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: This video is for informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor for personalised guidance tailored to your specific situation.
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
