The more you earn, the more likely you are to pay attention to good pension planning, either by joining a company pension scheme, or setting up a personal pension scheme. Lower earners and the self-employed are the social groups most likely to neglect pension planning, according to new research from the Office for National Statistics (ONS).
Posts Tagged ‘Company Pensions’
Lower earners and self-employed need pension planning
Thursday, May 20th, 2010Pension Income – delays in retirement planning could cost dearly
Wednesday, May 19th, 2010The cost of delaying your pension planning could require a massive increase in contributions, to attain a specific pension income. To retire on £10,000 a year you can start saving £125 per month at age 20. If you leave it until 50, this rises to £660.
Pension changes could eat up to 82% of pension savings in tax
Thursday, May 13th, 2010Government pension changes free you from the obligatory purchase of a pensions annuity by age 75, and enable you to leave your remaining pension savings to your children. However, Inheritance Tax and other tax charges could devour up to 82% of your pension pot. Good pensions advice and pensions planning can minimise the impact of these and future pension changes.
How pension changes save the state money
Thursday, May 13th, 2010Government pension changes likely to be introduced based on pre-election pledges by the Conservatives and the Lib Dems are currently being presented as benefits that will increase pension income from both state and private pensions. Dig a little deeper, however, and we see that the pension changes are primarily designed to save the state money.
Pension planning critical as UK comes ‘under new management’
Tuesday, May 11th, 2010The pensions landscape is braced for further changes, as a new Government is expected to continue reshaping pensions provision in the UK. The only certainty is that pension planning by the individual has never been more critical, in an age when other stakeholders seek only to reduce their commitment to pensions provision.
Company pensions advice critical for high earners – PCS
Monday, May 10th, 2010
New rules on taxation may mean that standard company pensions are now an inefficient way of retirement saving for high earners, according to the pension benefits consultancy Pension Capital Strategies (PCS). Quality pensions advice from qualified specialists is needed to evaluate the new realities for members of company pensions schemes.
Company pensions for all in NEST pensions review
Monday, April 26th, 2010
Every UK company will soon be required to offer pensions to all employees, following the launch of the National Employment Savings Trust (NEST). However, employers who act now can still exempt themselves from NEST by setting up their own scheme.
Pension advice crucial in pensions transfers
Monday, April 19th, 2010Pension advice is crucial for those considering transferring a pension – especially those in an occupational pension scheme who are being encouraged to transfer by an employer. Care is needed, though, as the standards of pension advice vary widely, and are still causing concern to the Office of Fair Trading (OFT).
Pension schemes crisis deepens as costs of police pensions spiral
Wednesday, April 7th, 2010
The Confederation of British Industry (CBI) has called the current crisis in public sector UK pension schemes ‘unsustainable’ and said that time is running out for a shift from final salary pension schemes to more affordable pensions alternatives. The police pension scheme is the latest reported casualty.
High earners tax may miss target
Thursday, March 11th, 2010Government plans to review tax on high earners could hit many on salaries lower than the £130,000 target group. Those who receive a performance-related bonus, for instance, could be subject to hefty tax recovery charges.
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