Pension

The lifetime limit on tax-free pensions savings to be abolished as announced in UK Budget 15th March 2023

2023-03-16T13:02:48+09:30March 16th, 2023|Breaking News, Pension|

15th March 2023 The lifetime limit on tax-free pensions savings will be abolished, the chancellor has announced. In addition, the annual tax-free pension allowance will rise to £60,000. The changes are part of the government's plan to get older people back into work, but most people are unlikely to benefit. What are the pension [...]

When can I move my money out of the QROPS?

2022-11-10T14:15:57+09:30November 2nd, 2022|Pension, QROPS|

Transferring your pension into a registered QROPS scheme triggers the need to be in a QROPS for five full UK tax years (as a minimum). HMRC also has a 10-year reporting requirement. During this period any money moved into a non-QROPS within the relevant period will trigger an unauthorised payment charge of up to 55%. [...]

UK Budget 2018 – Pension Announcements

2020-01-16T22:56:24+09:30October 31st, 2018|Pension, UK Budget|

The 2018 UK Budget announcements did not include much in the way of pensions this year with the Chancellor's focus squarely on pre-Brexit preparations. At a glance - The key points of (pension) relevance include: The Lifetime Allowance will increase to £1,055,000 from April 2019 (currently £1,030,000) There will be a ban on cold calling in [...]

So What is a Defined Benefit (DB) Transfer?

2022-11-08T10:20:44+09:30January 31st, 2018|Pension|

Firstly, a Defined Benefit pension is an investment vehicle that was often used as a recruitment tool, usually funded by contributions from both employer and employee and provides a number of benefits upon retirement that are promised by the employer. A Defined Benefit transfer is the name given to the process of transferring the value of [...]

Autumn Statement closes pension tax relief loophole for over-55s

2018-01-29T00:06:14+09:30November 23rd, 2016|Pension|

The amount you can save into a pension – once you have already taken some money out – has been slashed by the Government in a bid to clamp down on those seeking “double tax relief”. The move will hit hundreds of thousands of people, aged 55 and over, who have used the new “pension freedoms” [...]

Go to Top