Use this ‘£1 trick’ to dodge unnecessary pension tax

Savers are being forced to resort to a “£1 trick” to make sure they don’t get stung by emergency tax levied by HMRC on their pension savings. Because of a quirk of the tax system, if you take a lump sum from your pension the tax man assumes this amount will be taken each month. This “emergency tax” provision means pensioners only … Continue reading

Wage growth hit by higher inflation

The amount of money workers are taking home continues to fall as inflation takes its toll, official figures show. Average earnings fell in real terms by 0.6% in three months to April, compared with the same period last year. Before inflation, earnings rose by 1.7% excluding bonuses and were up 2.1% including bonuses, according to the Office for National Statistics. … Continue reading

Norwegian fund owners to invest in UK pension scheme

The owners of a Norwegian asset manager, Skagen, is taking a multi-million pound stake in UK pension provider Smart Pension. Smart Pension is a master trust that provides a pension to auto-enrolled workers, in which Legal & General (L&G) owns a minority stake. The master trust targets the thousands of small businesses which are having to enrol their employees as … Continue reading

Amazon shares hit $1,000 for the first time.

Shares in online retail giant Amazon have risen above the $1,000 mark for the first time. The shares touched $1,001.2 at one point on Tuesday before slipping back to $996.7. It originally listed its shares in May 1997 for just $18 each. Amazon now has a market capitalisation of about $478bn, which is more than twice that of Wal-Mart. After … Continue reading