Craig McConnon

Here at PWS Dubai we are seriously concerned with the state of pensions in the United Kingdom. We work with thousands of clients helping them identify the best pension solutions to help them save and make their money grow so that they can live comfortably when its time to retire. That being said, a recent study has revealed that UK retirees are about to face the biggest income drop when they decide to retire, when compared to pensioners in other countries, which are developed, around the world. What does this mean? It means that more reforms are necessary worldwide to deal with the aging population and the financial consequences thereof. The Facts An intercogovernment economic organisation, the Organisation for Economic Co-Operation and Development, has advise that pensioners in Britain will receive only twenty nine percent of the average working wage when relying on state schemes when it comes time for retirement. The concern here at PWS Dubai is that this

At PWS Dubai, we are passionate in helping our UK clients manage their pension pots and secure a financial future for their retirement years. These days people are living until an older age, but this means that your pension has to stretch out for much longer. As you can imagine this is a serious concern for us, as the State Pension starts to dwindle. A recent study has shown that approximately fifteen million people in the United Kingdom don't have a pension plan, which means that they will be relying solely on the state pension, which is a bleak state of affairs. FCA Survey The FCA conducted a survey called The Financial Lives survey, which took a close look at thirteen thousand consumers and found a scary statistic that only thirty one percent of UK adults have no private pension and will be relying only on the state pension that they will receive, which is currently sitting at £159.55 per week, barely enough to pay rent, utilities and eat. The main concern t

There is a certain amount you are allowed to save throughout your lifetime for your pension which has tax breaks, but the tax breaks are due to rise for the very firs time since April in 2010. This has been confirmed by the government and is something everyone who is saving into their pension pots needs to be aware of. As of April 2018, the lifetime allowance for pension contributions will be increased by £30,000. Which will take the lifetime allowance from £1 million to £1.03 million. All pensions are tested for lifetime allowance at different points, this is also done when you make your first withdrawal, then at the age of seventy five. Any excess would result in tax charges. When the charges are applied, the tax relief is wiped away on all contributions. There has been a forty three percent reduction in lifetime allowances over the past seven years, even with the increase which was announced in the Budget. You could save £1.8 million into a pension in the 2010 / 2011 t

People of all ages find themselves in debt from time to time. From credit cards to loans and even mortgages, most people owe some money somewhere. Sometimes the debt can become too much, especially if you find yourself on the verge of being retrenched, then your income is going to disappear and paying back these debts is going to be even harder than anticipated. Also remember at any age, you want to be saving for your retirement, something you should be looking at from the day you start work. Stop Borrowing Money Today The very first step to getting out of your debt quickly is to top borrowing. Often you will find you use your credit card as you near the end of the month so you can continue your current lifestyle. Not using the credit card may mean you cannot go out this weekend or you cannot buy the new furniture you wanted straight away, but you won't be borrowing more money and therefore it will help you pay back the debt much faster in the long run. Set Up

There has been quite a reshuffle when it comes to retirement age in the United Kingdom. It has gone as far as Chancellor Philip Hammond possibly using the November 22 Budget to refocus on the balance between young and old, getting the younger to pay for the older so that they can benefit. The concern is that official data has suggested that the elderly are already working for longer than they anticipated to ensure their financial security before retiring. This is becoming a common trend and we are seeing our older generation working longer and longer in order to secure their financial security, bridging the gap between an inadequate pension pot and a longer retirement. In fact the Department for Work and Pensions in the United Kingdom released statistics who show that the average retirement age has exceeded sixty five for men for the first time and women are closing in very quickly. There are more than one in ten men working over the age of seventy, while eight

One of the most important questions you should be asking yourself is whether your pension pot is enough to last your retirement years. Analysis has shown that if you are putting down more than five percent per year, you could still not have enough for your retirement, in fact you could have an empty bank account by the time you reach eighty. In fact the analysis focused on people retiring in 2000 with a £100,000 pension pot and found that if the saver withdrew seven percent each year, they would run out of money by 2014, that gave them only £7,000 per year. For those who only took six percent a year, they still had a small amount left in 2014 but still not enough left by the time they reach 2020. This information is valuable for anyone who wants to manage their limited savings to ensure a financially secure retirement. Men should manage to enjoy retirement for around eighteen years and women for twenty years. Final salary schemes are safe and ensures that the