SOCIAL SECURITY BENEFITS/PENSIONS – STATE BENEFITS Synopsis: A pre-registration service is now available to register an interest in purchasing Class 3a Voluntary National Insurance Contributions in order to top up State Pension benefit. Date posted: Tuesday, September 30, 2014 Individuals can pre-register now and from 12 October 2015 until 5 April 2017 they will be […]
PENSIONS – SIMPLIFIED TAX REGIME Synopsis: It’s that time of year again when scheme members’ can expect to receive a statement from their pension scheme(s) if the total pension input amount to that scheme is greater than the annual allowance. Date posted: Tuesday, September 30, 2014 Pension Scheme administrators must automatically give a Pensions Savings […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: Chancellor has announced that the 55% tax charge on lump sum pension death benefits on crystallised funds or death after age 75 will be abolished from April 2015. Date posted: Monday, September 29, 2014 The Chancellor today (Monday 29 September) has announced that from April 2015 individuals will have […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: When looking at the net proceeds from a UFPLS, it is dangerous to assume one marginal rate of tax applies throughout. Date posted: Thursday, September 25, 2014 The opportunity to draw unlimited amounts from a pension fund as a lump sum has got the creative juices flowing in some […]
PENSIONS – STATISTICS Synopsis: The Office for National Statistics has published a survey entitled the “Characteristics of People and Households without a Private Pension.” It might at first seem an interesting piece of history, as the data pre-dates the arrival of automatic enrolment, but there are some nuggets for the politicians to ponder. The Office […]
Synopsis: NEST contribution limit to be scrapped in 2017. Date posted: Tuesday, September 09, 2014 Steve Webb announced that the current annual contribution cap of £4,600pa that applies to members of the National Employment Savings Trust (NEST) will be scrapped following a year of negotiation between ministers and the European Commission. The move will benefit […]
CHILDREN AND FINANCIAL PLANNING Synopsis: Making pension contributions for children can be a very effective part of the overall plan for securing a child’s financial future and encouraging them to save. There is, understandably, reasonably regular ‘air time’ given to investing for children to meet the costs of higher education and ‘getting on to the […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: This Bulletin considers the rules relating to “small pots” commutation both now and beyond the pensions flexibility changes that are due to take place on 6 April 2015. Date posted: Thursday, August 28, 2014 HMRC’s draft guidance relating to the changes in respect of the taxation of pensions from […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: FCA has recently published a Consultation Paper 14/16 on proposed rules for Independent Governance Committees for workplace pensions. Date posted: Thursday, August 14, 2014 The Financial Conduct Authority (FCA) has recently published a Consultation Paper 14/16 (CP14/16) on proposed rules for Independent Governance Committees (IGCs) for workplace pensions (QWPPs) The proposals […]
PENSIONS – PENSION REFORM 2014/15 Synopsis: The promised draft legislation in respect of the Taxation of Pensions Bill has been issued for a technical consultation. Date posted: Wednesday, August 06, 2014 In the 2014 Budget, the Government announced proposals to allow (from April 2015) people aged 55 and over, access to their money purchase pension […]
