Monthly Archives:: April 2015

WARNING – HMRC QROPS list is no longer qualified and is now HMRC ROPS list

Posted by & filed under QROPS, QROPS list.

HMRC have altered the wording of their previous QROPS list to clearly highlight that pension plans listed are not qualified and are therefore only Recognised Overseas Pension Schemes (ROPS). Going forward the HMRC QROPS list will now be known as the HMRC ROPS list instead. The fact that the list is not qualified has always been the case… Read more »

UK pension tax relief

Posted by & filed under Pension rules, UK Pensions.

Pensions: Maximum pension contributions. Income < £3,600pa then £3,600 gross or £2,880 net; income < annual allowance then annual allowance gross (entitled to 20% tax rebate on personal allowance contributions; otherwise annual allowance gross. Tax relief at highest marginal rate: 45%, 40% then 20%. Min tax relief is 20% up to maximum limit

Pensions are the most tax efficient savings schemes due to their ability to avoid or delay the payment of tax. It is still important to weigh up the benefits against their drawbacks to ensure that they are the best option for you. There are different methods of claiming tax relief dependent upon your circumstances including; Occupational pension… Read more »

Pensions: Lifetime Allowance (LTA)

Posted by & filed under Finance, UK Pensions.

The UK Lifetime Allowance (LTA) is a limit imposed by HMRC on the total accumulated pension anyone is entitled to before tax relief is reclaimed. There are different factors that may apply to you; Brief history Lifetime allowance limit How is it measured Benefit crystallisation event Protection Primary protection Enhanced protection Fixed protection Individual protection… Read more »

Pensions: Annual allowance tax relief

Posted by & filed under Finance, UK Pensions.

The UK annual allowance is a limit imposed by HMRC on the amount of tax relief available for pension contributions in any one tax year which, for UK tax purposes runs from the 6th of April to the 5th of April the following year. This applies to both defined contribution (money purchase) and defined benefit… Read more »

UK pension rules and regulations

Posted by & filed under Pension rules, UK Pensions.

HMRC rules and regulations governing pensions in the UK fall into three main categories which can be further subdivided. Current pension rules therefore cover the following areas; Retirement age State retirement age Minimum retirement age Tax rules Income tax relief Pension withdrawals Death tax rates Additional rules Pension transfers Free impartial advice Unauthorised payments Retirement… Read more »

UK Private Pension Options

Posted by & filed under Finance.

There are multiple types of pensions available in the UK. What follows is an explanation of each of the main versions including their advantages and disadvantages; Personal Pension Plan (PPP) Stakeholder Pension (SHP) Self Invested Personal Pension Schemes (SIPPS) With-profits pension plan All of these are variations of a defined contribution scheme and therefore follow… Read more »

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