Tag Archives: State Pension

New Retirementality

The Chancellor’s 2014 Budget heralded a revolution in providing for retirement. Here is a summary of what pension savers need to know. Reasons for the 2014 Budget changes The objective of the Budget changes is to remove the need for pension savers to apply their pension pots to purchasing annuities and to enable them instead […]

Budget: A Deal for Savers

The Chancellor’s 2014 Budget was designed to assist “the doers, the makers and the savers”, and it contained major and unexpected improvements to both pensions and savings. Who needs annuities? George Osborne’s statement that as a result of his changes, “no one will have to buy an annuity” triggered major falls in the shares of […]

The Child Benefit Tax Charge

The child benefit tax charge, introduced on 7 January, affects over one million families. A family with two children could see their annual spendable income drop by up to £1,752 p.a. in 2013/14; those with three children could lose £2,449 pa. At a time when prices are rising faster than incomes, it will be critical […]

Budget & Pensions

Rumours around taxing Pension Commencement Lump Sum payments and a reduction in the Annual Allowance to between £30,000 and £40,000 have not come to fruition. Additional rate tax It was previously thought that any relief above basic rate on pension contributions might be abolished. The chancellor, George Osborne has confirmed there will be no restriction […]