Posts in Pensions Post Retirement

State Pension history

Posted on by tfp in Pensions Post Retirement

Recent history of State Pension amounts are below; • The new Single Tier Pension (STP) for those individuals who reach State Pension Age on or after 6/4/2016 (to receive the full single tier pension you will need 35 qualifying years), and • The previous Basic State Pension (BSP) for those individuals who reach State Pension […]

Continue Reading

Annual Allowance History

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

Annual Allowance history since 2006/07 and Money Purchase Annual Allowance is below; TAX YEAR AA MPAA 2019/20 £40,000* £4,000 2018/19 £40,000* £4,000 2017/18 £40,000* £4,000 2016/17 £40,000* £10,000 2015/16 £40,000 £10,000 2014/15 £40,000 2013/14 £50,000 2012/13 £50,000 2011/12 £50,000 2010/11 £255,000 2009/10 £245,000 2008/09 £235,000 2007/08 £225,000 2006/07 £215,000 *Tapered for individuals with Threshold income above […]

Continue Reading

Application for Pension Fund Protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

An application for pension fund protection needs to be completed on-line. To do this the individual needs a Government Gateway account. Government Gateway Account  To set up a Government Gateway Account, is relatively straight forward, please click here.   The individual should complete the information as requested (they will need their National Insurance Number and Passport). Once completed, they will […]

Continue Reading

Applying for Pension Fund protection

Posted on by tfp in Pensions Post Retirement, Pensions Pre Retirement

As previously announced by HMRC, it is now possible to apply on-line for pension fund protection (Fixed Protection 2016, Individual Protection 2014 and 2016). Please click link below; https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance The client will need an account for HM Revenue and Customs (HMRC) online services (if they don’t have an account they can create one). And of course, the Individual Protection […]

Continue Reading

Freedom & Choice – consultation response

Posted on by tfp in Pensions Post Retirement

The Government has issued its response to the ‘freedom and choice in pensions’ consultation. The document can be found at the link below; https://www.gov.uk/government/consultations/freedom-and-choice-in-pensions Plans to allow individuals access to their defined contribution pension savings as they wish from April 2015 will primarily be delivered through changes to tax legislation which the government intends to […]

Continue Reading

Class 3A Voluntary contributions

Posted on by tfp in Pensions Post Retirement

In the 2014 Budget it was announced that as from 12 October 2015, individuals who have entitlement to a UK State Pension and reach State Pension Age before 6th April 2016 can make a new lump sum ‘Class 3A voluntary National Insurance Contribution’ to purchase an additional amount of state pension. The maximum additional pension […]

Continue Reading