Flashcards in Pensions Deck (12):
Set for employees
Contributions could be made by employees or employers
Registered OPS can be either:
Money Purchase Schemes-benefits received relate to the performance of investments in the fund.
Defined Benefit Schemes-...
Personal Pension Scheme
Run by a financial institution such as a company or bank.
Available to any individual-employed, self-employed or unemployed.
The money is there by individual, or 3rd person on their be half...
Who can make conts attracting relief?
Individuals who are 75-members registered scheme.
Multiple Pension Schemes
An individual may be a member of both schemes if desired.The tax limits within the tax year within which theperson is bound for the schemes not 1!!!
IT Reliefff for contributions made by Individuals.
The relief=gift aid for individuals..
Relief is given at the source by the contributions being deemed to be made net of the rate 20% tax into the pension scheme..
Occupational Pension Scheme Contributions
IT Relief Contributions made by individuals
Contributions are made gross by the inidividual
Relief is given by deducting the contribution from the individuals gross salary before tax is calculated under the PAYE lolz.
CT Relief for contributions made by the employer
Employer can deduct their own contributions from their taxable profits.
These should only be done on a paid basis.
These contributions are a exempt BIK for the employee..
Maximum contributions scheme that qualify for IT relief
There is limit the amount of relief that an individual can obtaintheir own contributions in the tax year.
The limit is gross contributions-
100 * relevant earnings...
Taxable trading profits & employment income &I income from furnished holiday accommodation...
Annual Allowance Charge...
The annual allowance charge is 15/16 40,000...50,000.50,000...
Pension Age limit 55...
The lifetime allowance 15/16.
1.25million for 15/16...
Lifetime Allowance is the
The individual might take out up to 25% of fund 312.5-tax-free ...