Pensions Advice for pensioners facing tax code problems
08/02/2010
Last year, for the first time ever, HMRC joined together their many records for each individual employee and pensioner in one computer system. This is a very good thing for HMRC to have done, as it makes it much more likely that their work will be accurate in the future.
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£60bn Local Government pension deficit could mean service cuts and Council Tax hikes
The Local Government Pension Scheme could face a deficit of more than £60bn next year if current trends continue, claim the Liberal Democrats. This could have a major impact on public service delivery and Council Tax.
Retirement plans being postponed
While campaigners continue to press for changes in the law to give people the right to work beyond retirement age, new figures have been released which demonstrate that many will have no option but to carry on working – because their private pension ‘pots’ have been so badly affected by the recession.
HSBC warn of 'perfect pensions storm'
A ‘perfect storm’ of demographic, individual and financial elements is poised to derail people’s retirement plans unless they prepare properly now, a global survey from HSBC Insurance has revealed.
The fifth annual Future of Retirement study, It’s Time to Prepare, shows that a combination of factors such as lack of pensions planning, poor levels of financial understanding, limited access to advice, and reduced funds due to economic downturn, mean that many people will struggle to make ends meet when they come to retire unless they urgently review their priorities and planning.
Massive shortfall for women's pensions predicted
The 2.76 million UK women who plan to retire in 2009 will each expect to receive £6,642 a year less in their annual pensions than men, equivalent to a total income shortfall of more than £42 billion, according to new figures from the Prudential Class of 2009 retirement survey published this week.
Time to have YOUR say on the future of the Pensions Protection Fund levy
The Pension Protection Fund (PPF) now has a far better understanding of the long-term risks it is exposed to in the current economic climate, and has developed new proposals for the long-term future of the pension protection levy. They are now consulting on these proposals which are designed to make the levy fairer – and they want to hear YOUR views.
Deferring your pension - yes or no?
No-one is pretending that the State Pension will afford you a life of luxury. So is it worth deferring? Tom McPhail, Head of Pensions Research at Hargreaves Lansdown, weighs up the pros and cons of waiting before you draw retirement income.
Pre-Budget a "missed opportunity" say Seniors
The Senior Citizen Party has dismissed the 2.5% cut in the rate of VAT as "a waste of £12 billion," he said," which could have been much better used to increase the personal tax allowance by £1000, thereby putting an additional £800 in everyone's pocket, and by removing the 5% VAT on gas and electricity to give people the confidence that they can actually pay their energy bills and do not have to 'choose between eat and heat'.
What will the Pre-Budget mean to you?
What will the Pre-Budget mean to you? The Low Income Tax Reform Group explain the detail and pass their judgement on the report - concluding that the approach is welcome, but whether the Chancellor's measures will have the effects he anticipates is yet to be seen.
Pensioners’ boost in Chancellor’s Pre-Budget statement - or 'skinflint' measures?
Pensioners will have a delayed Christmas present from the Chancellor, who has announced an extra £60 for each person – payable in January. In addition, Pension Credit will rise from £124 to £130 in April for single pensioners, and from £189 to £198 for couples – above indexation. The single pension will rise from £90.70 to £95.25. But the announcements have received a lukewarm welcome from campaign organisations Help the Aged, Age Concern and the National Pensioners Convention.
Retirements delayed as £157 billion wiped off workers’ pensions
In the last twelve months, the value of defined contribution pension scheme assets have plummeted by nearly a third from £552 billion to £395 billion. The economic downturn is now visibly taking its toll on the money workers have been putting aside for their pension - meaning those who are close to retirement may have to work longer
Over 60? Don't miss out on extra cash
Older people are being urged to claim Pension Credit while they may still be able to benefit from up to a year’s backdated lump sum. Many over 60s are still not claiming benefits they may be entitled to and are missing out on additional help - as many as 1.8 million households.
Check your tax - you could be in for a rebate
Pensioners on low incomes may find that their usual payment on or after September 7th may be larger than usual - by about £60. It is NOT a mistake.
Pension Credit - claim it or lose it
Pensioners have just weeks left to apply for backdated pension credit payments spanning a year. If they miss the October 6th deadline, their claims can only go back three months, NOT the full twelve months - because the Pension Service have changed the rules.
Sipps can hold protected rights from October, announces O'Brien
Investors are to have more choice from October, following changes to pensions rules - allowing protected rights to be held in Self-Invested Personal Pensions (Sipps).
