Pensions

State Pension entitlements – check now

Posted by Kath Docherty on January 12, 2018  /   Posted in Pensions

The state pension is clearly a worthwhile thing to have, particularly for the self-employed who will receive a pension through the new ‘flat rate’ pension. However, there have been numerous changes to the qualification criteria over recent years and now may be a good time to check your entitlement.

One thing which is worth bearing in mind is that it is the individual’s obligation to keep track of their own entitlement and ensure that it is correct, although most people do not appreciate that. Keeping track of this over a working life is difficult but rectifying problems with the state pension at the point of retirement can be even more difficult, so a quick check of your position once every four or five years is time well spent.

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Pensions – Tax Reliefs

Posted by Kath Docherty on October 16, 2017  /   Posted in Pensions

Types of pension schemes

There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension:

  • Workplace pension schemes
  • Personal Pension schemes.

A Workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.

A defined benefit scheme pays a retirement income related to the amount of your earnings, while a money purchase scheme instead reflects the amount invested and the underlying investment fund performance.

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Pensions – Automatic Enrolment

Posted by Kath Docherty on October 16, 2017  /   Posted in Pensions

What is automatic enrolment?

Automatic enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme. The main duties are:

  • assessing the types of workers in the business
  • providing a qualifying automatic enrolment pension scheme for the relevant workers
  • writing to most of their workers explaining what automatic enrolment into a workplace pension means for them
  • automatically enrolling all ‘eligible jobholders’ into the scheme and paying employer contributions
  • completing the declaration of compliance and keeping records.

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Auto enrolment – how this affects small businesses

Posted by Kath Docherty on February 07, 2017  /   Posted in Pensions

Automatic enrolment legislation will affect all employers with at least one member of staff in the UK. An employer’s duties will “switch on” from their staging date. By now, many small businesses have received their letter from the pensions regulator with their staging date. If you don’t know yours yet, please contact us and we can confirm this for you.

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