March 2015

Pension fund access in full

By |March 23rd, 2015|

New legislation allows increased payment flexibility

If someone is a member of a defined contribution scheme from 6 April 2015, they will be able to access their pension fund, in full, without needing to purchase an annuity.If you have any questions on your pension and the scheme you are in then you should seek independent financial […]

Defined Benefit Pension Schemes

By |March 20th, 2015|

Salary-related pension based on the number of scheme membership years
Some employers offer these schemes, also known as ‘salary-related pension schemes’. When someone retires from the scheme, it pays them a pension where the benefit is based on rules set out by the scheme.
How a defined benefit scheme work
Defined benefit schemes usually provide a pension income based on:
The […]

Pension auto-enrolment: a guide for small businesses

By |March 19th, 2015|

According to The Guardian as employer pension contributions are scheduled to rise to 3% by 2018, working out how to use auto-enrolment is a vital tool for small businesses
With there being a large retired population that’s only going to increase, there’s a need for action to ensure a sustainable economic future for the UK. What […]

Pension changes: the Budget brings in new annuity rules

By |March 19th, 2015|

Yesterday’s pension changes add more flexibility to the annuities system – but cut tax-free allowances, according to The Week.
If you are already one of those people saving for the long term, you’ll know there are big changes afoot in the way we save into – and draw money from – pensions. Some major reforms, announced […]

Accessing your pension safely, without unnecessary costs and a potential tax bill

By |March 18th, 2015|

What the pension reforms will do is , it will bring you a new level of flexibility and choice .These new choices and flexibility will affect every individual in different ways as the end result will always depend upon the individual personal circumstances.
For some people an annuity could still be the right option for them. […]

Cashing in pension benefits

By |March 18th, 2015|

New system to encourage further pension saving
Currently someone that is in income drawdown cannot receive tax relief on future contributions. To help encourage further pension saving under the new system:
If they’re currently in flexible drawdown, they will have a new annual allowance of £10,000
If they drawdown more than 25% tax-free lump sum from a defined […]

Budget 2015: Latest pension changes explained

By |March 16th, 2015|

According to the BBC News, Chancellor George Osborne is set to allow up to five million existing pensioners to swap their fixed annual payments for cash.

In what is seen as an attempt to woo older voters, the chancellor is expected to extend pension changes from April 2016, to allow existing pensioners to swap their annuity […]

Tax-free lump sum on death

By |March 16th, 2015|

Freedom to pass on an unused defined contribution pension
People with defined contribution pension savings will no longer have to worry about their pension savings being taxed at 55% on death. Commencing from 6 April 2015, individuals will have the freedom to pass on their unused defined contribution pension to any nominated beneficiary when they die, […]

Pension changes 2015: Annuity or pension drawdown?

By |March 13th, 2015|

From 6 April 2015, such dilemmas could become real for some, as the government gives those over 55 the freedom to spend as much of their pension savings as they like.
In truth, the surveys suggest most people are rather more modest in their dreams – with a decent income in retirement at the top of […]

Sorting out your finances

By |March 13th, 2015|

Sorting out our finances is high on
our list of priorities in 2015
The British population is determined more than ever to get more savvy about their saving and spending habits in 2015, with three quarters (76%) of adults admitting they are prepared to moderate their lifestyle, according to a new survey by Standard Life.

Sorting out finances
Showing […]