Craig McConnon

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...