Resources - Pension

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New Pension Schemes Bill to benefit 20 million workers

New Pension Schemes Bill to benefit 20 million workers

The Government’s new Pension Schemes Bill is expected to make it easier for millions of people to manage their pensions, by improving returns, and combining smaller pension pots to create bigger and better pension funds. The benefits of combining smaller pension pots...

IHT thresholds frozen to 2030 and pensions in by 2027

IHT thresholds frozen to 2030 and pensions in by 2027

Inheritance tax is one of the most unpopular taxes in the UK, as many people will pay 40% tax for the first time after they have died. The confirmation in the Budget that the IHT threshold of £325,000 will be frozen until 2030, and that any unused pension that is...

Just six months left to top up state pension back to 2006

Just six months left to top up state pension back to 2006

Anyone with an incomplete National Insurance record between 2006 and 2016 has until April 5, 2025, to top up their National Insurance (NI) payments to get the maximum state pension. Ordinarily, voluntary NI top-ups can be made for up to six years to complete an NI...

Nearly £57m in overpaid pension tax refunded in Q2

Nearly £57m in overpaid pension tax refunded in Q2

HMRC has had to repay a massive £56.9m in overpaid pension tax between April 1 and June 30 this year, as the problems with the emergency tax rate on flexible pension withdrawals continue to bite. HMRC will put you on an emergency tax rate when you first access your...

DWP makes slow progress on parents’ pension redress

DWP makes slow progress on parents’ pension redress

The Department for Work and Pensions (DWP) is making slow progress on addressing State Pension errors for around 194,000 parents who are being denied a full State Pension because they have not had the correct information applied to their National Insurance records....

Retiring overseas? Then think about your pension

Retiring overseas? Then think about your pension

If you are planning to retire overseas, you need to consider what to do with your pension once you leave the UK. There are a few options, including leaving your pension in the same UK pension fund, and just having the income paid to a sterling bank account, and then...

New Labour Government reveals plans in King’s Speech

New Labour Government reveals plans in King’s Speech

The landslide victory for Labour has promised a variety of changes to the way the country is run, and a wide range of these were revealed in the King’s Speech for the State Opening of Parliament. There were around 35 bills announced in the speech, including a new...

650,000 extra pensioners pay tax for the first time this month

650,000 extra pensioners pay tax for the first time this month

Around 650,000 pensioners are facing the prospect of paying tax on their pensions for the first time from this month. This is thanks to a big boost to the State Pension from April 6, and frozen tax bands that will drag them into the tax net, according to calculations...

Big plans for private and State Pensions

Big plans for private and State Pensions

Pensions are set to have one of the biggest overhauls in recent memory, as the Chancellor also announced a consultation on plans that would bring significant changes to pensions in the UK. The biggest change would be a Lifetime Pension, more colloquially known as a...

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