Retirement: Pension contribution limit cut for over 55s

Pensions: Is tax-relief about to be cut?The fallout from the final Autumn Statement continues, as some people come to terms with a cut in the amount of money they can pay into their pension. The change will affect people aged over 55 who have taken money from their pension, but also wish to continue contributing, perhaps because they are still working. Annual Allowance Currently, the maximum amount you can pay into your pension is the lower of 100% of your earnings, or £40,000; this is known as the Annual Allowance. However, if you are ...

SIPPs: Budget changes all SIPP investors need to know about

April 4, 2015: Houston, TX, USA - Scrabble tiles spelling CHANGAs the fallout from George Osborne’s Budget earlier this month continues, SIPP (Self-Invested Personal Pension) investors could be forgiven for thinking that there are no impending changes which will affect you. Think again! The Budget introduced a number of changes which will affect SIPP investors. These come on top of other rule changes, which makes now the perfect time to round up all the imminent amendments to pension rules. However, let’s start with two things which aren’t changing. Tax-relief Despite huge speculation before the Budget, ...

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 ...

Summer Budget 2015: The headlines

Budget 2013 the headlinesThis was the first Budget since the General Election and without the Liberal Democrats involved it was always going to be interesting to see the direction George Osborne decided to take. We all knew the Chancellor needed to find large savings, but few expected the dramatic announcement he saved until the end of his speech. The economy & Government finances The economy grew by 3% in 2014, well above predictions. In 2015 the economy is predicted to grow by 2.4% and by 2.3% in 2016, driven by consumption and investment. The deficit ...