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How To Top Up Your State PensionWritten on February 10, 2025 by Kirk Rice LLP
This is a great way to build pension provision for retirement. You need a minimum of 10 qualifying years of national insurance to receive any state pension at all, and at least 35 years to receive the full state pension. You can pay voluntary contributions (also known as Class 3) to receive extra years. You […]
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Pension Transfers into an Employer SchemeWritten on September 12, 2023 by Kirk Rice LLP
Whether or not pension transfers are a good idea is a common question from clients. Kirk Rice offers holistic advice and will want to understand your current circumstances and your future plans and goals. We will want to discuss your plans around retirement ages and what retirement income you will need to achieve to meet […]
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Pension ConsolidationWritten on September 6, 2023 by Kirk Rice LLP
Pensions are a core financial planning investment and a tax-efficient vehicle, making them an attractive way to save for the future. Pension rules regularly change, and most people could benefit from regular advice. There are several aspects to consider when thinking about pension consolidation into one plan. It makes it easier to manage being under […]
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Retirement Annuity Contract Pension: Why has the Tax Free Lump Sum Reduced?Written on September 3, 2023 by Kirk Rice LLP
Your pension is probably an old-style Retirement Annuity Contract (RAC). Personal Pensions (PPP) replaced these types of pensions in 1988, but existing RAC Pensions could continue. Both types of pension allow you to take some of the fund as a Pension Commencement Lump Sum (PCLS, formerly called Tax Free Lump Sum). The balance of […]
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Lifetime Allowance Tax Liability At 75 Years OldWritten on January 25, 2021 by Kirk Rice LLP
When pension simplification was introduced in April 2006 a new set of rules ensued. Some 14 years later, I would say it’s more a case of how simplified became complicated. Tax-free cash was renamed pension commencement lump sum (PCLS) which makes us all think it will become taxable at some time in the future, but […]
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Self Assessment Tax Returns – Do I Need To Complete One?Written on October 28, 2019 by Kirk Rice LLP
It is an individual’s responsibility to ensure they pay the correct amount of Tax and make the required reports to HMRC; hence the title ‘Self Assessment’. Your income is taxed at source under the PAYE system and assuming your ‘notice of coding’ is correct, you should be paying the right amount of Tax on this […]
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Pension Protection Fund (PPF) – Is My Final Salary Pension At Risk?Written on October 1, 2019 by Kirk Rice LLP
Final salary pension schemes, or defined benefit pensions as they are also called, are by far the best type of pension to have. They provide pre-determined benefits that are underwritten by the employer and are in effect guaranteed. The amount of pension will depend on several factors, such as the scheme’s accrual rate; 1/60th is […]
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Life Cover – What Do I Need?Written on July 15, 2019 by Kirk Rice LLP
Unfortunately, there is no set formula to determine how much level of life cover you need as everyone’s circumstances are different. Ultimately, both you and your husband need peace of mind that if anything happened to either of you, there is enough money to cover all the things you need. For example, that the mortgage […]
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Should I Transfer Out Of My Final Salary Pension Scheme?Written on May 16, 2019 by Kirk Rice LLP
In my experience many people who have been members of a final salary pension have paid relatively small contributions (typically nothing or up to 5% of salary) and been offered transfer values in excess of £500,000 which seems an awful lot of money. It is not uncommon to see transfer values that exceed £1m. With […]
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Stocks And Shares ISAs – When To SellWritten on September 26, 2018 by Sarah Newell
The following example is one I often use during client meetings. Let’s say I invested £100,000 for a client, and 7 years later it is worth £200,000 (an example, not a promise of returns). At that point the client is probably very happy, after all they are showing a healthy profit, equal to a return of […]
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