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Pensions

Have you got your pension plan under control?

NEW PENSION LEGISLATION


The Chancellor of the Exchequer, George Osborne has said:

“April 6th marks the start of new freedom both for consumers and the industry and I’m excited about the range of new products pension providers will be developing over the next few months and years. Our freedoms offer a real opportunity for consumers to think hard about what they need during the course of their retirement and the pensions industry to respond to that need.” Now is the time for you to take control or your money.

https://www.pensionwise.gov.uk/

How does this affect my pension?


The new legislation will offer pension holders more choices and control over their pensions. These changes mean that now is the time to take stock, review and take ownership of your future. Your pension is probably the second largest asset you own after your house.

Indifferent pension holders


Many of us who have a pension don’t take an active part in its management and leave it to the fund holders to use the parameters of investing that we set out when we first took out the pension. We are given a statement every year which tells us that our retirement plan has an overall value now and a projected value per year for our chosen date of retirement. Then we file the paperwork and forget about it for another year.

 


Owning your pension “Your money, your choice”


With all the news coverage brought about by the new legislation, many of us will be taking more than a passing interest in our pensions. Are we missing out? Are we making the most of our investment? Asking these questions is possibly the first step to taking ownership, taking stock and then looking for qualified, professional advice. Whether you want to review, take cash , buy investment property, look for new and more creative ways of investing or just check that your investment is performing as expected, now is a good time to find out exactly what you can do with your pension savings.

Pensions are complicated, take advice


Advice on pension matters is important and there are lots of scams which have been widely publicised. The importance of qualified, professional advice by a regulated advisor is highly recommended and we at UK Online Finance in partnership with PENSION ADVISORS UK can give you... your money, your choice

WORKPLACE PENSIONS

Auto-enrolement/workplace pensions


New Pension Legislation in the workplace is coming and the majority of employers will need to make provision for this new initiative and enable workers to save for their retirement. UK Online Finance partner Wealth Pensions can help small companies in setting up Defined Contribution or Defined Benefit Schemes which will become a legal requirement.

When will I have to comply?


The Pensions Regulator has written to all employers to confirm their staging dates but you can check when your date here http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx

What is auto-enrolement?


‘Auto-enrolment’

A new law means that every employer must automatically enrol workers into a workplace pension scheme if they: are aged between 22 and State Pension age, earn more than £10,000 a year and work in the UK

This is called ‘automatic enrolment’.

Use the Pensions Regulator staging date calculator to check if the new law applies to you and when you’ll be enrolled. The calculator is for employers but also works for employees.

You may not see any changes if you’re already in a workplace pension scheme. Your workplace pension scheme will usually carry on as normal.

But if your employer doesn’t make a contribution to your pension now, they will have to by law when they ‘automatically enrol’ every worker.

Who can help set up a pension?


At UK Online Finance partner Wealth Pensions, in house, qualified specialists are advising a wide variety of Small and Medium Sized (SME) companies to set up their required workplace pension solutions.

Setting up a company pension scheme is a bespoke service offered by Wealth Pensions who are a dynamic solutions provider to business throughout the UK. The process can be a basic compliance with the new legislation to a turnkey solution with all the bells and whistles you will ever need.

 

 
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