Pensions

Changes have been announced relating to the amount of money than can be saved into a pension on a yearly basis and then how much can be held in a pension after that.

The starting point for many with regards to an income in retirement is with the current Basic State Pension. From 6th April 2011 the Basic State Pension for an individual is £102.15 per week and for a married couple it is £163.35 per week. However, did you know that the original plans to increase the State Retirement age from 65 to 66 years of age have now been brought forward to take effect from November 2018 through to April 2020. The dates whereby the State Retirement age will increase from 66 to 67 and then 68 years age are also under review now.

There is a top up scheme to the Basic State Pension and at present a number of people have the choice with regards to contracting in or contracting out of this. The name of this scheme is the State 2nd Pension (from 1978 - 2002 known formerly as SERPS, and prior to that Graduated Retirement Benefit, which ran from 1961 - 1975). From 2012 changes have been announced with regards to this whereby the decision to be contracted in or contracted out will be removed. Added to the above points, the government has announced it will be introducing the National Employment Savings Trust (NEST) from 2012. How will this affect you?

As we can see, there are many changes taking place with regards to future pension planning. We can provide help and advice on all areas of pension planning and whether you are an individual or an employer we can guide you through this ever changing landscape to ensure that you are kept up to date and know where you stand.