Posts Tagged: Pension rule changes

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 »

Pensions explained

Posted by & filed under Pension rules, UK Pensions.

What follows is a full explanation of pensions including; Definition of what a pension is United Kingdom options (defined benefit & defined contribution) Overseas options (including QROPS) Why pension transfers are used Pension benefits Pension drawbacks HMRC & the pension regulators’ involvement Rules and regulations Rule changes Pension reform Pensions and investments What is a pension A… Read more »

QROPS Rules and Regulations

Posted by & filed under Pension rules, QROPS.

QROPS Rules - Retirement is not allowed before 55, no inheritance tax, death tax or income withdrawal limit so you have full flexibility

QROPS are mandated to follow HMRC rules & regulations. Failure to do so may result in the pension being delisted and losing any associated tax breaks. HMRC’s QROPS list has recently been amended to clarify that a pension scheme’s inclusion does not guarantee that it is qualified. According to the rules though, a QROPS scheme is under… Read more »

Retirement Planning

Posted by & filed under UK Pensions.

Why retirement planning is important Previously, defined benefit pensions provided employees with a known income upon retirement. Unfortunately, they are now rarely available resulting in most people owning defined contribution pensions instead. The latter provide no such guarantees about the level of pension income you can expect. It is therefore your responsibility to ensure that your savings… Read more »

Retirement Options Following New UK Pension Rules

Posted by & filed under Finance.

With the imminent arrival of new pension rules providing you with complete control over your pension pot, now may be the time to consider the main options available upon retirement. All have their advantages & disadvantages. Annuities These financial products are designed to provide a guaranteed income for the rest of your life in exchange… Read more »

The terrible state of UK pension savings and advice?

Posted by & filed under Finance.

According to a recent poll by Ipsos Mori apparently 1 in 8 people eligible are considering duly withdrawing their entire pension savings as of next year. This is concerning because it either means over 200,000 people will have to rely on next to no pension provision or the advice (or lack thereof) they have received… Read more »

UK Death Tax Changes 2014

Posted by & filed under Pension rules, UK Pensions.

UK pension rules are expected to undergo further changes following George Osborne’s recent announcement at the Conservative conference. These changes are likely to to be confirmed in the autumn statement (3rd December 2014) and subsequently enacted from April 2015. This has now come to pass. Following major pension changes announced in the 2014 UK budget… Read more »

New UK Pension Rules from April 2015

Posted by & filed under Pension rules, UK Pensions.

Following on from the UK Government’s consultation results* the new pension framework can now be laid out detailing how this specifically affects final salary (defined benefit) pension schemes and money purchase (defined contribution) schemes. The pension reforms will replace the interim measures announced in the UK budget of March 2014 and will come into effect from the… Read more »

New UK Pension Rules 2015 – Defined Contribution (Money Purchase) Schemes

Posted by & filed under Pension rules, UK Pensions.

Following a recent consultation* the UK Government has created measures to make the pension framework more flexible to the benefit of individual policy holders. This article specifically highlights the rule changes that affect defined contribution schemes. Also available are articles on the general UK pension rules for 2015 and the new UK pension rules for… Read more »

New UK Pension Rules 2015 – Defined Benefit (Final Salary) Schemes

Posted by & filed under Pension rules, UK Pensions.

Following a recent consultation* the UK Government has created measures to make the pension framework more flexible to the benefit of individual policy holders. This article specifically highlights the rule changes that affect defined benefit schemes. Also available are articles on the general UK pension rules for 2015 and the new UK pension rules for… Read more »

Pensions Made Easy

Posted by & filed under Pension rules, QROPS, UK Pensions.

Why does pension advice have to be complicated and boring? After all the majority of people would probably prefer simple, fun, easy to follow help, a pension guide for dummies if you will, over complex jargon filled information. Pensions and retirement planning are serious but by engaging you though a more down to earth viewpoint… Read more »

UK Budget 2014: Pension changes

Posted by & filed under Pension rules, UK Pensions.

One of the biggest areas of change within this year’s budget surrounded pensions. The aim was to improve choice and flexibility whilst removing unpopular elements from the past. What transpired was a genuinely big shift in policy that is due to be implemented from the 6th April 2015 following consultation. In the meantime interim measures… Read more »

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