May 19th 2017
Pension savings can be tax-efficient as it is possible to make tax-relieved contributions to registered pension schemes up to the higher of 100% of earnings and the available annual allowance. The annual allowance is set at £40,000 for 2017/18. To the extent that the annual allowance is unused, it can be carried forward for up to three years.
February 1st 2017
From 6 April 2017 employers will be able to provide employees with pensions advice costing up to £500 a year without triggering a taxable benefit. The new exemption will cover not only advice on pensions, but will also extend to advice on general financial and tax issues relating to pensions. The exemption will replace the current exemption, capped at £150 a year, available solely for pensions advice.
February 1st 2017
Since 6 April 2015, individuals aged 55 and over have been able to flexibly access pension savings in a money purchase (defined contribution) scheme. To prevent ‘recycling’ of contributions (withdrawing and reinvesting to take advantage of the associated tax relief), a lower annual allowance, the money purchase annual allowance, applies (subject to certain exceptions) where a pension pot has been flexibility accessed.
May 13th 2016
When you reach the State Retirement Age (SRA) you stop paying Class 1 NI contributions if you are employed, and Class 2 contributions if you are self-employed.
August 14th 2015
Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000.
June 4th 2015
Pensions’ automatic enrolment is not going to go away. Businesses have begun to receive notification of their staging date: the date on which pension arrangement under the scheme should be in place.
May 26th 2015
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The law on workplace pensions has changed. From the 1st of August 2015, businesses with fewer than 49 employees need to have, and contribute into, a pension scheme for all staff aged 22 and over.
April 10th 2015
The new flexibility, that certain pension pot holders can avail themselves from 6 April 2015, offers more opportunity regarding the funds they have saved. Once you reach minimum pension age, normally 55, you will be able to:
February 24th 2015
In his March 2014 Budget, the Chancellor of the Exchequer announced that, from April 2015, people aged 55 or more will be able to withdraw as much as they like, whenever they like, from their Personal Pensions and similar retirement saving plans. That is a simple enough concept, but the new arrangements will be governed by detailed and complex rules, and there have been some ‘scare stories’ – for example, incorrect reports that the traditional 25% ‘tax free lump sum’ will no longer be available.
January 9th 2015
The Government has indicated that it wants to offer more to existing pensioners and people who reach State Pension age before 6 April 2016 when the single-tier pension is introduced. To achieve this a new Class 3A voluntary contribution will be available from October 2015 to April 2017.
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