Radcliffe News

Jun

20

Equity Release – Summer 2017

Our latest Equity Release Newsletter has been released, featuring a lengthy explanation on what Equity Release is and how it can work for you, potential alternative options, as well as some examples on how Equity Release can help free up monies to enable you to live comfortably and stress free without having to worry about your finances. Please click to read our Equity Release Summer 2017 Equity Release Summer 2017 newsletter, and please get in touch with our HR Manger Mike Hughes at... Read More »

May

25

Auto Enrolment Naming and Shaming

The Pension Regulators quarterly bulletin confirms that automatic enrolment has now passed a significant milestone, with over 500,000 employers having met their duties and nearly eight million of their staff now saving for their retirement. The bulletin also shows the extent of the use of the fixed penalty notices (FPNs) and escalating penalty notices (EPNs) has again increased in line with the staging profile, rising to 14,502 FPNs and 2,517 EPNs. The Regulator has the power under s89 of... Read More »

May

25

TPR Issues DB Funding Statement

The Pensions regulator has published its annual funding statement (AFS) aimed at trustees and employers of DB schemes. The AFS is primarily aimed at schemes undertaking valuations with effective dates in the period 22 September 2016 to 21 September 2017 (2017 valuations), but is relevant to all trustees and sponsoring employers of DB schemes The AFS highlights some of the key issues we have identified facing schemes with 2017 valuations. Schemes will have been affected differently by market... Read More »

May

25

Pension Deficit Affecting Younger Generation

The deficits in employers' defined benefits pension schemes are hurting younger workers, says the BBC, citing research by Resolution Foundation. In 2016, UK firms spent 24 billion trying to plug the deficits in their pension schemes, restricting the amounts they pay employees. Resolution says this costs the average worker 200 per year. Reducing deficits benefits older employees, but younger people won't benefit because half the UK's 6,000 defined benefit schemes are closed and a third don't... Read More »

May

25

Cost of Pension Savings Delay

The Sunday Times highlights the cost of putting off saving towards your pension. Taking into account the flat rate state pension (just under 160 per week), you need to amass a fund of 360,000 by age 68 in order to have a retirement income of around the national average of 27,000 per year. To accumulate that sum, you need to save 262 per month every year starting at age 25 - but if you don't start until age 35 and that rises to 437 per month and at age 45 to a massive 794 per month. The message,... Read More »

Apr

25

Employed, Self-Employed or Incorporated?

It is possible to undertake a three-way comparison between three main options: Employment All earnings/income are assumed to be drawn as salary, meaning that there is employer’s and employee’s Class 1 NICs at combined rates of up to 25.8% and income tax at rates of up to 45%.  Self-employment All profits are treated as income, with Class 4 NIC at up to 9%, Class 2 at £2.85 a week and income tax at rates of up to 45%.  Incorporation Profits are assumed to provide a salary of... Read More »