Changes to Pensions

•          Trivial commutation - lump sum increases to £30,000

The trivial commutation limit will increase from £18,000 to £30,000. This means that a member can, from age 55, take all his pension benefit as a lump sum provided that his total savings in registered pension schemes do not exceed £30,000. 

•         Small lump sums - payments of up to £10,000 allowed

Current legislation allows lump sums of up to £2,000 to be paid as authorised payments, regardless of the value of other pension savings, in certain circumstances. The limit for all these payments will be increased to £10,000. These payments will continue to be subject to taxation.

•      Changes to drawdown rules

Individuals taking capped drawdown are currently restricted to taking 120 per cent of the value of an "equivalent annuity" each year. This is to be increased to 150 per cent for all drawdown pension years starting on or after 27 March 2014. This means some individuals may not be able to take advantage of this for a number of months, depending on the date on which they were first entitled to a drawdown pension.

Additionally the minimum secured pension required to enter into flexible drawdown is reduced to £12,000 from £20,000 per annum.

Whilst these increases in flexibility are welcome, they increase the need to seek independent financial advice and exercise caution when considering retirement planning.

Please contact Ward Williams Financial Services on 01932 830664, or visit us at www.wardwilliamsfs.co.uk for more information.

Ward Williams competes in Natwest Community Regatta

Ward Williams competes in Natwest Community Regatta in Weybridge on 25 April 2014. It was a fantastic event, very well organised and thoroughly enjoyable despite the poor weather! Unfortunately we lost just half a length to Petroleum Geo-Services (PGS)who went on to win Division A of the Regatta!

Watch us in action here 

We also managed to make the headline picture on the British Rowing website here

A special thank you to the hardworking volunteers at Weybridge Rowing Club for providing us with the training and opportunity to compete!

www.wardwilliamsfs.co.uk

Take advantage of your 2013/14 ISA allowances

• Currently your maximum annual investment in ISA’s for 2013/14 is £11,520. 

• If you would like to maximise your portfolio’s tax efficiency investment needs to be made before 6 April 2014. 

• If you have maximised your own allowance, have you thought about investing for your children or grandchildren?  In the 2013/14 tax year, you can invest £3,720 into a Junior ISA for any child under 18 who does not have a Child Trust Fund.

• Allowances that are not fully utilised cannot be carried forward and although you will have a ‘new’ allowance from 6^th April, you will lose the current allowance.

For further information please contact Ward Williams Financial Services on 01932 830664.

Ward Williams participates in Natwest Community Regatta!

Ward Williams are sponsoring and participating in the Natwest Community Regatta on Friday 25th April.  A great way for local businesses in and around Weybridge to compete with each other in a new way and support the local community.

The regatta will be held at The Cut, Dorney Gardens, Walton Lane, Weybridge, Surrey, KT13 8LT from 1.30pm - 5pm.

Please come along and support us!

For full details please visit: www.natwestcommunityregatta.com

Quick - Maximise Pension Contributions!

The amount that an individual can accrue annually into their pension, whether this be from employer or personal contributions will be dropping with effect from the 6 April 2014. The drop is significant – 20% or £10,000 - from £50,000 per annum to £40,000 per annum, with no indication as to when or if the limit will be raised again. WWFS believe that whilst austerity is the main driving force behind key Government economic decisions the limit on pension contributions (and therefore tax reliefs associated) is likely to be under pressure for the foreseeable future.  

It is therefore important that if you have excess cash on deposit or if  your cash is the main business asset, it may be sensible to take advantage of the pension carry forward rules before the change. 

Please contact Ward Williams Financial Services on 01932 830664, or visit us at www.wardwilliamsfs.co.uk for more information.

Will you be getting the Pension you Deserve?

The Financial Conduct Authority (FCA) is set to probe pension providers after its review into the annuity market found that 80% of consumers could secure a more generous retirement income by shopping around. The regulator has found that up to 150,000 consumers every year could benefit from shopping around by as much as an extra £1,500.

The regulator launched a thematic review into the annuity markets in January 2013 with the aim of discovering the extent to which consumers miss out by not shopping around. It found that 60% of consumers bought an annuity from their pension scheme provider and said that all annuities sold to existing customers were expected to be more profitable than those sold on the open market option.

The FCA will now use its new competition powers to launch a market review to look into the conduct of pension providers, consumer behaviour and the structure of the retirement income market.

It will also look specifically at the role of providers’ role in shaping consumers’ decision making.

By contacting Ward Williams Financial Services on 01932 830664, you could access the pension you deserve.  Visit us at www.wardwilliamsfs.co.uk for more information.