Pension Experts Nottingham
If you’ve searched for ‘ pension experts Nottingham ‘ then Credencis are undeniably qualified to assist and discuss all matters relating to pensions and retirement funds.
Pension Expert Nottingham – Brian’s Advice:
Very many people feel that they are safer remaining with a lifelong scheme, the sad truth is that the majority are very often throwing away thousands of pounds.
Personal Pension Replacement
The personal pension replaced the retirement annuity contracts (RACs) on July 1st 1988 in an amendment to the ‘Income and Corporation Taxes Act 1988 (ICTA)
Credencis – Pension Experts Nottingham
Pension Contributory Schemes
All personal pensions are contributory schemes and can be taken out by both self employed or employed. Employers can make contributions to the plan as well. Individuals are not allowed to contribute to a personal pension if they are already contributing to an occupational pension scheme.
Pension Retirement Age
The retirement age can be selected between 55 to 75, retirement benefits taken as a pension income. The income is provided by either a compulsory purchase annuity or pension annuity; this allows the pension scheme person access to a tax free lump sum of 25%.
Pension Tax Free Lump Sum
Historically, the maximum tax-free lump sum which could be taken from the RAC scheme was 3 times the remaining annuity. Under new pension legislation, personal pension plans have the same rules as applied to retirement annuities.
Stakeholder pension plan
Personal pension plans were the most popular private pensions scheme up until April 6th 2001. Stakeholder options particularly useful for when a personal pension is not appropriate, usually when the individual has no taxable earnings.
RAC contract termination
No new RAC (retirement annuity contracts) could be started after June 30th 1988. Contracts still in place are allowed to accept additional premiums, the contracts now fall under the ‘ simplified ‘ pension legislation.
I searched for ‘ pension experts Nottingham ‘ and found Credencis, they allocated me an adviser who has transformed my retirement income from a mediocre amount to much higher annual amount.