From April next year, the pension lifetime allowance will rise by £5,800 to £1,078,900, allowing individuals to save more money without paying tax. The lifetime allowance (LTA) is the maximum amount of pension savings a person can build up without a tax charge. It is currently £1,073,100 but will increase by 0.5 per cent in…

Research by the Institute for Fiscal Studies (IFS) has found that the Coronavirus pandemic has changed the retirement plans of one in eight older workers. The latest study is based on a survey from the English Longitudinal Study of Ageing (ELSA), which covered 10,000 people aged 50 and over. It found that 13 per cent…

Thousands of people across the UK have purchased new homes to take advantage of the Government’s Stamp Duty Land Tax (SDLT) holiday, but Legal & General Mortgage Club has warned a backlog in the sales and mortgage process means that sales need to be completed quickly. The SDLT holiday announced earlier this year, ends in March…

National Savings & Investments (NS&I) has announced that it intends to dramatically cut the interest it pays on many of its savings accounts in November. At the same time, NS&I Premium Bond holders will also see their chances of winning a prize reduced from December. The latest announcement is disappointing to many savers who have…

It is believed that thousands of homeowners in the UK could be trapped in poor mortgage deals due to changes to the affordability rules brought in during the last financial crisis. Often referred to as mortgage prisoners, these homeowners have found, that despite generally keeping up with repayments, they are no longer eligible for many…

New research from Money.co.uk suggests that as many as one in four workers have increased or decreased payments into their pensions due to the Coronavirus Pandemic. Those in the financial sector were most likely to have increased their pension contributions, according to the study, with 25 per cent of those working in this sector having…