not surprising that the details of most of Provident Mutual s book remains offline today and this is just one example it would be a mammoth task to get all legacy pension plans up to a standard where current and future values could be accessed using a central online dashboard There could be some long term cost savings for the providers if the pensions dashboard replaced the mountains of paper and associated administration costs of issuing pension valuation statements and retirement projections but there is no doubt that significant additional investment in the providers IT systems will be required Accuracy Recent research by the Regulator into pension exit charges not only revealed the extent of these charges which it intends to cap but also the inability of some providers to calculate an individual s pension fund with any degree of accuracy The FCA has called for the Pensions Dashboard to electronically update an individual s entire pension plan portfolio daily in real time this can only happen if the data feed from the providers is reliably accurate Pension Switching For the providers this perhaps is the largest elephant in the room as individuals are likely to become more engaged viewing a total fund and will seek additional simplicity of their finances by consolidating the older and smaller pension pots into a single pension plan the most likely recipient will be an individual s current Workplace pension as this needs to remain open to accept ongoing contributions If an individual follows this course of action with restricted or no advice financial detriment to the individual could possibly be very low as the ongoing pension charges levied on the latest Workplace pension plans will in many cases be much lower than the charges levied on older pension plans Following the FCA s drive to force providers to cut or abolish pension exit charges a key disincentive to switch or consolidate is removed Whilst this could be a win

    Original URL path: https://www.retireeasy.co.uk/news/pensions-dashboard-wait-2019-already (2016-04-27)
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  • Thanks for Interrupting My Holiday George! | RetireEasy News
    of a Pensions ISA that would broadly work as a normal ISA but with a minimum withdrawal age and the ability for companies to contribute is even more radical Enter the EU Referendum also announced during my holiday thanks Dave and the possible Brexit Clearly with Boris and a handful of ministers off page the Government needs all the support it can get and a growing backlash from Conservative MPs including the influential 1922 committee appears to have been decisive in Osborne making his U Turn The former pensions minister Steve Webb termed the changes as Osborne s Gordon Brown moment referring to Brown s 7 billion a year tax raid on pension funds Richard Parkin head of pensions at Fidelity said the threat of radical change to pension tax relief appeared to have receded We would still urge consumers to make the most of the current system while it is still in place This is a postponement and not a cancellation of change he said So what is RetireEasy s take on all of this Well we very much agree with Richard Parkin s assertion that the proposed changes and particularly the scrapping of higher rate tax relief is a postponement and unless there is a dramatic turn round in the Government s finances a 20 billion tax saving each year is likely to prove irresistible for the Treasury to gather in and paying in contributions now under the current system is likely to prove more advantageous than any new system that is implemented It is also worth pointing out that the income threshold before paying higher rate tax has been reduced in recent years so far more middle earners now pay tax at 40 and so therefore can obtain 40 tax relief when paying in pension contributions Of

    Original URL path: https://www.retireeasy.co.uk/news/thanks-interrupting-holiday-george (2016-04-27)
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  • How to solve the Euro Crisis in 7 Easy Steps | RetireEasy News
    in Southern Europe This would tip those economies even closer to the edge Even if they did not leave at the same time the market pressures on their sovereign and other debts would become intolerable All these countries would likely benefit from strong inward investment giving their economies the chance to recover perhaps putting them in the position to pay off a higher proportion of their debts 4 After the announcement close all financial markets in Greece for one week This would allow markets to analyse the situation and become stable relatively when re opening 5 Issue a New Drachma to be exchangeable for Euros one for one All bank accounts in Greece certainly for Greek citizens would be re denominated in the new currency and all Euro bank notes within Greece would by law have to be surrendered to banks who would initially over print them and subsequently exchange them for new paper currency Coins could be ignored for the time being To enforce this it would be illegal for anybody to take Euros out of the country except perhaps in very small quantities 6 Announce to international lenders that all of their loans to Greece Government and Private Sector would be re denominated in New Drachmas and Sovereign debt would additionally be discounted and re scheduled This would cause much pain for lending institutions particularly private sector banks and Governments may well have to increase their support for these Greece would now be open for business on a much more competitive basis and could have a strong and growing economy subject to the Government taking adequate measures to ensure proper domestic economic prudence Inflation would be an issue but given the state of the Greek economy probably not a critical issue and it would work its way out

    Original URL path: https://www.retireeasy.co.uk/news/how-to-solve-the-euro-crisis-in-7-easy-steps (2016-04-27)
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  • Will the Chancellor pass the “pension test” with this budget? | RetireEasy News
    backdrop of looming problems for a Government which has found surprise surprise that the dosh they conveniently found down the back of the sofa to get them out of the Working Credits hole has evaporated Oh and a national debt that keeps on piling up month on month despite Government pledges that we d be making real inroads into that debt by now With such little room to manoeuvre what positive things CAN the Chancellor bring to the dispatch box Firstly he has got to encourage more people to save and that will only happen if the changes he puts into place don t further complicate an already complicated system that most of us simply don t understand He also has to make sure the incentives already in place aren t eroded to the point where people don t bother Creating a level playing field for all income brackets would be good too And savers will also want to be reassured that the scheme they are putting money into is actually secure there have been some dire warnings in the last week that some workplace schemes for instance are not as solid as they should be Equally the fact that so many people with modest pension pots aren t seeking independent advice before making major decisions should ring very loud alarm bells The overarching problem is this most of us get why we should put money aside for our later life but equally large numbers don t understand or have faith in what they are investing into It s why so many people have turned to alternative investments such as buy to let Or made use of the new pension freedom to cash in funds that really should have been tucked away We need a pensions system that everyone in

    Original URL path: https://www.retireeasy.co.uk/news/will-the-chancellor-pass-the-%e2%80%9cpension-test%e2%80%9d-with-this-budget (2016-04-27)
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  • Blog | RetireEasy News
    lucky Read the full article 31st January 2016 by RetireEasy Retirees and pre retirees live in fear of financial ruin Two thirds worry about money on a monthly basis and majority have negative views of retirement years The majority of people in the UK in or nearing retirement are afraid they will not have enough money to continue funding their lifestyle after they retire according to a study released today by the UK s first online service Read the full article 31st January 2016 by RetireEasy RetireEasy launched as a FREE product May 2014 Post Budget confusion leads to retirement revamp The online financial planning website RetireEasy co uk will become a free service this month in response to a dramatic uplift in queries from retirees following recent Government changes to the rules applicable to pension drawdown arrangements General confusion among retirees on how to manage their pension pot from April 2015 Read the full article 26th January 2016 by RetireEasy Check out the value of your deferred defined benefit pension and avoid inadvertently walking into a Lifetime Allowance Tax Charge With all the speculation on what the Chancellor will or won t do in the Budget many individuals have or are preparing to make larger than normal pension contributions to capture the higher rate tax reliefs currently available The flip side of tax relief on contributions paid in is a potential tax charge on excessive pension Read the full article 24th January 2016 by RetireEasy How to achieve a 31 600 tax free retirement income Read the full article on telegraph co uk Read the full article 22nd January 2016 by RetireEasy Pensions Under Attack Again Well the rumour mill has started in earnest about what further changes to the pension rules George Osborne may or may not be contemplating in the March budget The Daily Mail s website This Is Money has launched a campaign to stop savers pensions being destroyed There may be some mileage in it and Read the full article 15th January 2016 by RetireEasy Will annuities be better the second time around From next year those of you holding an annuity will be able to resell it Good idea or bad And who might be able to gain from the move By Mark Soper George Osborne has confirmed the go ahead for the resale of existing annuity plans from April 2017 a move that was pencilled in Read the full article 15th January 2016 by RetireEasy Have women been short changed with their pension Are you or is someone you know a woman born in the 1950s If so they may well be one of 700 000 caught in what has been described as a brutal pensions trap By Tony Watts OBE Former pensions minister Steve Webb recently admitted publicly what many people have been saying for a long time Read the full article 7th January 2016 by RetireEasy Richard s Classic Cars Blog Classic Car values they have just kept rising A couple

    Original URL path: https://www.retireeasy.co.uk/news/blog/page/3 (2016-04-27)
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