What You Need To Know About Personal Pensions

What You Need To Know About Personal PensionsThe different types of personal pensions and what to consider when deciding if a scheme is suitable for you.

Personal pensions are pensions that you normally arrange yourself rather than through your employer.

They are almost always defined contribution schemes and as such work in much the same way as the defined contribution schemes offered by employers.

Guide to choosing how to access your pension savings

GUIDE TO CHOOSING HOW TO ACCESS YOUR PENSION SAVINGSA guide to choosing how to access your pension savings.

Your pension can often seem like an abstract concept among the early morning commutes, home purchases, new jobs and other events that make up the average person’s working life. However, when you begin to reach the end of employment, the abstract suddenly becomes very real.

Is your retirement priority to attain a steady level of income to help you see out your days in comfort, or do you have other designs for your pension savings?

Either way, you will have to decide how you are going to access your pension. The variety of different options open to you will have wide-reaching effects on the rest of your life.

Retirement planning advice – Pension changes post July 2015

This blog provides an overview of the recent (July 2015) developments in the area of retirement planning advice.

Retirement planning advice

Retirement planning advice

Personal retirement planning can be a complicated area, therefore speaking to an independent adviser is a great place to start.  Giving retirement planning advice is what we offer at Assured Wealth.  

Workplace pensions Update – Pensions Regulator Fines increase

Workplace pensions update explains The Pensions Regulator fines increase by issuing an increasing number of non compliance fines in the first quarter of 2015.  Here is an update on the number of fines issued and the reasons why.  All company owners should ensure their workplace pension scheme is set-up in time for their staging date.  This is simple to do and takes around 6 weeks currently (May 2015).  However as we move towards 2016 over 1m companies have to set-up a scheme so our advice would be to set it up now and reduce any fines and increased industry costs as demand outstrips supply.

Workplace Pensions Update Table

Selected powers used in the period
PowerDescriptionNumber in periodNumber to Mar 2015
Information NoticeThe power to demand information and documents under section 72 of the Pensions Act 20041531
InspectionThe power to inspect premises under section 74 of the Pensions Act 200418
WarrantThe power to search premises and take possession of content under section 78 of the Pensions Act 200400
Compliance NoticeA Compliance Notice under section 35 of the Pensions Act 2008 The power to remedy a contravention of one or more automatic enrolment employer duty provisions2131,529
Unpaid Contributions NoticeAn Unpaid Contributions Notice under section 37 of the Pensions Act 2008 to remedy a late or non-payment due to a qualifying pension scheme917
Fixed Penalty NoticeA Fixed Penalty Notice under section 40 of the Pensions Act 2008 of £400 for failure to comply with a statutory notice or some specific employer duties198367
Escalating Penalty NoticeAn escalating penalty under section 41 of the Pensions Act 2008 of between £50 and £10,000 per day (depending on size) for failure to comply with a statutory notice44

Contact our Knutsford IFA office and arrange to speak to a Knutsford financial adviser.

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