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  • Lifetime ISA detrimental to workplace pensions | RetireEasy News
    their workplace pensions with the associated loss of the employer s pension contribution At best it provides a layer of complexity for an individual to consider before joining a workplace pension which is counter intuitive to automatic enrolment at worst this could prove disastrous in the longer term for a healthy retirement plan The Government contributes the same amount to both LISA and workplace pensions via tax relief 2 However if the individual is a 40 taxpayer they will not receive any further top up payment from the Government in a LISA but will receive additional higher rate tax relief of 20 on the gross contribution paid into a workplace pension under current rules Under workplace pension rules the employer will also add a contribution for example if a 30 year old is on a salary of 20 000 p a the employer must add a minimum contribution of 191 76 p a immediately doubling to 383 52 in April 2018 and trebling to 575 28 p a in 2019 3 If the 30 year old chooses a LISA and opts out of a workplace pension the employer does not need to contribute anything and over 20 years the individual will lose 10 546 80 total employer contributions plus investment return Over a 37 year investment period from the individual s age of 30 to a retirement age of 67 this equates to a whopping loss of pension fund of approximately 45 000 4 Using an inflation rate of 2 p a this means the individual would lose 22 000 in today s terms 5 In reality the loss is likely to be a lot more as a result of salary related increases in employer pension contributions These losses are in addition to any withdrawals made prior to retirement age which will carry a 5 charge and loss of bonus if used for anything other than a first home purchase 6 ENDS Notes to editors 1 Many savers will opt to keep their ISA in cash over stocks and shares thereby missing out on the improved investment performance of a pension over a long term period 2 For example if a 30 year old contributes 600 p a to a LISA the Government will gross up this payment to 750 This is exactly the same as the Government does for workplace pensions if an employee pays in 600 the Government will add 150 so 750 is invested in the pension plan 3 These figures assume no change in salary and no change in the NIC Lower Earnings Limit 4 This figure assumes an investment return of 4 0 p a throughout and does not include any salary related adjustments to the employer s contribution 5 Or 18 700 after 20 tax on the taxable portion 6 Savers will need to return the bonus element of the fund plus any interest or growth on it to the Government along with a 5 charge if money is withdrawn for any reason other

    Original URL path: https://www.retireeasy.co.uk/news/lifetime-isa-detrimental-workplace-pensions (2016-04-27)
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  • FLY or DRIVE? | RetireEasy News
    Barrichello in the Monaco Grand Prix that year Budget 45 000 An airworthy De Havilland Chipmunk OR a Land Rover Series 1 The freedom of the skies or get lost in the woods Land Rover Series 1 1950 De Havilland Chipmunk This Chimunk served with both the RAF and the Aberdeen University Air Squadron and is an ideal aircraft in which to get one s wings This 1952 80 2 litre Land Rover Series 1 has spent time in Ireland before being fully restored Budget 70 000 An airworthy Percival Proctor OR an HRG project needs LOTS of work Hop to Le Touquet for lunch or spend weekends in the workshop HRG Le Mans Sports 1948 Percival Proctor 5 This Percival Proctor 4 seater spent many years as a communications aircraft for Rolls Royce and has been immaculately restored The HRG was designed and built for the 1938 Le Mans 24 hour race powered by a 1½ litre Meadows engine It was re bodied later and a Ford engine substituted Budget 80 000 An airworthy de Havilland Vampire OR a 1904 Darracq You can do 500mph or 5mph 1958 De Havilland Vampire T55 1904 Winton The Vampire with its wooden fuselage was the RAF s second jet This dual control trainer served with the Swiss Air Force from 1959 to 1992 The Darracq has been in the same family for over 60 years and is apparently in need of some work Budget 90 000 An airworthy Avro Anson or a Connaught Race Car Be invited to all the best air shows OR race at the Goodwood Revival 1950 Avro Anson C21 1952 Connaught A Type F2 The Anson was designed in 1934 and 11 000 were built up to 1952 all powered by twin Armstrong Siddeley Cheetah radial engines This one served with the RAF The Connaught illustrated was actually built up in the late 50s to early 60s from mostly Connaught parts by Jack Horton It has its FIA papers so can compete in historic races Budget 130 000 An airworthy De Havilland Rapide OR a 1904 Winton Invite your friends for nostalgic flights or potter to Brighton once a year 1946 De Havilland DH89 Rapide 1904 Winton 2 cylinder The Rapide first flew in 1934 powered by two Gipsy Six engines and was capable of 157mph The example illustrated first flew with Allied Airways in Scotland The Winton was described by The Autocar magazine in 1903 as America s premier make of petrol car Pre 1905 veterans are much more valuable than those built after 1904 as they are eligible for the Annual London to Brighton run Or how about this 1938 BMW 328 Sports Roadster For the price of this 1938 BMW 328 Sports Roadster 540 000 you could have ALL of the aircraft listed except the Spitfire sadly and enough left over to store and keep them all flying for many years Given that many classic cars are bought as investments and rarely if ever driven

    Original URL path: https://www.retireeasy.co.uk/news/fly-drive-2-2 (2016-04-27)
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  • Budget 2016: Pensions overview | RetireEasy News
    a Workplace Pension plan as the ability to save in both may prove difficult to low earners and younger savers alike The allure of the ISA s early access and possible tax free withdrawals may lead to many workers withdrawing from or opting out of their workplace pensions with the associated loss of the employer s pension contribution At best it provides a layer of complexity for an individual to consider before joining a workplace pension plan something that is counter intuitive to Automatic Enrolment At worst this could prove disastrous in the longer term for a healthy retirement plan Cut in salary sacrifice As a relatively uncontroversial means of saving Treasury funds it is not surprising the Chancellor has targeted employees ability to salary sacrifice A favourite of higher paid executives the practice of salary sacrifice has grown significantly since auto enrolment In fact the Government expressly states it is concerned that salary sacrifice schemes have grown by 30 since 2010 The employee asks for a reduction in bonus or salary and the employer pays an equivalent reduction as a pension contribution The employee gets the top rate of tax relief immediately plus a saving in National Insurance Contribution NIC of 1 However the real benefit is the saving in employers NIC of 13 8 How these benefits will be affected is unclear at this point the Government said it is considering limiting the range of benefits that attract income tax and NICs advantages but conversely goes on to state that it intends to preserve salary sacrifice for pension contributions in the future The latter is surely ripe for at least a curtailment Both employers and employees will lose out although cutting this incentive will not cause the same storm as the Chancellor s mooted overhaul of the pensions industry And its complete removal will save the Treasury approximately 1billion per annum which is not to be sniffed at Pensions Advice Allowance Allowing people before the age of 55 to withdraw up to 500 tax free from their defined contribution pension to redeem against the cost of financial advice is an admirable addition to the industry as many pre retirees baulk at the cost of upfront financial advice The exact age has yet to be decided but we believe this should be kept open to anyone between the ages of 50 65 as concern over retirement provision is not limited to those under the age of 55 Pensions Dashboard Finally the Government has admitted that many nearing retirement are completely at a loss as to how many private pensions they may have and how much funds they will have to live on in retirement Although the creation of a Pensions Dashboard will help this we query whether the pensions industry will be able to work together to initiate such a service by 2019 Also at the risk of sounding self promoting such a free service already exists RetireEasy co uk About RetireEasy co uk RetireEasy co uk is the

    Original URL path: https://www.retireeasy.co.uk/news/budget-2016-pensions-overview (2016-04-27)
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  • It’s not the music that reminds us we’re mortal… it’s the musicians | RetireEasy News
    time is being assembled Of course many of the great contributors to the rock and pop canon passed away at a very young age indeed Moon at 32 Presley at 42 Gaye at 44 Marley at 37 Lennon at 40 Mercury at 45 Stevie Ray Vaughn at 35 and of course a long list at just 27 Joplin Morrison Cobain Hendrix Brian Jones Their deaths were shocking in a different way they seemed to us mortals to have been plucked from life like the poets of old too good for this plane the Gods took them from us They also reminded us of the fragility of genius The new batch of leavers are people our age or thereabouts and so in part their deaths serve as stark reminders of our own mortality but perhaps also they throw us back to the time when the world was young anything was possible and it was their music that in part defined us Bowie will be the big one to many of my generation and I was one of many who aspired after the androgynous look and resonated to the rebellion in the lyrics confident that they were harbingers of the social revolution that was surely to come Of course the social revolution we confidently anticipated never really happened but the spirit of what could have been can still be witnessed whenever Jean Genie is played and with a whoop of recognition the 60 somethings take to the dance floor It may not be pretty it may not even be entirely safe but it sure is defiant Quite what those words meant we never really knew but they were dark and mysterious hinting at seductive alternatives our parents generation didn t like them and that was good enough for us In stark contrast to that interpretation of music some University researcher has just opined that lyrics about ageing and loss depress us and make us feel older Nah I m pretty sure that Leonard Cohen when he sings Well my friends are gone and my hair is grey I ache in the places where I used to play speaks for us all in our gloomier moments but the overarching moral of The Tower of Song is that songs make their creators immortal You ll be hearing from me baby long after I ve gone I ll be singing to you sweetly from a window in the Tower of Song is the concluding message Great art does that it unleashes a potent power that can live on in minds and hearts for ever But as for all these great musos popping off well I guess it s downhill from here Each month some icon of the 60s 70s or even later is sure to drop off the twig and bring forth a wave of memories of when to be young was very heaven There are still plenty out there who made a difference to our lives and who will be mourned when they too

    Original URL path: https://www.retireeasy.co.uk/news/not-music-reminds-us-mortal-musicians (2016-04-27)
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  • New Lifetime ISA is potential threat to Workplace Pensions | RetireEasy News
    by RetireEasy as a goal to improve long term savings However Mark Soper identifies an early concern if many younger and or low paid workers with limited savings resources choose a LISA with its better access and tax free withdrawals instead of joining a Workplace Pension Scheme this will inevitably lead to a severe cut in an individual s retirement pot Let s look at an example Take a 30 year old who decides to save 100 per month for retirement into a new LISA The Government will top this up by 25 00 per month until age 50 and at age 60 these savings assuming growth at 4 p a will have grown to provide a tax free retirement pot 68 350 just under 38 000 in today s terms assuming an inflation rate of 2 p a throughout If the same money had been invested in a Personal Workplace pension only 25 of the pot could be taken tax free with the remaining pot potentially subject to income tax depending on the individual s other income in place at age 60 Assuming the remaining pot is fully taxed at 20 it will reduce to 58 000 around 10 000 less than the LISA pot However under a Workplace Pension Plan the employer must also contribute and a contribution averaging 18 00 per month over the next 20 years would be enough to make good the shortfall even less if the individual works through to age 60 Employees with earnings around 15 000 p a or more will receive at least this level of contribution from their employer over the next 20 years so our message is Don t give up your Workplace Pension for LISA Read more articles from our in house experts at www retireeasy co uk

    Original URL path: https://www.retireeasy.co.uk/news/new-lifetime-isa-potential-threat-workplace-pensions (2016-04-27)
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  • Blog | RetireEasy News
    the Chancellor pass the pension test with this budget With the March Budget looming Tony Watts OBE looks at what the Chancellor needs to do to encourage more people to save for their pensions and not penalize the thrifty Pensions used to be such a boring subject one that the papers would consign to a few lines on the financial pages No longer Read the full article 22nd February 2016 by RetireEasy Are you concerned your money will not last throughout retirement Here are some hints on how to make your money last longer Are you concerned that your funds will not see you through your retirement There are a number of ways in which you could organize your financial affairs to ensure that your money will last long enough If you are a Retireeasy co uk user here are some options you may wish to consider if you find out Read the full article 16th February 2016 by RetireEasy Will annuities be better the second time around From next year those of you holding an annuity will be able to resell it Good idea or bad And who might be able to gain from the move By Mark Soper George Osborne has confirmed the go ahead for the resale of existing annuity plans from April 2017 a move that was pencilled in when Read the full article 16th February 2016 by RetireEasy Have women been short changed with their pension Are you or is someone you know a woman born in the 1950s If so they may well be one of 700 000 caught in what has been described as a brutal pensions trap Former pensions minister Steve Webb has just admitted publicly what many people have been saying for a long time now the Government Read the full

    Original URL path: https://www.retireeasy.co.uk/news/blog/page/2 (2016-04-27)
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  • Newsletter | RetireEasy News
    regular updates from us Wrong email format RetireEasy 2016 Terms Conditions Privacy Policy SaaS Solutions from Cyber Duck Follow us LinkedIn Facebook Twitter More information Navigation About us What is RetireEasy How it works Accolades FAQs Security News Press Contact Privacy Policy Terms Conditions Info Retirement Planning Retirement Plans Pension Calculator Pension Plans Retirement Income Retirement Annuity Planning for Retirement Planning Retirement Plan for Retirement Retirement Planner Not yet retired

    Original URL path: https://www.retireeasy.co.uk/news/newsletter (2016-04-27)
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  • Are You Paying More Tax Than You Need To? | RetireEasy News
    To 8th February 2016 by RetireEasy RetireEasy is a totally independent organisation and we strive to bring you the most up to date and interesting blogs and thoughts written by our resident experts Mark Soper A C I I and Tony Watts OBE Sometimes however we come across a great piece of material that simply needs to be shared and the attached flyer written by unbiased co uk is a simple straightforward resume of the various methods that can be deployed to save a whole heap of tax https www unbiased co uk tax waste trimmer Reducing personal tax can make a huge difference to your retirement planning and goals and we hope this may be of some help Next post RetireEasy 2016 Terms Conditions Privacy Policy SaaS Solutions from Cyber Duck Follow us LinkedIn Facebook Twitter More information Navigation About us What is RetireEasy How it works Accolades FAQs Security News Press Contact Privacy Policy Terms Conditions Info Retirement Planning Retirement Plans Pension Calculator Pension Plans Retirement Income Retirement Annuity Planning for Retirement Planning Retirement Plan for Retirement Retirement Planner Not yet retired You can now include all your additional savings investments and Pension Contributions between now and your

    Original URL path: https://www.retireeasy.co.uk/news/are-you-paying-more-tax-than-you-need-to (2016-04-27)
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