How has COVID-19 affected retirement plans?

Attitudes and aspirations of this year’s retirees

The coronavirus (COVID-19) pandemic has impacted on every aspect of our lives, affecting individuals’ financial situation and, for many, their plans for retirement. If you are approaching retirement in the next 12 months, your plans should be under continuous review. 

Gender pension gap

British women impacted at every stage of career

The staggering impact of the gender pension gap has been revealed in research which shows that women have lower pension pot sizes in every age bracket, with the situation significantly deteriorating as they approach retirement[1]. 

Advice matters

Intergenerational planning and wealth transfer between advised families

Following the coronavirus (COVID-19) pandemic outbreak, UK adults admit they need financial advice for their current situation[1]. A report, which looked at intergenerational planning and wealth transfer between advised families amid the financial volatility and insecurity of the pandemic, found that more than half (53%) of UK adults surveyed say they have been prompted to seek advice from a financial adviser. 

No such thing as a ‘no-risk’ investment 

Knowing how much risk you are comfortable taking is key

All investments carry some degree of risk. When you invest, you make choices about what to do with your financial assets. Risk is any uncertainty with respect to your investments that has the potential to negatively affect your financial welfare. 

Pension Lifetime Allowance

Do you need to take action to avoid risking additional tax charges in retirement?

When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges in retirement.