Retirement: Pensions Minister calls for changes to pension tax-relief

Pensions Minister calls for changes to pension tax-reliefSteve Webb, the Pensions Minister, has called for a further overhaul of pensions; this time focusing on the tax-relief paid when contributions are made and the maximum amount which can be held in a pension pot without incurring tax charges. Tax –relief on pension contributions At present pension contributions attract tax-relief at a minimum rate of 20%. This means someone saying £80 into their pension will be ‘credited’ with £100; higher rate taxpayers can claim a further ...

Pensions: The press, the myths and the reality

iStock_000016454287_ExtraSmallOne of the joys of the internet and social media is that it allows people to exchange their views more freely. However, this new found freedom can allow misinformation and urban myths to be treated as fact; nowhere more so than when pensions are being discussed. We thought we’d have a bit of fun, by analysing some of the comments posted in response to online articles, in various national newspapers. “With Annuity rates around 5% what incentive is there for people to pay into ...

Budget 2013: Newspaper reaction

Evening Standard Front page 20_03_2013As usual the newspapers are full of reaction to the Chancellor's annual Budget speech. The day started with George Osborne taking to Twitter to announce that "Today I'll present a Budget that tackles the economy's problems head on helping those who want to work hard and get on." However there was controversy as the London Evening Standard leaked the contents of the Budget via Twitter before the Chancellor had even taken to his feet to start his speech. So, what did the papers have to say? Read on to ...

Pensions: 6 pension myths exposed

You don't have to look far to find some pretty negative comments about pensions. Any article in the mainstream press discussing pensions is usually followed by some very negative and often ill-informed comment about pensions; these are just a few we have found: “Pension plans should come with a warning that contributors will probably not get back the money they invest because the rules are devised to benefit the pensions industry at the expense of pensioners” – Telegraph online 14th October 2012 “This is precisely why no one and I mean no one should invest in any form of pension. All pension ...