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The European Commission recently proposed an EU-wide financial transaction tax (FTT) on a range of transactions to which a financial institution is a party. In simple terms every time a bank, stockbroker, insurance company, pension fund, financial leasing company, special purpose vehicle, collective investment scheme or holding company buys or sells stocks, shares, bonds or […]

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In an attempt to deal with the looming pension crisis and the failure of people to make provision for their retirement, the UK Governments has introduced legislation that will require all employers to auto-enrol their staff in a qualifying workplace pension scheme. The rationale behind the legislation is that it seems that currently many employees […]

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The National Employment Savings Trust (“Nest”) is the UK Government’s pension scheme introduced following the Pensions Commission’s 2005 report and is intended to encourage people to save for retirement. In fact it isn’t a new scheme, just a rebranding of the Personal Accounts Scheme which has been in operation for some time. The real difference […]

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Government Ministers are drawing up plans to replace the existing means-tested and contribution-based system with a new flat-rate pension to replace the current basic state pension, the second state pension and pension credits. The proposals are that from 2015 every person will be entitled to a pension of £140 a week. This is a significant […]

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Many employers offer a pension scheme to their employees though because of various recent changes in how these have to be accounted for this is becoming less common outside of the “public sector”. If you are a member of an occupational pension scheme your retirement income will be based on the years of service and […]

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The FSA is an independent non-governmental body formed following reforms in the regulation of financial services. The supervision of banking and investment services (including pensions, life assurance etc) was merged with the responsibilities of the previous regulator, “The Securities and Investments Board (SIB), which changed its name to the Financial Services Authority in 1997. The FSA’s four […]

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Taking out a pension does not guarantee you a comfortable retirement. You have to pay enough into it to make it worth while. How much you need to pay in will depend on what type of pension scheme you are a member of and also whether you are self-employed or not. You can pay as […]

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Gordon Brown is a serial offender. Master of the U-turn. And every time he does turn he blames other people for the financial chaos he has caused. We all know about the debacle over the abolition of the 10p tax rate and the criticism heaped on Gordon Brown. Rightly so. He only has himself to […]

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