Category: All News

Mitigating the impact of the forthcoming rate increase An increase in the top rate of personal income tax for all income above £150,000 was announced in the 2009 Budget. The new 50 per cent rate will come into force from 6 April 2010. This is a significant increase (and an increase in the original figure announced… Continue reading 50 per cent tax rate

Passing assets to beneficiaries using a trust You may decide to use a trust to pass assets to beneficiaries, particularly those who aren’t immediately able to look after their own affairs. If you do use a trust to give something away, this removes it from your estate provided you don’t use it or get any… Continue reading UK trusts

Greater flexibility and control over your savings A Self-Invested Personal Pension (SIPP) is an investment savings vehicle aimed specifically at producing income, or a tax-free lump sum with a reduced income, in retirement. A SIPP is a pension that gives you greater flexibility and control over your savings and where they are invested. It is… Continue reading Tax-efficient SIPPs

Building up enough‘ qualifying years’ The basic State Pension is a government-administered pension. It is based on the number of qualifying years gained through National Insurance Contributions (NICs) you’ve paid, are treated as having paid or have been credited with throughout your working life. – If entitled, you can receive the basic State Pension when… Continue reading The basic State Pension

Important changes on the horizon The additional State Pension, or State Second Pension, is paid in addition to the basic State Pension. Your entitlement to the additional State Pension (whether from SERPS – State Earnings-Related Pension Scheme, or from the State Second Pension) is calculated when you claim the basic State Pension. Until April 2002, the… Continue reading The additional State Pension

A gradual increase over two years every decade State Pension age is the earliest age at which you can claim your State Pension. It is currently 65 for men and 60 for women. However, the State Pension age is changing and will increase between 2010 and 2046. Currently, the State Pension age is 65 for… Continue reading Changes to the State Pension age

Putting off your claim for at least five weeks By choosing to put off claiming your State Pension you can receive an extra State Pension. You must put off your claim for at least five weeks. For every five weeks you put off claiming you can earn an increase to your State Pension of one… Continue reading Extra State Pension

Joining your employer’s scheme Occupational pension schemes vary from company to company. Your scheme is likely to be one of two general types, final-salary related or defined contribution scheme. Final-salary related schemes Final-salary related schemes are also known as defined benefit schemes. With these, the amount you receive on retirement depends on your salary when… Continue reading Occupational pensions

Options available when an occupational pension is not provided Your employer is required to offer you the chance to join a pension scheme. If an occupational pension is not provided then this would normally be a stakeholder or alternative personal pension. Your employer must offer you access to a stakeholder pension, so long as both… Continue reading Personal pension plans through you remployer