Posts Tagged ‘Pension’

I am a company Director with NO employees, do I need a workplace Pension?

One question we get asked a lot in relation to the Workplace Pension rules is, I am a company Director with NO employees, do I need a Director Workplace Pension?

The simple answer is no, however you will still have to notify The Pensions Regulator (TPR).

Directors Workplace Pension

Directors Workplace Pension

Automatic enrolment duties don’t apply when a company or individual are not considered an employer.

You won’t have any duties if you meet one of the following criteria:

  • You’re a sole director company, with no other staff
  • Your company has a number of directors, none of whom has an employment contract
  • Your company has a number of directors, only one of whom has an employment contract
  • Your company has ceased trading
  • Your company has gone into liquidation
  • Your company has been dissolved
  • You no longer employ people in your home (cleaners, nannies, personal care assistants, etc).

Complete the return form online.

If you are not setting up a Workplace Pension for yourself, then talk to Assured Wealth IFA Warrington  about other tax efficient way’s of saving for your retirement.  Book a FREE review today with a Warrington corporate financial adviser.


When it comes to the new state pension, recent research as identified that:

18% of those due to retire after 6 April 2016 don’t believe they will qualify for the £155-a-week flat rate State Pension.

Nearly half of those believe they’ll miss out due to taking career breaks to raise children.

State Pension changes
Topping up National Insurance contributions could help those who won’t reach the threshold of 35 years in employment to avoid missing out.

Nearly one in five (18 per cent) adults do not believe they will qualify for the full flat rate State Pension of £155 a week, which is due to come into effect on 6 April 2016, according to new research from Prudential.

Twenty one per cent of women believe they will miss out, compared with 14 per cent of men. This gender difference means that women think they are less likely to make the equivalent of the 35 years of National Insurance (NI) contributions needed to qualify.

Nearly half (49 per cent) of those who think they will miss out believe they will do so as a result of taking career breaks to raise children, although 20 per cent say they will not meet the target due to long-term illness.

However, for those who fail to clock-up the necessary 35 years in employment, additional years can be bought in voluntary contributions, or can be credited to those who receive Jobseekers Allowance or Employment and Support Allowance. People who claim child benefit for children under the age of 12, those who are unable to work through illness, and carers can also claim added years.2

The research found that only 14 per cent of adults who believe they won’t reach 35 years in employment will make voluntary additional NI contributions, to ensure they qualify for the full State Pension.

Prudential’s research was conducted among people born after 6 April 1950 and found that 27 per cent of those aged 55-plus were not aware of the State Pension reforms. This figure rises to 53 per cent, among the total adult population. There is also confusion around how much the new State Pension will be worth. On average, those surveyed believe it will be worth £125 a week, compared with the actual £155 a week, although one in nine (11 per cent) thought it would be £170 a week.

Managing your money – September 2015

In this month’s look at managing your money:

The average stay in a care home costs more than the value of the average pension pot.

Research has found that people over 45 aren’t keeping track of their pension savings.

Almost half of landlords will be affected by new rules for claiming expenditure on rented property.

Saving through save as you earn schemes has increased.  We look at the rules and tax treatment of such schemes.

Managing Money

Managing Money

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