A highly publicised promise made during the recent state pension system shake-up stated that all British retirees who've paid
The clause is so complicated that HMRC are struggling to calculate income and final pension payment figures with any real degree of accuracy. The crux of the matter concerns employees who've taken advantage of the tax-friendly terms of a Defined Benefit Pension (DBP) scheme during their career. These savers were afforded a 1.4% reduction in NI liability when contracting-out of the scheme's additional bonuses, but that clemency has now been rescinded and retroactively reversed.
The government has effectively failed to honour the deal they devised and affected parties are furious that savings earnestly made in the past are being reclaimed as part of today's state pension laws. Many are opening multi-currency investment accounts ahead of the new, confusing pension system that now insists on 35 years of NI payments for full £155 weekly payments. Retirement bonuses such as Pension Credits are to be withdrawn whilst closer governmental scrutiny continues.
David Retikin, Director of Operations at international pensions and retirement specialist
"The DWP has massively impacted the
Many people are now daunted or even bewildered by the prospect of providing for their own retirement and feel unsure about the parliamentary changes made to the state pension scheme. Prospective investors will undoubtedly investigate their private banking options in order to make pre-retirement monies work harder, albeit with equal amounts of apprehension and anticipation as to what the final outcome will mean for assets and relative returns.
Clarification on the weekly pension payment figure retirees can expect to receieve is scheduled to be issued sometime in the summer, but in the meantime, savers could benefit by seeking out independent financial advice from a reputable and reliable source. Discussing retirement funds and asset management often helps to optimise returns. Employing an investment diversification strategy can help make retirement as comfortable as can be.
Read the full story at http://www.prweb.com/releases/state/pensions/prweb11885748.htm
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