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Did you know that you can top up your state pension whilst living abroad?
The State Pension changed on 6 April 2016. If you reach State Pension age on or after that date you’ll get the new Single Tier State Pension, under the new rules. The new State Pension is designed to be simpler than the old Basic State Pension system.
Members of final salary pension schemes who have not yet retired can generally give up their pension rights under the scheme in exchange for a lump sum. This lump sum may then be flexibly accessed, following the introduction of Flexi-access drawdown. Note that transfers are only permitted before your retirement date. If you are already receiving a defined benefits pension you can’t get a transfer value.
A Pension Increase Exchange (PIE) exercise involves offering defined benefit (DB) scheme members the choice of exchanging future annual increases on their pensions in retirement, for a one-off immediate uplift.
Inheritance Tax or IHT as it is better known, is a tax paid on your estate. This includes property, money (including investments and cash in the bank), possessions and also life insurance policies if they are not put into trust.