Month: March 2017

State pension offer

A Government offer enabling savers to boost their State pension by making a lump sum payment to secure additional income of up to £25 per week, will expire in June. The offer has been available since 2014, when it was introduced to enable people who lost out as a result of the replacement of the […]

Should I stay or should I go?

Occupational pensions have been in the news recently for a number of reasons. First, the near collapse of the BHS pension scheme. Then the Government plan to make it easier for employers who are struggling to maintain pension promises to water down their pensioners’ benefits. Add in the fact that the terms on which employees […]

Time to review your Will?

Until 2007, it was standard advice to people whose estates would potentially be liable to pay inheritance tax to include in their Will a trust into which part of the value of the estate would pass. In most cases, this is no longer appropriate. The reason for the trust was that no inheritance tax is […]

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State pension offer

A Government offer enabling savers to boost their State pension by making a lump sum payment to secure additional income of up to £25 per week, will expire in June.

The offer has been available since 2014, when it was introduced to enable people who lost out as a result of the replacement of the old basic State pension by the new flat rate pension to buy additional guaranteed pension income on favourable terms. Since then, continuing low interest rates have made the offer even more attractive.

The question of whether an individual saver should take up the offer depends on a number of factors, including age, health, marital status, tax bracket and inheritance plans.

What can be said is that the offer is unlikely to be attractive to higher-rate taxpayers in questionable health, but it should be given serious consideration by anyone else who might otherwise have intended to buy a retirement annuity