Letting members know about small lump sum options. What do pension trustees need to know?Lisa Wright
The pension lifetime allowance was a tax charge that was payable if your combined pension benefits exceeded a certain amount but was abolished in April 2024. Instead, lump sum allowances have been introduced. For most people, the ‘lump sum allowance’ related to the benefits you take from yo...
Automatic enrolment means that more people than ever in the United Kingdom are paying into a pension. Yet there are several challenges still facing future generations of UK pensioners that could impact their living standards in retirement. In fact, the majority of employees are not saving enough ...
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Previously, anyone withdrawing benefits from their pension fund above the LTA of £1,073,100 (or the applicable fixed protection amount) was subject to a tax charge. This could be either 55% or 25%, depending on whether they were taking a lump sum or income. The Spring Budget in March...
If you continue to pay into your pension, you can further enjoy the boost to your pension contributions thatpension tax reliefprovides. You could receive this welcome addition on your payments all the way up until you are 75. However, once you begin todraw an income from your pension, it ...
Each beneficiary will need to pay inheritance tax to the authorities. This is different to how it works in the UK, where a lump sum of tax is paid out of the estate. It’s important to get professional tax advice to double check which country’s tax laws apply to you, especially if ...
Capital gains tax and me I’ve paid CGT. I wasn’t even very wealthy at the time. Certainly my annual income was no great shakes. I began investing 20-odd years ago with a biggish lump sum that I’d originally saved up as a house deposit. ...
Josephine wants to ensure a lump sum is available to her beneficiaries before probate is granted so that the high-value items won’t need to be sold to pay IHT. She has excess income each month and expects this to be the case for the rest of her life. ...
Aslef said a pay offer of 3.8%, plus a variable lump sum, would result in Tube drivers staying on a lower salary than those on other Transport for London services while working longer hours. The union said train operators and management grades would strike on 7 and 12 November, and enginee...