As Government delays pension tax-relief plans, what action should you take?

Horizontal shot of a hand squeezing the word "Pension" between two fingers, isolated on white. The Government has announced it will not publish its plans for reforming the way pension tax-relief is paid, until the Budget in March next year. Many experts believe that the delay means the system will be radically overhauled, as the Government looks to cut spending and that some pension savers may have a short window before the tax-relief they receive is cut. How does pension tax-relief currently work? At present you can make a pension contributions each year equal to the ...

Most victims of financial scams never receive a penny back

Pensions Freedom causes scams to soarNew research has shown that most victims of financial scams never receive a penny back of the money they lost. Despite warnings financial scams, fraud and cons are on the increase. The BBC has revealed that figures from the Royal Bank of Scotland show 5,000 of their customers fell victim over the past year, losing a total of £25 million. To compound the misery of the original fraud, the figures also showed that 70% of victims never recouped a penny of their losses. What’s more, the average amount ...

Who is ‘Workie’ and why is he important to your business?

Workie 150pxFor the past few years, we’ve had entrepreneurs such as Theo Paphitis, reminding employers that they need to automatically enrol their employees into a work place pension. Clearly some people in Government are worried that the message is not getting through, especially to some smaller employers, hence the launch last night of ‘Workie’, a Sesame Street style character. Although the rules are more complex, in simple terms employers with staff who earn more than £10,000 per year and are over the age of 22 will need to set up a pension ...

Savings: NS&I increase interest rates on guaranteed bonds, but are they a good deal?

No quick return for NS&I Index Linked Certificates 150pxNational Savings & Investments (NS&I) savings products have always been popular, especially as all the money saved with them is 100% guaranteed by the Government. The news that the interest rates payable on the NS&I Guaranteed Growth Bonds is about to increase will therefore be welcomed by savers. But how competitive are the new interest rates? Read on as we investigate. What are the new interest rates? From 20th October the interest rates on the NS&I Guaranteed Growth Bonds will be increased, across the board, by ...