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Articles in category: Pensions

Changes to Minimum Pension Contributions from April 2018

Under the Pensions Act 2008, the minimum amount an employer must pay into auto-enrolment pension schemes will increase over the next two years, with minimum contributions initially rising effective from 6th April 2018 and further increases outlined from 6th April 2019. In recent times, and up until 6th April 2018, the minimum contribution has been […]

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George Osborne drops plans to cut tax relief on pensions

The chancellor, George Osborne, has decided against plans to end or alter tax relief on pension contributions.  The proposed scheme that George Osborne has now dropped would have scrapped upfront relief, worth an estimated £21bn to savers, but made pension pot withdrawals tax free. The alternative option was to set a flat rate tax-relief, which […]

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Could we really see the end of the tax-free lump sum?

George Osborne is rumoured to be planning a raid on the tax-free lump sum perk enjoyed by pensioners.  Savers already facing up to the prospect of the principle of tax-free pension saving being hacked back by the removal of full higher rate tax relief have been warned that the much prized tax-free lump sum is also […]

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What does the autumn 2015 statement mean?

Our autumn 2015 statement summary is designed to help you interpret what the autumn 2015 statement means to you.  George Osborne failed to produce a big surprise ‘rabbit’ out of his collection of tax measures and spending announcements set out in the Autumn Statement, but a few hares were set running amongst property investors. They will […]

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What is the State Pension top-up scheme?

If you are reaching the State Pension age before 6th April 2016, you are able to use a new scheme designed to safeguard your long-term financial security. The State Pension top-up scheme can give pensioners an extra £1 to £25 a week in exchange for a lump sum payment. It is being introduced as an […]

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Workie – the hairy pensions monster

The government has launched a new TV advertising campaign to raise awareness about pensions in the workplace. The campaign features hairy monster, Workie, who has been designed to represent the workplace pension and throughout the advertising campaign aims to show that there are still people ignoring him. Over the next 3 years every employer must enrol […]

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Terry’s Word on Auto Enrolment

The Pensions Regulator has issued a warning to hundreds of thousands of small and micro employers to check when they must meet new workplace pension duties. The call to action from the Pensions Regulator follows new research showing almost two thirds of small and micro employers still do not know the exact date they need […]

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What is Automatic-Enrolment?

Every employer with one or more employees has a duty to enrol eligible members of staff into a qualifying workplace pension scheme and contribute towards it. This is called automatic-enrolment. As an employer you have to carry out certain duties:- Assessing your workforce Register with the regulator Ensure ongoing compliance with all regulations Review existing […]

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What does the summer 2015 budget mean?

Our summer 2015 budget summary is designed to help you interpret what the summer 2015 budget means to you. Alongside our text we have included tips which you may want to consider. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. One of George […]

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Get Ready For Pension Auto-Enrolment Is your payroll department compliant?

The next big challenge for payroll departments within Small and Medium sized enterprises will be the phasing in of auto-enrolment which will require all employers to provide a pension scheme for their employees… Pension auto-enrolment will be phased in and the precise start date depends on how big you are! Larger firms have been required […]

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