pension Archives - Moore Stephens Financial Services

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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Pension tax relief – the clock is ticking

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For a few years now we have portended changes to the tax relief applying to pensions and the removal of some those benefits which make pensions so attractive to higher rate taxpayers. Whilst changes have been made in previous Budgets, higher rate tax relief has remained largely untouched. The axe had previously fallen on the amount which could be saved into pensions on an annual lifetime basis. March 2016 may…

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Pension allowance

Mr Osborne’s Budget, reduced pension allowances and further pension reform

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Many of the areas for potential pension reform mentioned in George Osborne’s recent Budget have little bearing at the moment, as various consultation periods will be gone through before any final decisions are made. Given the hints he gave about the future of pensions tax relief in particular, such a consultation is a positive as hopefully all perspectives can be viewed and a pragmatic result attained. That said, there is…

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Workplace pensions

Steve Webb, workplace pensions and the future

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For those involved with pensions, Steve Webb losing his seat was one of the more notable outcomes of the recent elections. The Liberal Democrat drubbing saw one of the most informed Ministers lose his seat and inevitably his place as the leader of pension reform in this country. Mr Webb was one of those rare individuals, a Minister who understood his subject and was able to push through generation changing…

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The retirement secret – you have more than one option

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The new pension freedoms, as they have come to be known, are almost upon us and yet it seems to us that an age old problem still remains when thinking about retiring and we don’t see it improving any time soon. The headlines say we can draw our pensions as lump sums from age 55. In the past two months one client who doesn’t even have a personal pension, has…

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commercial property into pensions

April 5th tax year end #4

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In the last of our tax year end articles, we look at two ways of contributing to pensions that too often are forgotten about. The timescales for use ahead of the forthcoming 5th April 2015 deadline may be tight, but they are worth pursuing throughout the year ahead. First up are employer pension contributions. We speak to a lot of individuals who have already used up their available capital, but…

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Pension liberation

Pension liberation – the story of 2015 and beyond

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For a while now, pension providers have been issuing ‘pension predator’ warning leaflets whenever a pension transfer out pack has been requested on a plan. The slightly menacing scorpion on the front cover gives a clear message that predators are after your pension so beware when you choose to transfer it. Consumer awareness is vital and up to now, there has been a thankfully small band of individuals who fall…

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Tax year end

April 5th tax year end countdown #2

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This week’s focus is unashamedly pensions. Our ‘usual suspect’ this week is making pension contributions. Up to the age of 75, most UK tax registered individuals have the right to contribute something into pensions. That perhaps addresses one of the main misperceptions we come across. Even if you don’t have pensionable earnings, you can probably still contribute £2,880 (net of basic tax relief) into a pension in every tax year….

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tax year end

April 5th tax year end countdown #1

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With just over 2 months to go, the usual countdown to the tax year end begins in earnest. This year looks set to be slightly different in that the top ten things to do to reduce your tax bill should be shaken up by the new pension rules. In a series of articles, we will summarise some of the key actions that need to be taken, mixing up the ‘usual…

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Chained to an Annuity

Annuity for life, or maybe not

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Steve Webb has proven to be a revolutionary for pensions in the UK, overseeing the new pensions auto-enrolment legislation and the forthcoming pensions freedom. That he has managed this reform is due not least to his lengthy tenure as Pensions Minister, where he has achieved success remote from the ongoing coalition murmurings. He has also been largely welcomed by the pensions industry as someone who does understand his subject and…

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