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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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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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Transfer ISA to Pension?Written on July 7, 2018 by Kirk Rice LLP
A lot of families are doing just that because they can boost their savings and pass money on death more flexibly and tax efficiently, but it may not be suitable for you. Let’s assume that £12,500 of your income is taxed at 40% (Higher Rate Income Tax) and you have more than £50,000 in various investment […]
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Pension Transfer – Is This A Good Idea?Written on November 2, 2017 by Kirk Rice LLP
Whether or not pension transfer is a good idea, is a regular question from clients who may have started the transfer process and been told to seek advice. If you come to me for advice this is what I would do. We will discuss when you want to retire and how much money you’ll need to meet your lifestyle […]
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Equity Release – Are There Any Other Options?Written on February 1, 2017 by Kirk Rice LLP
You need to reduce your outgoings and live within your Pension Income which I would imagine is not an attractive option if you want to continue enjoying your retirement. Or sell your house and buy something cheaper (downsize) which you have stated you do not want to do. Or finally, take out an Equity Release […]
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Non Taxpayer – Can I Pay In To A Pension?Written on January 16, 2017 by Kirk Rice LLP
Yes, as a non taxpayer you are allowed to invest into a Pension and one of the main benefits will be that your contribution will qualify for Basic Rate Tax Relief. This is especially appealing when you consider that you are presumably a non taxpayer. There is not surprisingly a limit to the amount you can contribute […]
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Can My Business Borrow From My Pension?Written on September 14, 2016 by Kirk Rice LLP
A Pension can lend money to a Sponsoring Employer but a SIPP (Self Invested Personal Pension) is a type of Personal Pension and as such there is NO Sponsoring Employer. It therefore cannot lend money to your business. Please note, that whilst your company can contribute to the SIPP it does not mean that the […]
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The Economic Impact Of ‘Brexit’Written on March 24, 2016 by Kirk Rice LLP
I want to share this report with you. It was commissioned by Woodford Investment Management and it explains in a balanced way the potential impact of a vote to leave the European Union – or Brexit. It has been produced to be suitable for advisers and clients; personally, it is probably the best document I […]
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Key Questions for Businesses to Answer Regarding Auto Enrolment (Including Podcast)Written on January 2, 2016 by Kirk Rice LLP
Listen to the Kirk Rice Auto Enrolment podcast: Auto Enrolment is a topic that’s on the lips of many business owners and managers at the moment and the most common questions are around areas such as: Does it apply to me as we don’t really want to do it?’ When should we start planning? […]
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Redundancy Abroad & UK State PensionWritten on October 1, 2015 by Kirk Rice LLP
From next April each individual will need 35 years of sufficient National Insurance Contributions (NICs) to receive the new State Pension of about £151 a week (the current pension credit maximum). These contributions are generally known as Class1 if you are employed and Class 2 when self-employed. In order to obtain any part of the […]
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Business Valuation – Where Do I Start?Written on October 2, 2026 by Kirk Rice LLP
