New pension rules will come into force from the 1 February 2021 for those approaching retirement under Financial Conduct Authority (FCA) regulation.
Retirement plans for 2021 have changed for many due to the pandemic. Whilst some have decided to put their retirement on hold due to their savings taking a hit because of Covid-19, others are deciding to retire early after being discouraged about finding employment again when faced with redundancy.
We would like to take this opportunity to wish you all the best over the festive season and a prosperous New Year
WEALTH at work has written a list of ‘New Year financial resolutions for uncertain times’ to help people take control of their finances in 2021.
Jonathan Watts-Lay highlights some of the things to consider before taking money from your pension early, and explains why it really should only be a last resort.
WEALTH at work has once again been acknowledged as one of the 1000 Companies to Inspire Britain by the London Stock Exchange Group.
New figures from HMRC[1] show 347,000 people withdrew from their pensions throughout July, August and September 2020. This is a 6% increase on the same figures from last year, and a 2% rise compared to the previous three months, which is not the usual seasonal pattern.
Given the many recent redundancies announced, it is inevitable that as coronavirus continues, more redundancies are likely.
The finances of many are being impacted by COVID-19, especially those who are unfortunately facing redundancy and are approaching retirement.
WEALTH at work provides ideas on how to manage your finances should you find yourself facing a reduced income through redundancy or a change in your salary.
