Are you ready for the increase in pension rates ?
From the 6th April 2018, auto enrolment pension rates are going to increase. It’s important that you’re ready for these contribution increases so that the correct amounts are deducted from your payroll at the right time if you are employer. If you are an employee, you will be paying higher contributions so you need to […]Read More
What is the “pension triple lock” ?
Q1. So, what is the “Pension triple lock” you hear about ?. A1. It is simply a guarantee to increase the UK state pension every year by the higher of – inflation or, – average earnings or – a minimum of 2.5%. Q2. When does it apply from ?. A2. introduced by the coalition Government […]Read More
3 quick items of interest
Just a three quick items of interest if you are self-employed, or are self-assessed taxpayer…. Class 2 NIC’s It was announced in the recent 2016 budget, that Class 2 National Insurance Contributions would be scrapped from April 2018. Yes…you read that correctly !. Currently you are paying £2.80 per week if you earn a PROFIT […]Read More
Auto enrolment – “relief at source” or “net pay” ?
By now, most employers are in the process of auto enrolling their employees in a pension fund. But there is something to look at for lower paid employees which can save them money. Contributions paid from NET pay will use a “relief at source scheme”. This means that staff earning under £11,000 a year from April 2016, will […]Read More
More on compulsory workplace pensions
The Compulsory Workplace Pension (CWP) which the Government is introducing, is a good way of ensuring we can afford retirement…..and allowing the Government to relieve “pension pressure”. You can opt out if you like, but you will missing out on an opportunity to help yourself. Here’s why; – everytime you put money in your CWP, […]Read More
Compulsory workplace pensions
Starting from October 2012, employers will enrol workers into a workplace pension. When you pay into your pension, your employer and the government will contribute too. I previously lived in Australia where they have had this system for some years. The Australian experience shows that this works and is a step in the right direction. I […]Read More
Tax on UK Pensions. What age is it tax free ?
I was recently asked about tax advice regarding UK pensions… Under current legislation, the minimum age from which you are able to draw funds from a UK Pension Scheme is 55. As a result you will not be able to you access any of your Pension Funds until you reach 55. Talk to your pension […]Read More