Category: Financial News

Complex calculations mean there are a number off actors to consider Divorce can create financial difficulties. The pensions of both parties in a divorce may be considered when the court decides what money goes where. If one spouse never worked, while the other built up a large pension fund, this will have to be taken… Continue reading Dividing pension rights in a divorce

Dates for your diary The state pension age is the earliest age at which you are able to claim your state pension benefits. For many years this has been 65 for men and 60 for women, but things are soon to change. And the age at which you can claim that state pension will be… Continue reading State pension age changes

Your questions answered You don’t have to be seriously wealthy for your estate to be subject to Inheritance Tax (IHT) after you die. Currently, IHT is levied on everything you leave over £325,000 (2009/10). Inheritance tax planning is a complex subject and it’s important to obtain professional advice if you have any concerns about your particular requirements,… Continue reading Inheritance tax planning

In the run-upto the end of the 2009/10 tax year,now is the time to start making sure that your tax affairs are in the best of health.Follow our check list to see what you should be considering. Unused Tax Allowances If your spouse has any unused tax allowances or pays tax at a lower rate,… Continue reading 10 ways to save tax

Did you know? If you are over 65, you should check you are getting the correct personal allowance. The allowance for the 2009/10 tax year is £6,475, but if you were aged 65 to 74 on April 5 2009 it is increased to £9,490. If you were aged 75 or over on April 5 2008… Continue reading Your tax code

Figures show higher savings ratio The Office for National Statistics (ONS) has published figures that show households are saving the biggest proportion of their incomes for six years. The saving ratio, which measures how much Britons are putting aside from their earnings, rose to 5.6 per cent in the second quarter of the year which… Continue reading Britons saving more

A guide to understanding some of the basic terms used A Day 6 April 2006 – the day that the pension simplification rules came into effect changing the way we can save for retirement. Annual allowance The maximum you may invest in your pension funds in a given tax year with tax relief. Annuity An… Continue reading Personal finance jargon

How the landscape for retirement planning has changed The government introduced new pension rules, known as ‘pension simplification’, that became effective from 6 April 2006 (A-Day). This completely changed the pension landscape by creating a single universal regime that replaced the previous eight tax regimes. Savers in occupational and personal pension schemes and employers have… Continue reading Pension rules post A-Day

Shopping around to get the best deal When you decide to take benefits from your pension savings, you are not obliged to purchase an annuity and take your retirement income from the company that you hold your pension fund with. An ‘open market option’ enables you to transfer your accumulated pension fund to another insurance company, which allows you to shop… Continue reading Boosting your retirement income

Have you taken advantage of topping up your tax-free savings? If you are aged 50 or over, from 6 October your Individual Savings Account (ISA) allowance increased by a further £3,000 to £10,200; £1,500 of this increase can be saved in a cash ISA. Everyone else will be entitled to this higher contribution allowance from… Continue reading ISA returns of the year for the over-50s