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Mini budget pension implications

Mini budget pension implications

Tuesday, July 14, 2020

Mini budget pension implications The jobs must be "decent jobs" granting employees a minimum of 25 hours of work per week, paid at the National Minimum Wage, set at £4.55 for those aged under 18, £6.45 for those aged between 18 to 20, and... Read More

Lifetime Allowance and Penalty Tax

Lifetime Allowance and Penalty Tax

Friday, April 24, 2020

Lifetime Allowance and Penalty Tax Generally, a test against the lifetime allowance is carried out when benefits are taken before age 75 or, if not already taken, at age 75. If the member has taken benefits as drawdown before age 75, then there will be a... Read More

New Pension rules in the Budget March 2020

New Pension rules in the Budget March 2020

Monday, March 16, 2020

  New Pension rules in the Budget March 2020 Threshold and Adjusted Income levels to both be increased by £90,000 for 2020/2021.This results in Threshold Income becoming £200,000 and Adjusted Income being £240,000.Tapered Annual... Read More

How to Claim back tax from HMRC if you make a pension contribution

How to Claim back tax from HMRC if you make a pension contribution

Friday, December 20, 2019

How to claim back tax from HMRC if you make a pension contribution and are a higher or additional rate tax payer Establish if you contribute into a 'relief at source' pension. If it is a 'net pay' scheme you won’t be able to apply for it Login to... Read More

Why it's important to complete a pension nominated beneficiary form

Why it's important to complete a pension nominated beneficiary form

Tuesday, November 26, 2019

Why it's important to complete a pension nominated beneficiary form   FOR INVESTMENT ADVICE REGARDING YOUR PENSION OR OTHER INVESTMENTS PLEASE CONTACT Elliott Wilson ACSI DipPFS AF3 Share   While we keep information on the... Read More

Residence nil rate band

Residence nil rate band

Friday, November 1, 2019

Residence nil rate band The residence nil rate band is only available against the value of your home. Therefore, if an individual has inherited their spouses allowance, they will have £350,000 RNRB from 6 April 2020 but if their home is only worth... Read More

How are your pension investments protected by legislation?

How are your pension investments protected by legislation?

Thursday, May 9, 2019

How are your pension investments protected by legislation? In addition to the protection under the Pension Protection Fund for final salary schemes, a level of additional cover is provided by the Financial Services Compensation Scheme (FSCS) for money... Read More

Inheritance Tax after one parent dies

Inheritance Tax after one parent dies

Thursday, April 4, 2019

Inheritance Tax after one parent dies How one of your parents dying impacts Inheritance Tax and what you receive from the surviving parent; Provided everything was left to the spouse on first death the survivor will have 2 NRBs (Nil Rate Band... Read More

Annual Allowance

Annual Allowance

Friday, March 29, 2019

Annual Allowance Money Purchase Annual Allowance drops to £4,000 after flexibly accessing benefits Where an individual has flexibly accessed pension income (see our separate guide as to what triggers this reduction) their Money Purchase Annual... Read More

Should you defer your state pension if you are still working?

Should you defer your state pension if you are still working?

Thursday, December 6, 2018

Should you defer your state pension if you are still working? If you defer you get 1% of your pension for every 9 weeks it’s deferred. You get an increased amount but you can no longer opt to take this as a lump sum. In effect, this means if you... Read More

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