2016 annual allowance cut for high earners

Pensions – 2016 annual allowance cut for high earners – a window of opportunity? Some high income individuals will face a cut in the amount of tax-efficient pension saving they can enjoy from 6 April 2016. This might be the trigger to maximise pension funding this tax year for individuals likely to be affected now […]  Continue reading

2016 PIP changes give 2 bites at the AA cherry

2016 PIP changes gives two bites at the AA cherry The move to simplify the pension input period (PIP) rules potentially gives some individuals two bites at the annual allowance (AA) cherry this tax year. Not everyone will benefit, but some individuals will have an extra AA of up to £40k to use before 6 April 2016. […]  Continue reading

Why Review Your Defined Benefit Scheme?

Why Review Your Defined Benefit Scheme? Aspect Current Scheme Personal Pension/SIPP Control The Scheme Investment Options are chosen by the Trustees. This is designed to meet the cost of the benefits. The benefits may be adversely affected by changes to the company or scheme. The company can wind up the scheme and transfer benefits to […]  Continue reading

July 2015 Budget – what this means

The Chancellor promised a radical Budget – July 2015 Budget Two bites at Annual Allowance (AA) as Pension Input Periods (PIPs) are aligned with tax years from 2016 As a small step towards re-simplification of the pension rules, from 6 April 2016 all pension input periods (PIPs) will be aligned to the tax year. And […]  Continue reading

Pensions and Divorce

Pensions, Divorce and Freedom A solicitor dealing with divorce may find that the new legislation causes issues which they had not anticipated. Financial advisers can help them through this time by pointing them in the right direction in relation to material which explains the basic changes to legislation but also by pointing out areas which […]  Continue reading

New world order of saving

New world order of saving Pensions freedom and choice has radically changed the face of saving. No longer are pensions just a means of providing a regular stream of retirement income – they can be used to fund any life event after the age of 55. Habit forming Unlocking the full potential of the new […]  Continue reading

2015 Budget for all

2015 Budget for all Modern Budgets have become a piece of political theatre and George Osborne certainly didn’t disappoint in this respect, scoring points, almost at will, at the expense of his political opponents. The difficulty in analysing a 21st century Budget is the “timeline”. This Budget contained a restatement of many previously announced items […]  Continue reading

Pension or ISA ?

Pension or ISA ? It is folly for a man to pray to the gods for that which he has the power to obtain by himself – Epicurus Accepted logic is, for savings where access is required before age 55 ISA’s are a great option, but with pension freedom upon us and unlimited access pensions […]  Continue reading

The Care Act 2014

The Care Act 2014 which received Royal Assent on 14 May 2014 sets out the legal framework for the provision of adult social care in England. In part, it implements changes put forward by the Dilnot Commission. In broad terms, the Act follows an individual’s ‘journey’ in the care and support system and maps out […]  Continue reading

Offshore bonds get £5k tax free savings boost

Offshore bonds have been given a double tax boost. Changes to how savings income is taxed will mean a greater number of offshore bond savers will pay no tax on their bond gains. The twin measures will first see the savings rate tax band extended to £5,000 and the tax rate cut from 10% to […]  Continue reading

Pensions freedom is now!

Pensions freedom  The frenetic activity of tax year end has now subsided. Thoughts now turn to 2015/16. Radical changes affecting savings and financial advice may lead to conventional wisdom being turned on its head. Individuals now have more control, choice and responsibility over their retirement savings than ever before. They’ll need help to understand what […]  Continue reading

Child benefit and pension contributions

Child benefit and pension contributions Child benefit can be taken for granted. But it can also be taken away. Where someone in the household earns more than £50,000, the benefit begins to be withdrawn by way of a tax charge. This could mean losing out on £2,475 for a family with three children. For individuals […]  Continue reading

Playing catch up to gain pension freedom

Pension Freedom Now may be the right time to play catch up for any individuals who’ve neglected their pension savings in recent years or have relied solely on their employer’s scheme to provide for them in retirement. The new pension freedoms have provided a fresh incentive to save for retirement. Unlimited access without the need […]  Continue reading

New pension death options

New pension death options Less tax and more choice! The new pension benefits rules will have individuals giving more thought on how they can provide a legacy from their remaining pension pot. The changes from 6 April will see pension pots become far more inheritable than ever before. But prompt action may be needed to ensure […]  Continue reading

Pension death benefits

Pension death benefits Individuals hoping to leave a flexible legacy to family members from their pension need to check that they have everything in place to make that happen. Trying to achieve this after they have died may be impossible if stuck in a pension scheme which doesn’t offer the new freedoms, or with an […]  Continue reading

Getting your pension fit for ’15

April will herald the biggest shake up for a generation on how pension income can be taken. To ensure you are in the best possible shape for the new rules it is important to give your pensions a health check too. There’s a common misconception amongst the general public that, come 6 April, they can […]  Continue reading

Road test: Pension v ISA

Pension v ISA We’ve put the ‘all new’ 2015 pension and the recently modified NISA, head to head to see which will come out top in our 0 – £60k performance shoot-out and which one is the best-in-class family friendly model. Pensions and ISA compared According to HMRC 45% of savers in stocks and shares […]  Continue reading

ISA changes for surviving spouses and civil partners

ISA changes for surviving spouses and civil partners HMRC is consulting until 20 February 2015 on draft regulations to provide an additional ISA allowance for the spouse or civil partner of an ISA saver who dies on or after 3 December 2014. The allowance will be equal to the value of the deceased person’s ISA […]  Continue reading

Death Benefit update

Death Benefit update The Freedom and Choice pension reforms first announced in Budget 2014 have greatly changed how pensions can be utilised in financial planning. Greater access flexibility means savers can now use their pensions for far more than a retirement income. In addition changes to the way death benefits are taxed opens yet more opportunities […]  Continue reading

Reduced £10k allowance – keeping funding options open

Reduced £10k allowance Accessing April’s new pension flexibility comes at a price – that future pension funding to money purchase schemes will be capped at £10k. It may seem a small price to pay for unrestricted access to a lifetime’s pension savings. Delve a little deeper and it becomes clear that with careful planning it […]  Continue reading