moneypensions

A pay cut put me on basic rate income tax – how is my pension affected?

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Senior staff at our firm were asked to take pay cuts of up to 20 per cent. Mine took me back into the basic rate income tax bracket.  What happens to my pension contributions on which I was benefiting from higher rate relief? Pension impact: I took a pay cut and I’m back to paying basic … Read more

Government spurns calls for full probe into underpaid state pension

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Government spurns calls for full proactive effort to make payouts to women losing out out on thousands of pounds in state pension Labour urged Pensions Minister Guy Opperman to launch a full investigation  Tens of thousands of elderly women could be owed an estimated £100million  ‘Many don’t know yet to this day,’ says Shadow Pensions … Read more

How much tax will women getting state pension backpayments owe?

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Heather Rogers: ‘Depending on the amount of political pressure applied via parliament, there may be an argument for not taxing these payments at all’ Heather Rogers, founder and owner of Aston Accountancy, explains what women receiving thousands of pounds in state pension arrears should tell the taxman. If you were unfortunate enough to be underpaid … Read more

Will women face big tax bills over state pension error?

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David and Denyse Vallender: ‘It’s a monumental government blunder,’ he said after she received £21,700 The Government is being pressed not to ‘add insult to injury’ by landing women underpaid massive sums in state pension with unfair tax bills. Denyse Vallender, pictured right with husband David, was handed £21,700 due to government bungling, while Allison Clark … Read more

FCA pushes work pension schemes to ensure charges are good value

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Regulators are pressing workplace pension schemes to scrutinise costs more closely to ensure staff are not over-charged. They propose tightening up rules on assessing value for money, including laying down standardised tests on charges and costs, investment performance and quality of service. Some independent governance committees, which are meant to represent the interests of people … Read more

More over-50s are claiming Universal Credit than under-25s

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More over-50s are claiming Universal Credit than under-25s, as older workers struggle in pandemic-hit job market Number of over-50s on Universal Credit has soared to 660,000 since March Many are ineligible because they have savings of £16k or draw a pension How do you claim Universal Credit? Find our guide below By Tanya Jefferies for … Read more

What should we do about a pension invested for our autistic daughter?

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Our autistic daughter is unlikely to benefit from a pension we invested in for her – what should we do about it? Steve Webb replies By Steve Webb for This Is Money Published: 07:51 BST, 22 June 2020 | Updated: 07:51 BST, 22 June 2020 In the early life of our youngest daughter, we invested … Read more