If there’s one topic that consistently ties people in knots, it’s how pensions are treated for income tax. And honestly, it’s no surprise. Pensions are wonderfully tax‑efficient while you’re saving… but they do behave a bit differently once you start taking them. No wonder myths spread so easily.
So let’s break it down in plain English.
Income Tax and Your Pension: Clearing Up the Confusion Read More »
If you’ve recently received a letter in the post titled Pension Savings Statement (PSS), it’s important to understand what it means — and what action you may need to take.
Pension Savings Statements: What They Mean and What You Need to Do Read More »
The Pengage team is delighted to have been asked to help Quilter in providing support to their advisors on public sector pensions. This will mainly be in the areas of pension taxation, the McCloud remedy and recent/upcoming scheme rule changes. The support will comprise technical guidance, pension modelling and projections. Quilter is a leading UK centric
Pengage appointed to provide support to Quilter advisors Read More »
One of the biggest talking points from the March 2023 budget was the removal of the Lifetime Allowance. The Lifetime Allowance had been in place since 2006 and is, in very basic terms, the Lifetime tax free limit on someone’s pension savings. At retirement if the value of the pension benefits exceeded this allowance, then
Lifetime Allowance Read More »
The Chancellor’s Spring 2023 budget took place on 15th March 2023. It was a huge surprise that there have been a significant amount of pension changes including within this budget. These are summarised below: Increase of the Annual Allowance from £40,000 to £60,000. This means that the growth in your annual pension can be up
Budget 2023 – Annual/Lifetime Allowances Read More »
There’s lots of noise across social media on the NHS Pension Scheme, especially about opting out. Some of this emanates from data which has recently become available following a Freedom of Information data request. (1) Is this a problem? Maybe. There are likely to be two main ‘opters out’ groups. The first will be those
NHS Pensions and Opting out Read More »
Background: Having dealt with pensions tax challenges over many years across a range of circumstances, some of the rhetoric on the freezing of the Lifetime Allowance (LTA) in last week’s budget makes me nervous. Pensions taxable allowances are complicated beasts that cause much confusion and many questions. In this brief blog we have set out
Pensions Taxable Allowances – Some FAQs Read More »
It was confirmed in the budget today that the Lifetime Allowance (LTA) will be frozen at a level of £1,073,100. Prior to this April it has been increased annually by CPI. So, what does this mean? What is the LTA? The LTA is the pensions tax free limit on savings. Essentially, the value of someone’s
Budget 2021: Pensions Update Read More »
Just before Christmas we delivered pensions tax education sessions via webinar to groups of people from one of the UK’s leading teaching hospital trusts. There were typically 15 people in each webinar, each of whom had been invited by their employer, the Trust. The objectives of each session were to; Help attendees better understand HMRC
Pensions tax webinars Read More »