Pensions

Morley and Scott's experienced and qualified team offer a range of corporate and individual services:

Executive Schemes
Small Self Administered Schemes
Personal Pensions-Employed/ Self Employed
Self Invested Personal Pension Schemes
Group Personal Pension Plans
Unapproved Retirement Benefit Schemes
Stakeholder Schemes

Open Market Option Annuities

For many years it has been accepted practice that an individual who has built up a pension fund with an insurance company during their working life should purchase an annuity with that same company. Indeed historically insurance companies have encouraged policyholders to do so using various marketing techniques. The Financial Services Authority saw this some time ago and has become increasingly progressive in encouraging insurance companies to draw to policyholder’s attention the option that most policies have to secure the most competitive annuity available. Continued...

Final Salary Pension Scheme Funding

Increased funding costs – Nowhere to turn!

When ‘Final Salary’ or ‘Defined Benefit’ Pension Schemes were first introduced they were considered the ultimate form of retirement income funding for staff. Recently, due to new legislation, economic changes, poor stock market performance and increased life expectancy ‘Final Salary’ or ‘Defined Benefit’ Pension Schemes have become an employers “nightmare” due to scheme funding rates increasing year on year. Continued...

Retirement Income Funding - A necessity for all of us

It is all too easy to put off funding for retirement due to other financial commitments, typically, starting a family, a large mortgage commitment and any number of other reasons. One that is often quoted is that retirement is a long way off, there is plenty of time to make provision for it and “in any event there is always the state pension”. Continued...

Lazy Pension Fund Money

Many of our clients have retirement annuity and personal pension policies accumulated during their working lines. Sometimes, the investment returns of these policies have been poor but clients consider them too complicated and defer taking any action.

In reality, however, pension policies are simply savings plans which benefit from significant tax advantages both in respect of premiums paid and the underlying investment. When the time comes for clients to retire, they use the capital they have accumulated to fund their future income needs. Continued...

Pension Legislation U Turns

Beware possible combined tax charge of 82%

UK pension legislation underwent a wholesale review in April 2006 which was designed to simplify the underlying rules applying to pensions into one easily understood regime. It is generally considered that it failed this objective, particularly for some individuals with pension funds subject to transitional rules.

Having digested and understood these changes, two announcements were made in the Autumn Budget Statement effectively changing the legislation introduced only seven months or so previously. Continued...

The Importance of Pension Funding

The much–vaunted free bus pass is just a sweetener. If you want to have a comfortable old age you need to start saving for it now. The British pension system has been in some disarray for a number of years. The dilemma: with an ageing population that insists on longevity, who exactly will pay for all these leisured elderly people? The 2005 Turner Report into the state of our pensions concluded that some drastic changes were necessary.

The Pensions Act, which came into force on 26 July 2007, will increase the retirement age for men and women from 65 to 68 by 2014. But not only will you now have to work longer to receive your basic state pension (currently the minimum is a mere £119.05 a week), you will also have to have paid National Insurance for at least 30 years. By 2012 all eligible workers will automatically be enrolled into an existing work pension or a Personal Account run by the Government, into which you will have to pay the minimum of 4% from your salary, capped at £3,600. Your employer will then add 3% of your salary and the Government will add a further 1%. Of course, the earlier you start saving, the more you will have when you retire.

Then you can really enjoy your bus pass!

For further information on our services please contact your local office or complete the enquiry form and we will be in touch shortly.

London t: 44 (0)20 7387 5868	Solent t: 44 (0)1489 566 700
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