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 ...

Pensions: Does the Autumn Statement have a sting in its’ tail?

Large black scorpion Heterometrus laoticus isolatedLast week’s Autumn Statement was, by the standards set by George Osborne, pretty mundane. However, hidden in the speech, and the raft of documents issued by the Treasury afterwards, were subtle indications of where Government pension policy may head over the next few years. The changes, if they happen, could have a significant impact on your retirement and potentially cost you dearly. Triple lock The triple lock was introduced in 2010 and guarantees that the basic State Pension will rise in line with earnings, inflation, as measured by the ...

Your money: 7 things that have changed in the past month

Your money 7 things that have changed in the past month 150pxDuring the past month the Chancellor has delivered his Autumn Statement and we’ve had an avalanche of announcements and news all of which will affect your personal finances. We’ve rounded up the seven biggest changes that you need to know about. #1 Homebuyers: Stamp Duty cut In his Autumn Statement George Osborne announced major changes to the way Stamp Duty is calculated. At present anyone buying a residential property for more than £125,000 will pay Stamp Duty; calculated as a percentage of the ...

Autumn Statement 2013: Rumours and predictions, will you be better or worse off?

Mystery woman with crystal ballThe annual Autumn Statement will be delivered by Chancellor George Osborne on Thursday. Originally seen as a ‘mini budget’, the Autumn Statement has taken on greater significance over the past few years, often including major announcements which affect everyone’s finances. So what does the Chancellor have in store for us? We’ve rounded up the latest rumours and predictions; although only time will tell whether or not they are the same measures Mr Osborne has in mind for Thursday. Income Tax, Personal Allowance to rise? As the cost of ...