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*Assets under Management and Assets under Influence combined for AFH Financial Group companies, accurate at January 2024. Figure is rounded to the nearest billion.
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The Government is looking into historic underpayments of the State Pension that could affect hundreds of thousands of Britons. This means many pensioners that received less than they should have done could now be able to claim back payments, which could be as high as £10,000 or more.
While pensions offer a tax-efficient way to save for your retirement, care needs to be taken when you access them. While pensions offer tax advantages while you’re building them, they can be subject to potentially significant tax charges when you draw money from them.
According to the media in August 2024, the number of Britons whose pensions will not provide the retirement lifestyle has risen. Data from Standard Life reveals that the number of people with pensions that is unlikely to provide the standard of living they want increased from 35% to 38%, when compared to 2023.
While an important benefit of pensions is the tax relief they offer, another is the growth potential they can offer over the long-term. One reason for this is ‘compound growth’, which can help to boost the value of your retirement fund and turn your dream retirement into reality.
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