August 3rd, 2009
Some confusion followed the Budget announcement that the annual tax free ‘cash ISA’ limits were being increased from £3,600 to £5,100 for investors aged 50 or above from 6th October 2009 and from 6th April 2010 for everyone else.
It has recently been confirmed that the increased allowance for those individuals with a 50th birthday between 6th October 2009-6th April 2010 will be made available from that birthday.
Please also read about important pension choices for people celebrating their 50th birthday before 6th April 1960.
A cash ISA account can be opened on the lower amount of up to £3,600 at anytime and topped up to £5,100 at anytime between the 50th birthday and the end of the tax year. For help with selecting a cash ISA, or any other investment advice, please get in touch.
Posted in individuals |
May 19th, 2009
October 2012 is the date earmarked for the launch of Phase 1 of the Government’s proposed National Pension Savings Scheme (NPSS), also known as ‘Personal Accounts’. Whilst no formal regulations have yet been announced, the latest proposals have far-reaching implications for employers and employees alike:
- Compulsory employer contributions
- Compulsory employee contributions
- Auto-enrolment to the scheme every three years
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Posted in business |
May 13th, 2009
Whilst most of the media coverage post-Budget centred around the creation of a new 50% rate of income tax for individuals earning more than £150,000, far more people will be impacted by the proposed restriction of the personal allowance for individuals earning in excess of £100,000 which is also due to be introduced for 2010/11. Personal allowances will be phased out at the rate of £1 for each £2 of income in excess of £100,000.
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Posted in individuals |
April 29th, 2009
Further to its previous report covered under our previous (catchy) post ‘Are you sure that your defined contribution company pension scheme is well run?’, the Pensions Regulator published a further brief paper this month which praised the standards to which the ‘vast majority of schemes are well run by dedicated and hard-working individuals’.
It did go on to suggest that ‘For members of defined contribution (DC) schemes where members have more responsibility for the level of their eventual pensions, we encouraged review of investments, contributions and target retirement dates’. The paper also goes on to talk about the importance of member communication at this time in particular.
EBS prides itself on a high level of personal service and availability of advice for members of DC schemes, should you wish to review any of the aforementioned areas please get in touch.
STOP PRESS:
The Pensions Regulator issued a further bulletin in July 2009 restating the need for high levels of member engagement in light of the economic downturn with specfic focus on educating those approaching retirement about their full range of options.
Again though, the Regulator restates the responsibility of the employer ‘for regularly monitoring charges, reviewing scheme administration and investment options, producing effective member communication and checking that the scheme continues to meet the needs of their workforce.’
EBS is currently able to offer extremely attractive terms on stakeholder & group personal pension schemes which fufill each of the Regulators criteria for effective scheme design. For an initial assessment of your current arrangements and requirements, please get in touch.
Posted in business |
