News
PENSIONS ASPECTS OF EMERGENCY BUDGET 2010
25th June 2010Three general areas mentioned in the Emergency Budget are likely to affect pension planning for our clients over the coming years.
BUDGET 2010
26th March 2010A host of changes were made in the 2009 Budget and Pre-Budget review, limiting contributions in the run up to 2011 for those who have earned over £130,000 p.a. and after 2011 for those who will earn over £150,000 p.a.. All this Budget did was to confirm that these restrictions on contribution limits would not be removed.
LUMP SUM RUMOURS
8th March 2010A number of rumours are circulating regarding possible changes to the taxation of pension commencement lump sums, also known as tax free cash sums, after the next general Election, or after the next Budget Day if earlier – whoever wins!
MINIMUM DRAWING AGE TO CHANGE FROM 50 TO 55
17th February 2010With effect from 6 April 2010, the Government is changing the minimum age at which scheme members may commence drawing benefits from registered pension schemes. This will rise from age 50 to age 55 – except in cases of serious illness.
FINANCE BILL 2009 - YOU WOULDN’T BELIEVE IT….OH YES YOU WOULD!!!!
20th July 2009On 3 July 2009 the Government proposed further amendments to its own Finance Bill which change again (and slightly improve) the tax reliefs on pension contributions - announced by Alistair Darling in the April 2009 Budget – and detailed in our previous circular –“ Another Budget Raid on Pensions”.
BUDGET 2009 - ANOTHER BUDGET RAID ON PENSIONS
24th April 2009In it's 2009 Budget, the Government has once again chosen to meddle with the pension system and is once more hindering long-term retirement saving for higher earners to try to achieve a quick fix of the other problems that it has created.
TAX CHANGES TO PERSONAL CONTRIBUTIONS
6th April 2008A number of changes have come into effect from 6 April 2008, as a result of a variety of tax changes, which will affect those members making personal pension contributions into Small Self-Administered Pension Schemes.
PRE BUDGET REPORT 2006 - TO DRAW OR NOT TO DRAW THAT IS THE QUESTION!
6th December 2006Buried in the undergrowth of press releases etc. issued after Gordon Brown’s Pre-Budget Report on 6th December 2006, are announcements of further proposed changes to the new “simplified” pensions tax regime - plus new taxation for SSAS’s (small self-administered pension schemes) and SIPPS (self-invested personal pension).
PRE BUDGET REPORT 2005 - GORDON BROWN'S U-TURN ON INVESTMENTS FOR SSAS'S AND SIPP'S
5th December 2005Gordon Brown in his Pre Budget Report on 5 December 2005 has withdrawn some of the tax advantages of the new investment freedoms that he had previously introduced for self-administered pension schemes.
LAUNCH OF NSS SOLUTION SIPP
10th October 2005A Self Invested Personal Pension (SIPP) is, potentially, the most flexible type of “personal pension plan” and may be established for an individual.
HIGHLIGHTS OF THE NEW “SIMPLIFIED” PENSION TAX REGIME
9th September 2005Governing legislation – Finance Act 2004, Finance Act 2005 and subsequent Statutory Instruments and Regulations.