by hollyelaine | Apr 2, 2020 | Archive
Final Salary Pension Transfer Defined Contribution Schemes Recent pension freedom rules have allowed final salary pension schemes also known as defined benefit (DB) to switch into defined contribution (DC) arrangements. The advantages of the new arrangement are:...
by hollyelaine | Apr 2, 2020 | Archive
My State Pension State Pension Forecast The state pension is designed to provide you with a regular income for the rest of your life; it will regrettably be unable to provide you with the income to sustain the lifestyle that you most likely would desire. It is...
by hollyelaine | Apr 2, 2020 | Archive
Lifetime Allowance There is a limit on the value of retirement benefits that you can draw from approved pension schemes before tax penalties apply. That limit is called the Lifetime Allowance. The Lifetime Allowance is £1 million in the 2016/17 tax year. The following...
by hollyelaine | Apr 2, 2020 | Archive
Annual Allowance The Annual Allowance is an annual limit set by HMRC. Contributions paid in excess of this amount are unlimited but will give rise to a tax charge on the pension scheme member. The Annual Allowance for the tax year 2016/17 is £40,000, inclusive of your...
by hollyelaine | Apr 2, 2020 | Archive
Pension Switching and Consolidation Make your pension work harder Understanding whether you will benefit from a pension transfer can be very complex and you should always receive professional advice. Everybody’s circumstances are different, so you won’t necessarily...
by hollyelaine | Apr 2, 2020 | Archive
SSAS A SSAS is a Small Self Administered Scheme, individually authorised by HMRC. It is an occupational registered pension set up by the sponsoring business and designed for use by business owners, who might be company directors, members of a partnership or...
