So, we had another election. Well done. You voted. What changed?
On one level lots, in terms of removing future uncertainty about Brexit, good or bad whatever your thoughts. But on another level – and I’m talking pensions here – not much, which is good.
The manifestos threatened lots of things, most strikingly from two opposition parties offering to give compensation for the WASPI Women, against the High Court Ruling earlier this year. Thankfully we are not there.
Pensions have always been a play in politics.
I’ve seen the game play out through Budgets over the years. Mostly rumours about the tax-free cash being taken away. This is something that we all benefit from when we draw our pension. If a Government took that away at any point on short notice it would be political and pension suicide.
The point of saving into a pension is that you get huge tax advantages, but you need to wait to take your money out. Every £1 you save you get 20p from the Government. When you reach retirement age you can draw 25% of your pot tax free. If you have spare money this is the best way for you to save.
I’m not a financial adviser and can’t give advice but I want you to think about what you are doing to plan for your future…