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20 June 2021
15:20 hour

Max Life launches Saral Pension plan with guaranteed financial protection – Check features

Financial Express

17/05/2021 - 10:20

This immediate annuity product guarantees a regular stream of income in one’s golden years and offers individuals a chance to maintain their lifestyle pre and post-retirement with the assurance of guaranteed income as long as the policyholder lives.


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    Pension plans are an important source of retirement income for many working Brits. As of 2018, it’s compulsory for every company in the UK to enrol its eligible staff in a workplace pension scheme. Since these pension schemes are run by employers, you might be wondering what will happen to your pension if you change jobs. Will you lose the pension and its benefits? Or will you be able to keep everything and walk away with it? Let’s find out. How do workplace pensions work? A workplace pension is a way of saving for retirement that’s arranged by your employer. Contributions are deducted directly from your wages. Your employer will also add money into the pension scheme for you. Additionally, you’ll get tax relief from the government on the contributions you make to the scheme. These contributions will then be invested with the ultimate aim of increasing the amount you have to retire on.   There are two main types of workplace pensions: Defined benefit pensions Defined contribution pensions For more information on the nature of each, check out our article on how pensions work. What happens to my workplace pension if I change jobs? The good news is that your workplace pension still belongs to you even if you change jobs, so you won’t lose it. You also won’t lose any benefits you might have already built up. If you change jobs, you have several options for your pension. First, you can leave the funds in your former workplace scheme. If you do not continue paying into the scheme, your money will still remain invested and you’ll get your pension once you reach the scheme’s pension age. Some employers might also allow you to continue making payments into your old scheme. However, they won’t make any new contributions. You might not get some of the pension scheme’s benefits in the future as they may only be available to the employer’s current workers. But you might still get tax relief on your payments. The other option is to join your new employer’s pension plan. You can subscribe to the new plan while still maintaining the one at your old employer. Or you can transfer the old scheme to the one at your new employer or even to another different scheme. It’s important to note, though, that this is not possible for all schemes. So, before you take any action, check whether: Your current pension scheme provider allows you to transfer some or all of your pension pot The new scheme that you wish to transfer to will accept the transfer Can’t I just cash in the pension from my old employer? It’s not that simple. Except in some rare cases, for example, if you are very ill, you usually can’t take money out of your pension pot before you turn 55. In fact, according to Pension Wise, if someone contacts you unexpectedly and says they can assist you to access your pot before the age of 55, it’s likely to be a pension scam, so exercise caution. What if I become self-employed? If you leave your job to become self-employed, your former employer will no longer pay into your workplace pension, but you can leave the funds there and continue making contributions. Check first to see whether this is actually possible because, as mentioned, not all schemes will allow it. There are also several other ways to save for your retirement after becoming self-employed. For example, you can set up a personal pension or stakeholder pension. These are available from various pension providers in the UK and could give a much-needed boost to your retirement income. Another option worth considering is the National Employment Saving Trust (NEST). This is a government-run workplace pension scheme that’s open to employers and the self-employed. Final word If you are changing jobs and are unsure of what to do with your current pension, it might be a good idea to talk to a financial adviser first. They can help you make the best choice based on your situation and your goals for the future. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Why I’d buy dirt-cheap shares now and aim to hold them for a decade 3 steps I’d take to find top dividend shares to buy in March and beyond 3 mistakes passive income investors can make when investing in dividend stocks A FTSE 250 share I’d pick to buy and hold Ocado was the worst-performing FTSE 100 share in February. Here’s why The post What happens to my pension when I change jobs? appeared first on The Motley Fool UK.
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  40. Get in the habit of hedging (05/03/2021 - Reddit Stocks)
    I am seeing so many people now who on a mid size correction have lost more than 40% and its honestly pretty depressing, first I would really hate to see what would happen if we go lower on another dip or on this one. But this post is mainly to say that if you are taking a bet that has even a little risk involved, hedge hedge hedge, you never know what will happen and if you have 0 protection then any unexpected event can really hurt. There are many ways to hedge such as buying long dated puts, vix calls or an inverse etf or a vix etf and many more but seriously if you take a risk have protection this is the stock market not a high intrest savings account, nothing is guaranteed.   submitted by   /u/ilai_reddead [link]   [comments]
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  41. PFRDA revises Investment Management Fees to be charged by pension funds in NPS – Check details (05/04/2021 - Financial Express)
    As per the notice to subscribers, the new slab-wise structure will be applicable to the pension funds to whom a fresh certificate of registration has been issued by PFRDA on March 30, 2021.
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  42. How much Rs 2 crore term insurance plan will cost you (09/06/2021 - Financial Express)
    Term insurance plans are low-cost, high-cover plans to provide life protection.
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  43. What is a deferred pension? (21/03/2021 - The Motley Fool UK)
    If you are approaching retirement age, you may be thinking about when to start taking your pension. You may not need to access your pension income yet and you might be wondering what a deferred pension is. Let’s take a look. What is a deferred pension? It’s a pension you have decided to delay taking payments from. One of the main reasons to defer your pension is to increase your retirement savings. What types of pension can I defer? You will be able to delay making withdrawals from the following pensions if you have them: Workplace pension Self-invested personal pension (SIPP) Stakeholder pension (SHP) UK State Pension [top_pitch] What about a defined benefit (final salary) pension? Check with your pension provider since you may not be allowed to defer this type of pension. If you are, you may end up losing some of your guaranteed income or other benefits such as a guaranteed annuity rate. Make sure you are fully aware of the terms and conditions when deferring this type of pension before making a decision. What are the advantages and disadvantages? Advantages Your pension will spend more time invested in the stock market. It will have a greater opportunity to grow, giving you a larger future income. If you are still working and have enough income, leaving your pension untouched until you stop working could reduce your income tax bill. Disadvantages There is no guarantee that the value of your pension will increase in the future. You may defer your pension only to end up making future withdrawals in the middle of an economic downturn. If you delay taking your State Pension and you are on benefits, you will lose the amount you would have received over the period of the deferral. There may be restrictions or charges involved if you choose to delay taking your pension. You will need to check with your pension provider. What is the process involved with a deferred pension? Workplace, SIPP or SHP If you have a workplace pension, SIPP or SHP, you need to contact your pension provider who will be able to help you. Make sure you ask about the terms and conditions associated with deferring your pension. UK State Pension You will receive a letter two months before you reach State Pension age with instructions on how to start claiming it. At this point, you can choose to claim it or defer it. [middle_pitch] What happens when you defer your State Pension? You can defer your State Pension for as long as you want. If you choose to do this, it must be the entire amount. You can also choose to defer your State Pension even if you have started claiming it. Unless you were on state benefits during the period of deferral, you will receive an extra amount. This will depend on the period of deferral and your state pension age. If you reached state pension age before 6 April 2016 You will receive an extra 1% for every five weeks your pension is deferred. In a full year, this will be 10.4% and for someone on a full basic pension of £134.25 per week, this amounts to an extra £726 per year. You can choose to take this in instalments through higher weekly pension payments, or as a one-off lump sum. To be eligible for the lump sum, you must defer for 12 consecutive months. If you reached state pension age on or after 6 April 2016 You will receive an extra 1% for every nine weeks your pension is deferred. In a full year, this will be 5.8% and for someone on a full basic pension of £175.20 per week, this amounts to an extra £528 per year. You will not be eligible for a one-off lump sum payment. Further information about deferring the UK state pension is available from the gov.uk website. Final thoughts It’s a good idea to make plans at least six months before you are due to retire. There is a lot to think about, and a number of decisions that you will need to make, so don’t wait until the last minute. If you would like additional information about what a deferred pension is, you can speak to the Money Advice Service, or the Pensions Advisory Service. Please note that tax treatment depends on the specific circumstances of the individual and may be subject to change in the future. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Why I’m buying UK value shares like these, right now How to get free office software if you run a small business These FTSE 100 companies are on my list of the best stocks to buy now 2 FTSE 100 shares to buy right now What not buying clothes for a year taught me The post What is a deferred pension? appeared first on The Motley Fool UK.
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  44. Aditya Birla Health Insurance Activ Health to offer up to 100% return on premium – Check features (24/02/2021 - Financial Express)
    The plan is offering up to 100 per cent premium returns, rewards and up to 100 per cent reload of Sum Insured through its enhanced version of Activ Health policy.
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  45. Retire from work, not life – Here is how life insurance products can help you (22/03/2021 - Financial Express)
    Traditional products not only enable customers to save for financial goals over a period of time but also provide financial security to the family in the form of a life cover in case of the demise of the policyholder.
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  46. Axis Mutual Fund launches ‘Axis Global Innovation Fund of Fund’ – Check features (06/05/2021 - Financial Express)
    An open-ended fund of fund scheme investing in Schroder International Selection Fund Global Disruption (SISF) – a global equity fund that aims to provide capital growth by investing in companies worldwide that benefit from disruption.
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  47. Life insurance: We need insurance agents in the digital era (25/02/2021 - Financial Express)
    In life insurance, one-on-one interaction is still an integral part of the sales process even for term assurance and guaranteed return plans
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  48. Time for women to start protecting their financial health (10/05/2021 - Financial Express)
    You must ensure that you have a robust financial plan in place. A plan that reflects your unique risk-return capabilities and can help you meet your financial goals as well as sail through tough times.
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  49. Family pension settlement if a retiree expires before filing pension papers: Govt finalizes process (03/03/2021 - Financial Express)
    The government has finalized a procedure that may be adopted for processing of pension in case of a retired government employee who has died without submitting the pension papers.
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