Award-winning actor Colin Firth is set to star in the upcoming Sky and Peacock Original limited event series 'Lockerbie' which is based on the 1988 disaster.
04.01.2024 - 13:45 / dailyrecord.co.uk
The new year has started and for anyone planning to retire this year, whether they are reaching the official State Pension age, or leaving the workforce early, retirement expert Helen Morrissey has shared five key tips that are essential to ensure financial resilience in later life.
The head of retirement analysis at Hargreaves Lansdown warned an eye-watering £1.3 billion has been lost to unclaimed tax relief over the last five years. On top of that, people not tracking down lost pensions after switching jobs throughout their career could cost them thousands of pounds in retirement income.
Ms Morrissey explained “avoiding pension pitfalls is key to making the most of your retirement planning”. She continued: “Claiming the tax relief you are entitled to sounds like it should be a given, yet £245 million a year remains in the UK Government’s coffers on average. Similarly, losing track of an old pension can leave you far worse off in retirement.”
The financial expert added “even the smallest pensions can grow and over time you could be missing out on a significant chunk of savings”.
Ms Morrissey continued: “Life is busy and it is easy to put things off, especially when retirement may feel like it’s a long way away but giving your retirement plans an annual dust off and taking small actions on a regular basis will be something that your future self will surely thank you for.”
Below are five key pension pitfalls Helen Morrissey urges everyone to avoid.
Pension savers missed out on £1.3 billion of tax relief in the five years to 2020/21. You can claim tax relief on your pension at your marginal rate and over time this can make a significant difference to how much goes into your pension but in some cases, you will need to claim
Award-winning actor Colin Firth is set to star in the upcoming Sky and Peacock Original limited event series 'Lockerbie' which is based on the 1988 disaster.
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that winter calls for, you’ve no doubt found yourself navigating the particular follicular challenges that cold weather brings in recent weeks. Whether you’re grappling with excessive frizz or strands that feel like straw, help is at hand with these expert tips.You might think of frizz as being as a summer problem, but cold weather actually present just as much of a challenge.