With the new coalition government in place, many changes have been proposed for pension planning. I have listed two examples of these below.
State Pension age for men increasing to 66 from 65 in 2016
The State pension age for men is to increase to 66 from 65 in 2016. This is another change that may see a refocus in your pension planning strategy and would recommend that all clients check their state pension benefits if they have not done before. If you would like further guidance on achieving a forecast then please let us know.
Pension Contributions
Some clients trying to make larger pension contributions to enjoy the relevant tax advantages in recent times have had to consider new restrictions applied by HM Revenue and Customs to restrict the level available. These restrictions are now under review and we may see changes to these rules by April 2011. Clearly this is a changing situation and if this situation affects you then please let me know and we can start planning as new information and regulation becomes clearer.
If you plan to review your pension planning in light of these proposals and changes then seek Independent Financial Advice (IFA). This is not designed to provide individual advice. Churchouse Financial Planning Limited is a Chartered Financial Planner and Independent Financial Adviser based in Surrey. They can be contacted on 01483 578800.
Keith Churchouse
Director, Churchouse Financial Planning Limited
Churchouse Financial Planning Limited is Authorised and Regulated by the Financial Services Authority
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