New government restrictions on high-value pensions
The government is targeting those with high value pensions from 6th April 2012. Firstly, it will penalise those with pension savings valued at more than £1.5 million at retirement. They will face a Lifetime Allowance (LTA) charge of 20% of anything over this amount. This does not only affect those who have saved more than £1.5 [...]
Posted December 12, 2011
Protecting yourself financially
Financial “Protection” refers to a range of financial insurance products rather than a system of extortion and tribute collection as dramatised in Hollywood mafia films. These products insure people’s lives and health. They date back to Roman times where members of “burial clubs” pooled regular contributions into a fund which covered the cost of members’ [...]
Posted December 12, 2011
Investing for children – the junior ISA
Junior Individual Savings Accounts (JISAs) are new tax efficient savings vehicles for children that provide tax-free income and growth on certain qualifying investments. UK children under 18 who do not have a Child Trust Fund (CTF) are eligible for JISAs. Anyone with parental responsibility for an eligible child can open a JISA for that child; [...]
Posted December 12, 2011
New Workplace Pension Reforms (Auto-Enrolment)
From 2012 new legislation will require all employers to manage the pension saving of their work-force. This affects bigger employers first, then all employers by 2017 – even those with just one employee. It will apply to all employed persons but not affect the self-employed. The intention is to boost people’s retirement savings, but it [...]
Posted December 12, 2011