Pensions

With the end of the tax year looming there is still time to save tax for 2018/19. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2018/19 tax year. Savers have until 5 April 2019 to make their 2018/19 ISA inv ...

  Minimum pension contributions are set to increase from 6 April 2019:   Duration Employer minimum Total minimum contribution Current contributions 2% 5% 6 April 2019 onwards 3% 8% The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees ...

The end of the Tax Year is just around the corner (5th April 2019) and it would be prudent to make use of certain allowances and reliefs by this date. Here are 8 tips to maximise your tax efficient financial planning . . . Maximise pension tax relief Individuals, up to age 75, can benefit from relief at their marginal rate of income tax on up to 100% of their gross earni ...

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees'. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes. Pension scam victims lo ...

There was an interesting article in the Sunday Times on the 20th January 2019. I have extracted some of the points from the article below: When a teenager was invited out for a meal by his Grandparents last week, he assumed it was to celebrate his 18th birthday. So he was flabbergasted to be told — even before the drinks had been ordered — that they had saved £118,000 for him ...

The Government has confirmed, from Wednesday 9th January 2019, it is illegal for companies to make unwanted, unsolicited phone calls to people about their pensions. Companies that break this rule can be fined up to £500,000. One of the most common methods used by scammers to commit pensions fraud is through cold calls, which is why the government has taken action. According ...

The Pensions Regulator (TPR) is reminding employers that from 6 April 2019, the amount that will need to be paid into a workplace pension will increase to an overall minimum of 8%, with employers contributing at least 3% of this total amount. TPR is now starting to write to all employers to remind them of their duties. TRP website provides further information on the increases ...

As independent financial advisers we will be the first to emphasise that securing your own financial wellbeing when you stop working for whatever reason is a fundamental part of financial planning. However, for those individuals who are in the fortunate position of regularly saving an adequate sum for their own retirement and still have some surplus income, other goals and “nic ...

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not. You can find more information on the Bud ...

HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’. The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown. The consultation closed on 17 A ...