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You searched for the term State pension Your search returned the following 40 results...
 
  • 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 £179.60 a week You currently need to have paid National Insurance contributions for at least 35 years to get...

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  • 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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  • 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 The new State Pension started in April 2016 and is currently £179.60 a week. You currently need to have paid National Insurance contributions for at least 35 years to get a full new...

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  • 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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  • Pensions sharing on divorce - Royal London for advisers

    Personal pension schemes Yes Stakeholder pension schemes Yes S.32 policies Yes Retirement annuity contracts Yes Statutory pension schemes Yes Free-standing AVCs Yes Employer financed retirement benefit schemes - unapproved schemes Yes Contracted-out benefits, State Second Pension (S2P), State...

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  • Pensions A to Z - Royal London for advisers

    Automatic enrolment - guidance on certifying money purchase pension schemes (DWP) Automatic enrolment - our top five questions  Automatic enrolment earnings thresholds Average weekly earnings B Bankruptcy and pensions Basic State Pension Basic State Pension (rates) Benefit crystallisation events...

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  • Autumn Statement 2015 - Royal London for advisers

    ...that affect pension schemes directly but inevitably there are some provisions worth commenting on. Here's our summary of the changes with links to Treasury documents if you would like more detail. Basic state pension 1.133 of HM Treasury - Spending Review and Autumn Statement 2015 The basic state...

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    Information and guidance

  • Budgets and Acts - Royal London for advisers

    Regulatory charge cap Lifetime allowance Annual allowance Money purchase annual allowance Tapered annual allowance Public service pension reform remedy (McCloud) State pension Protection Inheritance tax ISAs 2021 Spring Budget 2021 Spring Budget Summary Furlough scheme Income tax Charge cap...

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  • Autumn Statement 2013 - Royal London for advisers

    ...when the State Pension age increases to age 68 and the announcement that it will increase further to age 69 is disappointing to those affected but it makes pension planning all the more important. Pension drawdown Section 2.57 of HM Treasury - Autumn Statement 2013 The Government Actuary's Department...

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  • Contracting-Out Of The State Second Pension - Royal London for advisers

    Contracting-out of the State Second Pension It is no longer possible to contract-out of the State Second Pension (S2P) Important note Since 6 April 2012, it has not been possible to contract out of S2P using a money purchase or appropriate personal pension/ stakeholder plan, meaning it was only...

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  • Pre Budget Report 2007 - Royal London for advisers

    . These savings will be provided with the IHT protection that is available to funds held in UK registered pension schemes. 6 April 2006 * All these measures expected to be included in Finance Bill 2008. State Second Pension That Pensions Act 2007 put in place proposals to reform the State Second...

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  • 2011 Budget Summary - Royal London for advisers

    ...allowance from 6 April 2012. The Chancellor did announce that the Government's intention to move to a single state pension of approximately £140 a week would result in the end of contracting out for defined benefit pension schemes. The Department for Work and Pensions will publish a Green Paper...

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  • 2017 Spring Budget Summary - Royal London for advisers

    2017 Spring Budget Summary Philip Hammond delivered his first and final Spring Budget on Wednesday 8 March 2017. Our view "The decision to raise National Insurance Contributions (NICs) for the self-employed did not come as a surprise following last year’s levelling of the State Pension playing...

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  • June 2010 Budget - Royal London for advisers

    June 2010 Budget George Osborne delivered his first Budget on Tuesday 22 June 2010. Our view Basic State Pension (BSP) increases This will help to maintain the BSP's value over time and will particularly help pensioners on low incomes. No compulsory annuity purchase at age 75 Flexibility on when...

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  • Autumn Statement 2014 - Royal London for advisers

    - Autumn Statement 2014 Despite the hints given in earlier consultation documents, the Chancellor announced that tax relief will continue to be unavailable on pension contributions paid after age 75. State pensions 1.235 of HM Treasury - Autumn Statement 2014 The single-tier state pension due...

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  • Information and guidance - Royal London for advisers

    : Average weekly earnings Basic state pension Consumer price index GAD interest rates Fixed rate GMP revaluation View more Viewpoint news Keeping you up to date with pension news and industry updates. Read now...

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  • 2013 Budget Summary - Royal London for advisers

    ...by the Consumer Prices Index (CPI) each year. State pensions Sections 1.187 - 1.193 HM Treasury - Budget 2013 The Budget confirmed George Osborne's comments at the weekend and the Ministerial Statement made yesterday that the introduction of the single tier state pension will be brought forward from...

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  • 2009 Budget Summary - Royal London for advisers

    National Insurance Contracted-Out Money Purchase Contribution Rates National Insurance Contracted-Out Salary Related Contribution Rates Low and Secondary Earnings Thresholds Benefits Basic State Pension Statutory Sick Pay Incapacity Benefits Pension Credit The major news for pensions is the restriction...

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  • Pre-Budget Report 2009 - Royal London for advisers

    ...with at least 1% from the employer October 2016 to October 2017 - minimum of 5% of qualifying earnings, with at least 2% from the employer from October 2017, minimum of 8% of qualifying earnings, with at least 3% from the employer. Further details are expected in January 2012. Basic State Pension Basic State...

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  • 2012 Budget Summary - Royal London for advisers

    ...of http://cdn.hm-treasury.gov.uk/budget2012_complete.pdf The Chancellor confirmed that the State Pension will become a flat rate for future pensioners. Although the level has been widely reported as being £140 per week, the actual commitment is to set it at a level above the standard Guarantee...

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  • 2014 Budget Summary - Royal London for advisers

    ...individuals can take their private pensions; from age 55 to 57 with effect from 2028. In addition they are proposing that the minimum pension age for private pensions will rise in line with increases to the state pension age (SPA). This would mean the age that individuals could take their private pension...

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  • 2016 Budget Summary - Royal London for advisers

    .  Bridging pensions 2.60 of HM Treasury - Budget 2016 The pensions tax rules on bridging pensions will be aligned with DWP legislation following the introduction of the single tier state pension from 6 April 2016. Pension dashboard 2.61 of HM Treasury - Budget 2016 The Government will ensure...

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  • 2009 Budget - Pension Credit - Capital Disregard - Royal London for advisers

    ...will improve the amount of Pension Credit available to eligible pensioners and is a welcome change. What the Budget says Pension Credit is the state benefit that aims to ensure pensioners have at least a minimum amount of income in retirement. The amount of Pension Credit is affected by the amount...

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  • Death benefits - Royal London for advisers

    ...a change which limits the deductibility of debts in certain circumstances.  Here we explain the changes. Deductibility of debts for Inheritance Tax The House of Commons has produced a briefing paper on inheriting both state and private pension rights.  House of Commons briefing paper - Inheriting...

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  • Pension case studies - Royal London for advisers

    ...estate taxed in Scotland) Pension death benefits in trust  General Cashing in your pension fund to purchase a property State pensions for women Want to know more? Send us your burning questions through our ‘Ask a question’ page. Share by email: Share by email:...

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  • Pension protection - Royal London for advisers

    Pension protection What you will find on this page Lifetime allowance protection Protecting Pre 6 April 2006 benefits and tax-free cash Tax-free cash protection on transfer Lifetime allowance protection It is currently possible to protect benefits from a lifetime allowance charge as a result...

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  • 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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  • 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 136 – January 2022 This includes information...

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    Information and guidance

  • 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

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  • HMRC Business Income Manual - Royal London for advisers

    ...for contributions to pension schemes by employers. The guidance applies to contributions made on or after 6 April 2006 and covers registered pension schemes and employer-financed retirement benefit scheme. Business Income Manual Royal London is not responsible for the content of external websites. BIM46001...

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  • HMRC Trusts, Settlements and Estates Manual - Royal London for advisers

    HMRC Trusts, Settlements and Estates 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. An introduction to trusts, their income and gains and how HM Revenue & Customs treats them for tax purposes. Trusts, Settl...

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  • HMRC Pensions Tax Manual - Royal London for advisers

    HMRC Pensions 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. This HMRC manual replaced the Registered Pension Schemes Manual from 2015. HMRC - Pensions Tax Manual Royal...

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    Pension freedom

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  • General and tools - Royal London for advisers

    General and tools Some useful articles and links to tools. What you'll find on this page Business structures and pensions Parental leave and pensions Pensions and bankruptcy Pension scams Power of attorney Stakeholder pensions Tools and support Trusts Business structures and pensions The way...

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  • 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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  • 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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  • Redundancy payments being used for pension contributions - Royal London for advisers

    Redundancy payments being used for pension contributions You can use redundancy payments to pay a pension contribution this article explains how this can be done Key facts Only part of a redundancy payment counts as relevant UK earnings. A redundancy payment can be made up of the actual redundancy...

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  • Transfers explained - Royal London for advisers

    Transfers It is possible to transfer your pension fund to another plan. What you will find on this page Block transfers: Tax-free cash protection and protected pension age Defined Benefit transfers In specie transfers Overseas transfers Pensions & Investment CPD hub Safeguarded benefits Transfers...

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  • Employer contributions and tax relief - Royal London for advisers

    Employer contributions and tax relief How much can an employer pay into a pension plan? Key facts Employer contributions are not restricted, however they must satisfy the 'wholly and exclusively' requirement to receive tax relief. Employer contributions count towards the annual allowance...

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  • 60% tax relief on pension contributions - Royal London for advisers

    How to get 60% tax relief on pension contributions (excluding Scotland) Has your client lost their personal allowance? Would you like to get them 60% tax relief on their pension contributions? Since 6 April 2010, the personal allowance is reduced by £1 for every £2 of income above £100,000...

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  • 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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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.