Category: Business news

Final Salary Schemes – Is that your Final Answer?

Some holders of final salary schemes may consider transferring out of them to take advantage of the pension reforms. But would this be a good idea? Anyone considering this irreversible step could soon be required by law to take independent financial advice first. Here’s why. When you’re offered a lot of money in one go,...

Abolition of 55% tax charge on drawdown pension

Drawdown Pension This update provides further detail on the removal of 55% tax rate on pensions at death, following the Chancellor’s announcement on 29th September 2014. HM Treasury and HMRC plan to discuss the technical detail further with industry stakeholders prior to final legislation. Updated details have now been released and these answer many of...

PIPS and Carry Forward

PIPS and Carry Forward The Annual Allowance is a completely separate issue to tax relief in that the total of both employee and employer contributions, whether these are tax relievable or not, will be subject to an Annual Allowance tax charge if they exceed the Annual Allowance limit in any particular year. What is a...

Relaxation of the block transfer rules

Relaxation of the Block Transfer Rules The Finance Act became law on the 17th July 2014 and formally brings in some changes to pensions that we’ve known about since the Budget, such as: Increases to the trivial commutation and small pots limits, Increase in the GAD limit, and Reduction in the minimum income requirement for...

Business owners and pension flexibility

Business owners and pension flexibility Business owners looking to extract surplus profits from their business will be looking forward to April’s new pension income flexibility. Not only will pension funding remain the most tax efficient way to extract profits, but those funds will also become far more accessible than ever before. Allowable contributions have the...

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