Wokingham Accountants
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are entitled to a reduced state pension. A person builds up qualifying years by paying sufficient National Insurance contributions and/or receiving National Insurance credits. Anyone who … Read more
The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless they take their pension earlier due to ill-health). Registered pension scheme cannot normally pay any benefits to members until they reach the NMPA (except in the case of ill-health). Registered … Read more
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for tax relief. One of those limits is the annual allowance. Tax relieved contributions … Read more
Auto-enrolment – Re-enrolment and re-declaration of compliance The Covid-19 pandemic has introduced many challenges for employers. However, despite the pandemic, their responsibilities in relation to auto-enrolment remain the same. The employer’s on-going duties include their re-enrolment and re-declaration obligations. Every 3 years, the employer must put certain members of staff back into their auto-enrolment pension … Read more
If your contributions record is sufficient, you will be entitled to the state pension on reaching state pension age. The age at which you reach state pension age depends on when you were born. To qualify for a full single-tier state pension (set at £168.60 per week for 2019/20, rising to £175.70 per week for … Read more
