Craig McConnon

Yes you just read that right. There are millions of people in Britain that don't know that they are sitting on pensions collectively in excess of £800 billion. This would be from former employers where they were part of a final salary scheme. This is based on new research which has just been released. It reports that there are around five million deferred members who were part of defined benefit funds, these people have money in pension schemes with their former employers and this means that they have absolutely how much their pension would be worth to them when given in one lump sum. This showcases a sheer lack in communication between the person and their old pension scheme provider. When you get a new job and transfer your pension scheme to your own retirement pot you are often offered in the region of £158,000 to £190,000 or it could be up to thirty times the annual value of the pension as one lump sum. But this means that the value of pension promises due to thes

Around two hundred thousand savers are believed to have paid too much tax using the new pension freedoms. This is available to savers who are over the age of fifty five. The problem is that many of these saves have no idea that they have paid too much on tax, which is why so many pension advisors are asking clients to thoroughly check on the tax they have paid. One-Off Withdrawals The reasons that many of the people using this pension freedom is any one-off withdrawal is being seen the first regular pension payments. This means that HMRC is generating a tax code that is Month One. This means that they deduct as if the withdrawal is the first one of many and as a result, there are thousands of individuals who may have overpaid in taxes in the 2016/17 tax year. Information provided by a Freedom of Information request showed that two hundred and forty two people made one withdrawal from their pension, as this is the most popular feature of the pension freedom new