Pensions (2024) | Everything You Need To Know

Video Description

Pensions are a vital tool for building wealth in the UK, and they come with lots of great tax benefits, but they are also massively underused because most of us have never had pensions explained to us, yet it's vital to know how pensions work as they are the most tax-efficient way of building retirement savings. After watching this video, you'll understand everything you need to know, so you can make the most of these for your own financial planning. 00:00 Intro 00:33 State Pensions 01:36 Defined Contribution Pensions 01:52 Tax Relief 03:25 Workplace Pensions 04:23 Pension Annual Allowance 04:54 How it generates income 05:34 Taking pension income 06:27 Buy a pension annuity 07:00 Flexi-Access Drawdowb 08:00 UFPLS 09:05 When you die (DC Pension) 09:36 Defined Benefit Pension 10:35 How you accrue pension income 11:30 When can you take DB income? 12:18 Tax-Free Lump Sum 12:43 When you die (DB Pension) 🌐 Connect with Toby: Twitter: @TobyHines LinkedIn: Toby Hines 💬 Join the Conversation: Have questions or thoughts about the information in this video? Drop them in the comments below! Don't forget to like, share, and subscribe for more financial insights. 📈 DISCLAIMER: The content in this video is provided for information and entertainment purposes. It should not be construed as direct or indirect financial advice. You must thoroughly research any potential financial or investment decision and fully understand the risks before taking it. If in doubt, you should seek Independent advice from a professional adviser. Tax rules and legislation is subject to change. HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. The Financial Conduct Authority does not regulate tax planning or Cashflow Planning.. The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested. Past performance is not a reliable indicator of future performance and should not be relied upon.. RISK WARNINGS AND DISCLAIMERS Capital at risk. This video does not constitute personal advice. Past performance is used as a guide only. It is no guarantee of future returns. Prevailing tax rates and reliefs are dependent on individual circumstances and are subject to change. We do not provide tax advice. #RetirementPlanning #FinancialFreedom #PersonalFinance #PersonalPension #FinancialEducation #SubscribeNow #workplacepension #pensions #mpaa #ufpls #definedcontribution #definedbenefitpension #taxrelief #statepension #pensionsexplained