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You searched for the term Children's pension Your search returned the following 40 results...
 
  • How inheritance tax might work on transfer (Deceased estate taxed in Scotland) - Royal London for advisers

    . Laura lives in Scotland, is divorced and terminally ill Earnings in the tax year of £150,000 She has 2 adult non-dependent children She transfers her DB pension to a DC scheme and dies 2 months later The transfer of value is £1 million Laura dies shortly after the transfer As Laura dies within 2...

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    Case studies

  • How inheritance tax might work on transfer (Deceased estate taxed in England) - Royal London for advisers

    , is divorced and terminally ill Earnings in the tax year £150,000 He has 2 adult non-dependent children He transfers his DB pension to a DC scheme and dies 2 months later The transfer of value is £1 million Mark dies shortly after the transfer As Mark dies within 2 years of the transfer taking place...

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    Case studies

  • 3rd Party Contributions - Saving for future generations pt I - Royal London for advisers

    3rd party contributions - Saving for future generations Pt I We look at how your clients can start saving for their children and grandchildren’s retirement. Providing a decent pension to live on is an expensive business. To provide an income of £32,000 p.a. from age 65 would require retirement...

  • Bereavement support payments - Royal London for advisers

    ...partner dies after 6 April 2017. The spouse or civil partner must be below State Pension Age to claim. A lump sum is paid followed by monthly payments for 18 months. Payments may be higher if there are children. You may also find the following useful: HMRC - Bereavement Support Payment  Eligibility...

  • Covid-19 and the money purchase annual allowance (MPAA) - Royal London for advisers

    ) was introduced along with pension freedoms on 6 April 2015. The aim of the MPAA is to limit the scope for those over 55 to make pension withdrawals and recycle them back into a pension plan in the form of pension contributions, securing double tax relief. Anyone subject to the MPAA has a specific annual...

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    Pension freedom

  • Child Benefit - avoiding the tax charge - Royal London for advisers

    Child Benefit - can you avoid the tax charge? Do any of your clients earn more than £50,000 and have children eligible for Child Benefit? They could lose all or some of their benefit because of their earnings. Would you like to get their Child Benefit back and help them fund for retirement? Key...

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    Information and guidance

  • Reasons why you might put pension death benefits into trust - Royal London for advisers

    ...decisions based on circumstances at the time of payment instead. Potential divorce Your client may be worried about their spouse remarrying, that marriage breaking down and the impact on their children. Legislation states that there can’t be a pension sharing order on dependants’, nominees...

  • Benefit crystallisation events and the lifetime allowance charge - Royal London for advisers

    Benefit crystallisation events and the lifetime allowance charge The lifetime allowance (LTA) is the maximum amount that can be crystallised before a charge applies. It used to be £1.8m but it’s now £1,073,100. Key facts Pension benefits held in a registered pension scheme will be tested against...

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    Pension freedom

    Defined Benefit

  • State benefits pension and manuals - protection - Royal London for advisers

    Support Payment replaced Bereavement Allowance, Widowed Parent’s Allowance and Bereavement Payment. The benefit is paid at one of two rates depending on whether the claimant is responsible for children. Bereavement support payments Employment and Support Allowance Read our top questions on Employment...

  • Universal credit - Royal London for advisers

    ...this is paid on top of the standard allowance. How much for Extra monthly amount First child £281.25 (born before 6 April 2017) £235.83 (born on or after 6 April 2017) Second child and any other eligible children1 £235.83 per child A disabled or severely disabled child £128.25 or £400.29 Help...

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    Rates and factors

  • Death benefits - nominating beneficiaries - Royal London for advisers

    ...of a nominee flexi-access drawdown. On the death of the spouse they want successor flexi- access drawdown to be paid to the children. Can the member state in the nomination form that this is what they want to happen? The member can't dictate what form of death benefit the spouse can receive; nor can...

  • Pensions on divorce - Royal London for advisers

    ...of the marital home, these usually being the most valuable of all the matrimonial assets. Furthermore the matrimonial home is likely to be awarded to the spouse who is bringing up any dependent children. Where this doesn't work is when the pension fund is quite large and in order to keep it intact the spouse...

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    Information and guidance

  • What is a spousal bypass trust? - Royal London for advisers

    ...circumstances where a simple nomination or expression of wish does not cover the situation. The individual sets up the trust and nominates the trust as their preferred recipient of the death benefits. Pension lump sums paid to a bypass trust will suffer a 45% tax charge if the pension scheme member dies...

  • Pension contributions - All you need to know - Royal London for advisers

    Pension contributions - all you need to know This analysis focuses on pension contributions, who can pay them and if there are any restrictions. Key facts Contributions made by an individual have to be supported by relevant UK earnings, employer contributions do not. Income from a pension...

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    Information and guidance

  • Defined benefit transfers and the lifetime allowance - Royal London for advisers

    ...lifetime allowance (LTA) tax charge. What does this mean for your client? Can they avoid paying the charge? Let’s look at an example: Meet Mark Mark has worked for an engineering firm for the last 40 years. He is about to retire at age 61 and is widowed with 2 adult children. He also receives...

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    News

    Blog

  • Statutory sick pay case study - Royal London for advisers

    ...and a dad to his 3 very young children. He works in a big city and he spends a total of around 2 hours every day travelling into the office and travelling home. Recently, friends, family and work colleagues have all noticed a change in Bob’s behaviour and some of them have mentioned it to him. Bob seems...

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    Case studies

  • Pension input periods and pension input amounts 2015 - Royal London for advisers

    Pension input periods and pension input amounts (post 8 July 2015 rules) These concepts have been with us since 6 April 2006 but with the reduction in the annual allowance to £40,000 more people are affected. Key facts Pension input period (PIP): This is the period of time used to measure...

  • Pension Credit - Royal London for advisers

    Pension Credit The DWP have produced a detailed guide to Pension Credit for advisers which you may find useful. Guarantee Credit (Tax Year 2020/21)   Single Pensioner Married Couple Guarantee Credit £173.75 p.w. £265.20 p.w. Capital Limit £10,000 - Any amount over this limit is converted...

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    Rates and factors

  • Pension protection - Royal London for advisers

    Pension protection Lifetime allowance protection It is currently possible to protect benefits from a lifetime allowance charge as a result of the lifetime allowance being reduced (which the Government like to do quite often). This protection has the effect of locking the lifetime allowance...

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    Information and guidance

  • Pension input periods and pension input amounts - Pre 2015 Rules - Royal London for advisers

    Pension input periods and pension input amounts (pre 8 July 2015 rules) These concepts have been with us since 6 April 2006 but, until the annual allowance reduced to £50,000 in April 2011, have really only affected those looking to pay significant amounts into their pension. Important note...

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    Information and guidance

  • Basic State Pension explained - Royal London for advisers

    Basic State Pension explained The Basic State Pension was replaced by the new State Pension in April 2016. Key facts Basic State Pension It had to be claimed; it wasn't paid automatically. You needed to have paid NI contributions for at least 30 years to get a full BSP. You got a proportionately...

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    Information and guidance

  • Single-tier pension - Royal London for advisers

    New State Pension The new State Pension replaced the basic State Pension in April 2016. Key facts New State Pension (nSP) The new State Pension started in April 2016 and is currently £175.20 p.w. You currently need to have paid NI contributions for at least 35 years to get a full nSP You can get...

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    Information and guidance

  • Basic state pension rates - Royal London for advisers

    Basic State Pension   Single Person Married Couple Date effective per week per annum* per week per annum* April 2020 £134.25 £6,981.00 £214.70 £11,164.40 April 2019 £129.20 £6,718.40 £206.65 £10,745.80 April 2018 £125.95 £6,549.40 £201.45 £10,475.40 April 2017 £122.30 £6,359.60 £195.60 £10,171.20...

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    Rates and factors

  • Personal Pension/Stakeholder Rebates - Royal London for advisers

    Personal Pension/Stakeholder Rebates All contracted out personal pension and stakeholder pension plans will automatically be contracted back in on 5 April 2012.   2007/08 2008/09 2009/10 2010/11 2011/12 Age * Tier1 Tier2 Tier3 Tier1 Tier2 Tier3 Tier1 Tier2 Tier3 Tier1 Tier2 Tier3 Tier1 Tier2 Tier3...

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    Rates and factors

  • Contributing to a child's pension - Royal London for advisers

    Contributing to a child's pension Many better-off clients are understandably focused on how they can maximise contributions into their own pension, whilst grandparents are often interested in giving their school age grandchildren a start on their pensions journey. But one area that’s often...

  • July 2015 Budget Summary - Royal London for advisers

    ...the threshold available on their death. Properties worth up to £1 million (from 2020/21) could therefore be passed on to children without inheritance tax being due on the property. Reduction in annual allowance 2.83 of HM Treasury - Summer Budget 2015 and HMRC - Transitional provisions for aligning...

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    Information and guidance

  • State Second Pension Explained - Royal London for advisers

    State Second Pension Explained State pensions have over time become more and more complicated. This analysis explains the 'nuts and bolts ' of the State Second Pension. In April 2016, the basic State Pension was replaced by the new State Pension. Since that date it is not possible to contract out...

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    Information and guidance

  • Autumn Statement 2015 - Royal London for advisers

    Autumn Statement 2015 George Osborne delivered the 2015 Autumn Statement on Wednesday 25 November. Our view It’s good news that the rumours of a halt to automatic enrolment have proved unfounded. It’s also good news that a decision on pension tax relief changes has been put off until the Budget...

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    Information and guidance

  • State benefits pension and manuals - Royal London for advisers

    ...accommodation HMRC manuals HMRC newsletters Pension credit State Pensions Contracting out GOV.UK calculators New State Pension State Pension factsheets Pension Statistics Child benefit In certain circumstances, receiving the child benefit can result in a tax charge. This article looks at ways to reduce...

  • Finance Act 2008 - Royal London for advisers

    Finance Act 2008 The Finance Bill was published by the Treasury on 27 March 2008 and became an Act on 21 July 2008. Pension legislation introduced in the Act includes: Pre A-Day protection of tax-free cash This affects any member with an entitlement to more than 25% tax-free cash on their pre A-Day...

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    Information and guidance

  • Pension case studies - Royal London for advisers

    Case studies Often a case study can help bring a technical point to life. Benefit options and lifetime allowance Emergency rate tax Lifetime allowance - opt in or out of an employer's pension scheme Lifetime allowance charge Lifetime allowance at age 75 case study Lifetime allowance charge – excess...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • Pension protection FAQs - Royal London for advisers

    Pension protection - frequently asked questions Primary protection PTM063110: primary protection and lump sum protection Primary and enhanced protection Q: What is primary protection? A: Members who had a benefits value on 5 April 2006 of over £1.5 million could use primary protection to reduce...

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    Frequently asked questions

  • Covid-19 and pension contributions - Royal London for advisers

    COVID-19 and pension contributions The existence of the grant available under the Coronavirus Job Retention Scheme does not change an employer’s normal pension contribution payment obligations or processes. Key facts The requirement under pensions legislation to consult on certain changes only...

  • State pension transition - Royal London for advisers

    State pension transition The government has simplified state pensions with the introduction of the new State Pension. Key facts The new State Pension started in April 2016 and is currently £175.20 p.w. You currently need to have paid NI contributions for at least 35 years to get a full nSP You can...

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    Information and guidance

  • HMRC Pension Schemes Newsletters - Royal London for advisers

    HMRC pension newsletters HMRC issue a variety of pension related newsletters. These cover almost anything to do with pensions and contain valuable information. A brief summary and links to the newsletters issued so far are below: Newsletter 124 – September 2020 This includes information...

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    Information and guidance

  • General and tools - Royal London for advisers

    General and tools Pensions and bankruptcy This article explores how bankruptcy can affect pensions. Pensions and bankruptcy Parental leave and pensions We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange...

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    Information and guidance

  • Annual allowance - Royal London for advisers

    Annual allowance An annual allowance for pension savings applies each year, which is based on a pension input period. This limits the amount of tax privileges available on pension savings each year. Key facts Annual allowance is based on pension input periods. Pension input periods are now aligned...

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    Information and guidance

  • Pensions liberation fraud - Royal London for advisers

    Pensions scams and liberation fraud Pension scams have evolved over recent years and adapted to the obstacles put in place by pension providers and their regulators. Key facts Usual signs of a scam Contact out of the blue. Promises of high /guaranteed returns. Free pension reviews. Access to your...

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    Information and guidance

  • Pensions A to Z - Royal London for advisers

    A to Z (Pensions) To help you find a pensions related article we've put links to every single one of them on this page. A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  WXYZ 0-9 60% tax relief on pension contributions 3rd party contributions - Saving for future generations Pt I 3rd...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • HMRC Inheritance Tax Manual - Royal London for advisers

    HMRC Inheritance Tax Manual HMRC produce a number of manuals for their staff. The guidance contained in this manual is not comprehensive nor will it provide a definitive answer in every case. Guidance on the assessment, collection and accounting of Inheritance Tax in relation to pension benefits...

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    Pension freedom

    Auto enrolment

    Information and guidance

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This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.