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Sun 24 Sep 2017 14:56 GMT
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Uk Pension Guide

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Articles

Here's our summary of the latest articles...

Wrap Accounts

25 Feb at 9 AM - by Admin
A "Wrap Account" is a relatively new internet based investment account and financial services product which enables investors to view all their financial assets on one platform. Within a wrap-account (also known as 'a wrap', 'wraps' or 'wrapper account') the whole portfolio can be analysed and quantified according to money value,...

Graduated Pension

25 Feb at 9 AM - by Admin
In April 1961 the government introduced the State Graduated Pension, also known as the Graduated Benefit or Graduate Retirement Benefit. This was a state scheme related to your National Insurance contributions which were in turn related to your earnings as an employee. Your National Insurance contributions were divided into ‘units’:...

Pension Credit

25 Feb at 9 AM - by Admin
Pension Credit is a means-tested social security benefit introduced on 6th October 2003 and administered by the Pension Service. It is designed to provide those aged 60 and over with a minimum level of income and give extra cash to those aged 65 and over with modest incomes who have made savings for their retirement. Pension Credit has two...

Contracting Out Of State Pension (Opting Out)

25 Feb at 9 AM - by Admin
After 2002, SERPS were replaced by the State Second Pension, or S2P, which aims to increase the benefits available to those on lower incomes. It is now possible to choose not to make contributions to the State Second Pension, and instead to put this money towards a private pension agreement. This process is known as ‘opting out’ or...

Tax on Pensions and Pension Contributions

25 Feb at 9 AM - by Admin
The basic State Pension is based on the National Insurance contributions you've paid, or have been credited with, during your working life. When you reach State Pension age you no longer pay National Insurance contributions, but you don't automatically stop paying Income Tax. If your taxable income - including your State Pension - is more...

What is a Pension?

22 Feb at 7 PM - by Admin
A pension is essentially a form of saving that allows an individual to put money aside to ensure that when your retire, you will still have an income to live off in addition to the minimal amount you will be given by the government. Often this will incorporate contributions from your salary which is automatically paid by your employer into...

Why do I need a Pension?

22 Feb at 7 PM - by Admin
Unless you have a lot of money, pensions are a vital way of ensuring that you have enough money to live-off when you retire. With men being able to look forward to around sixteen years of retirement on average considering the current retirement age of 65 and women lucky enough to have an average of twenty six years of retirement after 60,...

How do I get a Pension?

22 Feb at 7 PM - by Admin
As with any purchase that will directly affect your future, it is important to get advice on which is right for your needs and circumstances. In addition to making the right choice of pension product, you also then need to ensure you choose the right pension provider so it can be somewhat of a minefield. It’s difficult finding your way...

Advantages and Disadvantages of Pensions

22 Feb at 7 PM - by Admin
The advantages of pensions are obvious. Saving up for your retirement is off the utmost importance because unfortunately but unavoidably, the government pension plan is not enough for most people to live comfortably on. Whilst there are obviously other saving options for individuals looking to put money away for their future, the pensions...

Company Pensions - Occupational Pensions

22 Feb at 7 PM - by Admin
In broad terms a company pension can be explained as a pension which is established by a company to accommodate the pension needs of its employees. There are two types of company pension. There is a contributory company pension, in which the pension contribution is automatically taken out of the employee's salary, before tax and to which...

UK Pension Annuity Explained

22 Feb at 7 PM - by Admin
An annuity is a regular income paid in exchange for a lump sum, usually the result of years of investing in an approved, tax-free pension scheme. There are different types. The vast majority of annuities are conventional and pay a risk-free income that is a guaranteed for life. The amount you receive will depend on your age, whether you...

Stakeholder Pensions

22 Feb at 7 PM - by Admin
Stakeholder pensions are second pensions in addition to the basic state pension that everyone gets. The government introduced them because the basic state pension is unlikely to provide enough income for most people in their retirement. They are intended as an alternative to personal pensions for those without access to company...

With Profits Pension Plan

22 Feb at 7 PM - by Admin
The with profits pension plan is one that is aimed at those wishing to put money aside for when they finally decide to retire and settle down. As you are working you make monthly contributions into your plan that is then invested in the with profits fund. The idea is that in years when it performs particularly well, it pays a bonus into the...

Equity Release Schemes

22 Feb at 7 PM - by Admin
Equity release plans – also called lifetime mortgages, home reversion or home income plans – are a way of releasing cash, whether to buy that new car, to pay for a holiday or home improvements, or simply to make daily life more comfortable. These schemes essentially allow you to borrow money against the value of your home, with the...

Self Invested Personal Pensions (SIPPs)

22 Feb at 7 PM - by Admin
Self Invested Pensions, commonly referred to as SIPPs are a form of personal pension that provide users with a greater level of freedom than traditional pensions. They provide those who invest within them, the opportunity to decide what they invest their pension in or if they don’t feel they know enough about this, they can arrange for a...

Self Administered Pension Schemes

22 Feb at 7 PM - by Admin
Essentially, a Small Self Administered Scheme is an occupational pension scheme. However, it is different to ‘traditional’ occupational schemes in several key ways; primarily, SSASs consist of fewer than 12 members. Furthermore, Small Self Administered Schemes are available only to controlling directors of companies. However, the...

Group Personal Pensions

22 Feb at 7 PM - by Admin
A group personal pension (GPP) plan is a registered pension scheme. It is a collection of individual personal plans grouped together by the pension provider. Personal pensions usually offer a wide choice of funds in which to invest and there are two main different types, both of which are discussed in more debt in their self-titled...

Ethical Pensions

22 Feb at 7 PM - by Admin
The topic of pensions can be a complex and difficult one, and many people don't really understand much about the investment process or where their contributions go. However, more and more people are now starting to find out more about the ethical side of investing, and ethical pensions are now an option for those that want to take in to...

Unit and Investment Trusts

22 Feb at 7 PM - by Admin
A number of investment trust management groups allow you to pay pension contributions, enjoying the usual pension tax advantages, into one or more of their trusts. Anybody with a company-sponsored or occupational scheme, enjoying employer contributions, is well-advised to stay with the scheme. But for the self-employed or those without a...

Pension Mortgages

22 Feb at 7 PM - by Admin
A pension mortgage is not suitable for everyone. They are highly tax-efficient and life assurance cover is usually compulsory. With pension mortgages, an interest-only loan is taken out. The money which is being paid into a personal pension scheme, or an employers pension scheme can be paid as part of the pension mortgage. The tax-free...