All You Need to Know About the Pension Allowance
Due to the increasing number of pension rules coming into play, senior public-sector workers and high earners are at risk if they have a bonus or profit sharing scheme. It is becoming more important than ever to keep up to date with changes being introduced so regularly.
If you haven’t been keeping up to date, you could face a large tax charge. With these reductions in mind, here is a quick guide to ensure that you’re not in danger of breaching the threshold.
HMRC Reports Highest Pension Freedom Withdrawals in Second Quarter of 2017
Pension freedoms were launched in April 2015. In the second quarter of 2017, more people are accessing their pensions, with over 200,000 people withdrawing sums totalling £1.86 billion between April and June. This is an all-time high since the pension freedoms were introduced.
Have You Paid Too Much Tax on Your Pension?
According to the latest data obtained from HM Revenue and Customs, tens of millions of pounds have been paid by people exceeding their lifetime allowance, which is the maximum amount they can save in their pension.
The New Money Purchase Annual Allowance – What You Need to Know
A few months ago, a new pension reduction was announced, which affects the amount of money you can put back into your pension each year if you’ve taken money out of your pension early. Previously the allowance was up to £10,000 a year, and it has now been reduced to £4,000.
When will interest rates rise?
The Bank of England held interest rates at 0.25 per cent as it delivered its inflation report and a rate decision on another so-called Super Thursday.
State pension shake up: what everyone under 50 needs to know
The Government has announced further changes to the state pension, meaning that for almost six million people there will now be a longer wait.