All posts with the topic: pensions

The government today followed up its previous round of pensions reforms by developing the framework within which savers can draw their pension benefits flexibly as well as making further changes to the pensions tax rules. The government has estimated that higher-rate tax relief on pension contributions in 2013-14 cost the Treasury in the region of … Continue reading Summer Budget 2015 – pensions changes

The first all-Tory Budget of this most political of Chancellors  will have to balance his stated commitment to cut government spending by £30bn over the next two years with his self-denying ordinance prohibiting increases in NICS, VAT or income tax in this Parliament. He will want to get the economic pain over with as soon … Continue reading July Budget: what we’re expecting

  Ahead of election season, the Chancellor yesterday used his budget speech to highlight the new pension flexibilities which will be introduced from 6 April.  Just to recap, this means no more compulsory annuitisation of pension benefits and the ability for individuals to draw down all of their pension savings as a lump sum which … Continue reading Chasing the grey vote: Pension changes in the Budget

New flexibility for pensions George Osborne today announced significant changes on how people will be able to access their defined contributions pension savings in the future. Several minor changes, taking effect later this month, will be made to relax the rules regarding the amounts which individuals can withdraw from pension funds, either tax-free or at … Continue reading More flexible pensions

Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports.  We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.

As widely predicted, the Chancellor has announced reductions to the limits for tax-relieved pension contributions. With effect from 2014/15, the annual limit will be reduced from £50,000 to £40,000 and the lifetime limit from £1.5million to £1.25 million.   Those looking for compensatory income tax relief may soon be able to use their annual ISA … Continue reading Pensions, AIM and ISAs – a day of mixed fortunes for individual investors

It had been thought that as a trade-off for a reduction in the 50p tax rate pensions tax relief would be hit but this is not the case as there will be “no significant” changes to higher-rate tax relief. The minor changes which have been announced include: tax and NIC advantages for employers making contributions … Continue reading Pensions: “no significant” changes to tax relief

The fears of many may have been realised in today’s emergency budget with the VAT hike and the axe falling on the public sector.  Pensions as we know it, though, live to fight another day with government plans to end compulsory annuitisation at 75 and the increase in state pension age to 66 pushed back and made subject to further … Continue reading The emergency budget – pensions

The position, however, for high earners after 2011 will be different. The Government announced at Budget 2009 its intention to restrict tax relief on pensions savings with effect from 6 April 2011 for those with incomes of £150,000 or over. Today it issued a consultation document on how the restriction will be implemented from April … Continue reading Pensions – after 6 April 2011

In today’s pre-budget report, the Chancellor announced that the anti forestalling measures on tax relief to pension contributions for high earners (introduced at Budget 2009) will be extended to individuals with “relevant income” of £130,000 or more. The income threshold was previously set at £150,000 in April. At the core of the anti-forestalling provisions is … Continue reading Pensions – up to 2010/11