For many the lifetime allowance (LTA) on the value of your pension savings will become an increasing concern as the tax net is reaching wider with many more people paying tax on their pension savings then ever before. Awareness of the lifetime allowance and the implications for pension savers is now a key part
Read MoreAs expected with Brexit looming, Philip Hammond delivered a fairly non-descript Budget with only one or two small surprises. The highlights relevant to our clients are detailed below. Pensions Lifetime allowance for pensions – the Budget papers confirmed that the lifetime allowance for pension savings will increase in line with CPI, rising to £1,030,000
Read MoreSpring Budget 2017 Update Yesterday, Philip Hammond the Chancellor of the Exchequer, delivered the last Spring Budget (although as he joked, we’ve been told that before, by Norman Lamont in 1992). There were no significant tax or pension changes in yesterday’s Budget that will have any immediate impact, allowing all to plan for the tax
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The new pension freedoms were launched in April 2015. It would be fair to say that these are a double-edged sword if used in wrong way. Unfortunately, like a credit card, it depends who is in control. Just because you can, doesn’t mean you should! Used well, these can add real benefit, but used poorly
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This will be the last Autumn Statement. In future, the Budget Day will switch from spring to autumn, with a toned down statement on the economy delivered each March. This will give welcome breathing space between the announcement of budget changes and their introduction. Philip Hammond’s first Autumn Statement didn’t contain any major tax or
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The Department of Work and Pensions (DWP) has recently issued a reminder to all those who have expressed an interest in topping up their Additional State pension by up to £25 per week. The option to make Class 3A Voluntary Contributions applies to individuals who attained their state pension age on or before 5 April 2016, i.e.
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Following the Brexit vote, Philip Hammond, Chancellor of the Exchequer has sought to reassure British businesses amid uncertainty in the wake of the vote to leave the EU. He told members at the Conservative Party conference there may be a rocky road ahead. “We are ready to take whatever steps are necessary to protect this
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Pensions – no news is good news Its business as usual for pension saving as the Chancellor confirmed there will be no imminent changes to pension tax relief. The introduction of the new Lifetime ISA (LISA) saving vehicle from April 2017 adds another complementary option to the saving landscape. Other pension news Salary sacrifice is
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With over 90 years of combined experience of financial planning & investing, we consider that it is very difficult and most likely impossible to predict when is the best time to enter or exit the market. The speed at which markets react to news means stock prices have already absorbed the impact of new developments.
Read MoreDefined Benefits (DB) or Defined Contributions (DC) Pension Schemes In the popular press, ‘final salary’, also known as ‘defined benefit’, pensions are often referred to as ‘gold-plated’, the implication being that they are superior to ‘defined contribution’ (money Purchased) arrangements such as Personal Pensions. Many therefore can dismiss the notion of doing anything with a
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