Posts in Pensions Pre Retirement

History of Auto Enrolment limits are below; TAX YEAR EARNINGS TRIGGER LOWER QUALIFYING EARNINGS UPPER QUALIFYING EARNINGS 2020/21 £10,000 £6,240 £50,000 2019/20 £10,000 £6,136 £50,000 2018/19 £10,000 £6,032 £46,350 2017/18 £10,000 £5,876 £45,000 2016/17 £10,000 £5,824 £43,000 2015/16 £10,000 £5,824 £42,385 2014/15 £10,000 £5,772 £41,865 2013/14 £9,440 £5,668 £41,450 2012/13 £8,105 £5,564 £42,475

History of the Standard Lifetime Allowance (SLA) is below; TAX YEAR SLA 2020/21 £1,073,100 2019/20 £1,055,000 2018/19 £1,030,000 2017/18 £1,000,000 2016/17 £1,000,000 2015/16 £1,250,000 2014/15 £1,250,000 2013/14 £1,500,000 2012/13 £1,500,000 2011/12 £1,800,000 2010/11 £1,800,000 2009/10 £1,750,000 2008/09 £1,650,000 2007/08 £1,600,000 2006/07 £1,500,000

Annual Allowance history since 2006/07 and Money Purchase Annual Allowance is below; TAX YEAR AA MPAA 2020/21 £40,000* £4,000 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 to £4,000 for […]

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 […]

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 […]

Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower […]

HMRC has published its newsletter 70. You can access this by clicking here. Newsletter includes details regarding; Further example of how transitional PIP and AA works Lifetime Allowance Fund Protection from April 2016 Confirmation of taxation of lump sum death benefits from April 2016 Plus more  

The 2015 summer budget announced that from 2016/17 the Annual Allowance for tax relieved pension savings will be reduced for those with incomes of over £150,000. Their annual allowance will be reduced by £1 for every £2 of income they have over £150,000 with a maximum reduction of £30,000. Also, in advance of the introduction […]

It is now possible to apply for Individual Protection 2014 (IP14). Please click on link below; http://www.hmrc.gov.uk/pensionschemes/ip14online.htm   An application has to be made on-line as HMRC will not accept printed applications. Application must be submitted before 5th April 2017.   IP14 is available to those members who do not have Primary Protection & have […]