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Pension Planning Articles

This is the category page for all Pension Planning articles here on ukpensioncalculator.co.uk...

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...

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...

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...

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...