Barnett & Turner Accountants Ltd | Pensions
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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Pensions

17 Oct Have you DONE enough to get a full state pension? 

Tracy Henson of accountancy firm Barnett & Turner does the sums. We all joke that by the time we reach retirement age, the state pension won’t be worth having. But let’s not give up on it just yet.  I’m still looking forward to getting my own pension and I know what I should get, but do you?  And do you know how to make your position better if you find that you haven’t already done enough to qualify for the full amount? Whether, and to what extent, you qualify for a state pension is determined by reference to your work history or,...

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29 Mar Flat-rate pensions: clearing up the confusion

It appears to be a straightforward concept, but the new state pension regime does, in fact, throw up a few complications writes David Wilson of Barnett & Turner. From 6th April 2016, anyone who reaches state pension age is entitled to the new flat-rate payment. While the concept implies that all pensioners will receive the same amount of money under the scheme, things aren’t quite that simple.  The sum paid out will depend on how many NI qualifying years you’ve accrued, as well as the number of years of entitlement to the additional state pension you’ve built up. There’s something else to...

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08 Dec Pensions come into their own

If you’re a business owner who’s ignored pension provision until now, the new regime should make you sit up and take notice, argues David Wilson of accountancy firm Barnett & Turner. In the past, it’s been hard to persuade some small business owners to take pensions and related guidance particularly seriously. Many may have had other investments and will have been relying on them to produce a suitable income in retirement. The restrictions in the pension rules and what you were able to draw down was certainly a psychological obstacle for a number of people. Since the change in the regulations earlier...

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20 Mar You can, when you plan…

Time is ticking away if you want to do some serious tax planning in this financial year, writes Jono Wilson of Mansfield-based firm Barnett & Turner. With a general election on the horizon, taxation – and each party’s various policies regarding wealth – will be high on the agenda in the coming weeks and months. You may therefore be forgiven for thinking that the money that remains in your pocket is entirely decided by those in power. In reality, you might be more in control than you imagine. Although this week’s budget gives us a little warning of what the future may...

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24 Nov Changes To Taxation Of Pensions On Death

Hot on the heels of the relaxation of the rules on pension drawdown earlier this year, the Chancellor announced at Party conference that he intends to abolish the 55% tax charged in certain circumstances on the balance of undrawn pension funds at death. This creates further flexibility in pension planning which should now be given greater priority in your financial plan. At present a pension fund can only be passed down tax free on death if the individual has not drawn anything from it, including the tax free sum, and is aged under 75 on death, otherwise there is a 55%...

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14 Jul Some big news on ‘small pot’ pensions: up to £1,500 is up for grabs

This year’s budget included a few eye-catching announcements, including the decision to increase the ‘small pot’ pension fund from £2,000 to £10,000. Part of the government’s drive to make pensions more flexible, the new rule also had the effect of creating an interesting opportunity for shrewd investors. Although we’re talking about a loophole that has actually been acknowledged by HMRC, it won’t be formally addressed until April 2015. And that means you have a perfectly legitimate window in which to act, if you’re currently employed and aged between 60 and 75. Let’s take a scenario in which you open a personal...

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30 May The automatic solution: talking to your accountant about pensions

Back at the beginning of the 20th century, when the first old-age pension was introduced in the UK, there were 10 people of working age for every person drawing their retirement income. Today, that ratio is 3:1 and it’s set to drop still further to 2:1 by 2050. Given that our pensions are covered by the current working population, it’s hardly surprising that government has – for many years – been worrying about the long-term sustainability of state provision and urging us all to supplement our pension with private plans. In 2012, we moved from gentle cajoling to a more formal system,...

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