Pensions Archives - Moore Stephens Financial Services

Using pension freedoms could mean a £4,000 maximum annual pension contribution limit

Posted by | Budget, News, Pensions, Politics, Tax | No Comments

The Autumn Statement passed relatively benignly and only time will tell whether our new Chancellor has saved his best for the March 2017 Budget. Certainly the one area of pensions reform which all professionals seem agreed on, the possible abolition of the pensions Lifetime Allowance, was notable for its absence or indeed any reference to pension contribution limit changes, bar one which has seemingly snuck under the radar. The Chancellor…

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Auto-enrolment is yesterday’s news – now its Re-enrolment that you need to worry about

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  Employers in the UK started to automatically enrol their employees into workplace pensions in 2012 when they reached their staging dates, however, the employers affected at that time were mostly blue chip UK names such as Tesco who employee 476,000 people. Our clients started to reach their staging dates in early 2014 and so they have been running workplace pensions for approaching three years. The three year mark is…

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Pensions Tax relief – What is Philip Hammond’s policy?

Posted by | Pensions, Politics, Tax, Uncategorized | No Comments

The Autumn Statement will be upon us again in November and it seems like we will be dusting off the same potential threats to tax relief on pensions as we have fretted about for the past couple of years. The Government have pulled back from acting upon the rumours at the last minute in recent years, but this time it might just be different. This will be Philip Hammond’s first…

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Pensions Tax relief – What is Philip Hammond’s policy?

Posted by | Budget, Pensions, Politics, Tax | No Comments

The Autumn Statement will be upon us again in November and it seems like we will be dusting off the same potential threats to tax relief on pensions as we have fretted about for the past couple of years. The Government have pulled back from acting upon the rumours at the last minute in recent years, but this time it might just be different. This will be Philip Hammond’s first…

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The Brexit effect for annuities and final salary pension schemes

Posted by | Brexit, News, Pensions, Uncategorized | No Comments

Global stock markets have tried to shrug off the Brexit effect since the vote to leave the European Union, but the impact for savers and retirees is only just starting to emerge. With the Bank of England reducing interest rates to 0.25% last week, savers will continue to struggle to earn any interest on their bank and building society savings. The reality is that interest rates were already so low…

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Lifetime ISA vs your workplace pension

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In almost all circumstances, your workplace pension, which includes employer pension contributions will offer better value than a Lifetime ISA (LISA). This may be a bold statement to make, but the maths stack up. The LISA allows you to contribute up to £4,000 per annum from April 2017. On top of your £4,000, the Government will add a 25% bonus, thus meaning the maximum annual amount which could be saved…

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What is the Lifetime Allowance value trap?

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The Lifetime Allowance is the total value of pension savings which you are able to accrue throughout your lifetime before incurring a tax charge. From 6th April 2016, the Lifetime Allowance will reduce to £1 million. Over the past 10 years, the Lifetime Allowance has fallen from a high of £1.8 million to the present level. Consecutive Governments have chipped away at the Lifetime Allowance as a way of taxing…

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Workplace pensions – 2016 outlook and 2015 fines  

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According to The Pensions Regulator, around half a million small and micro cap firms will reach their workplace pensions staging date in 2016. Recent estimates indicate a total financial adviser population of around 22,500 in the UK. However, many of those advisers are not willing or able to advise clients on the auto-enrolment process and have made it clear they do not wish to be involved in assisting employers with…

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Pension Freedoms – Why taking advice has never been more important  

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  A significant but perhaps poorly understood consequence of the Pension Freedoms announced in 2015 is that the future relationship between investors and their advisers will need to be very different to how it has been operating in the past. Previously, individuals retiring with final salary pensions or annuities have needed advice at the point of retirement, but once they have made their generally irrevocable choices, there has obviously been…

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