New system to encourage further pension saving
Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system: (more…)
Posted on March 3, 2015 by admin - News, Retirement
Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system: (more…)
Posted on March 3, 2015 by admin - News, Retirement
Tax rules amended to allow greater innovation
The tax rules will also be amended to allow innovation in retirement products. This is happening in a number of ways: (more…)
Posted on March 3, 2015 by admin - News, Retirement
The transitional rules on triviality and small pots will continue to apply to defined benefit pension schemes beyond 6 April 2015. The minimum age for accessing pension savings in this way will reduce from 60 to 55. (more…)
Posted on March 3, 2015 by admin - News, Retirement
Safeguards to protect pension benefits
Transfers from defined benefit schemes to defined contribution schemes will continue to be allowed (but will exclude pensions that are already in payment). However, transfers from defined benefit schemes to defined contribution schemes will be restricted for members of unfunded public sector schemes, although you may be allowed to transfer in very limited circumstances. (more…)
Posted on March 3, 2015 by admin - News, Retirement
With a defined contribution pension, the member builds up a pot of money that they can use to provide an income in retirement. Unlike defined benefit schemes, which promise a specific income, the income the member might get from a defined contribution scheme depends on factors including the amount they pay in and the fund’s investment performance. (more…)
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