What was the UK State Pension in 2014?
Basic State Pension
|Date effective||Single Person||Married Couple|
|per week||per annum*|
What is pre 97 additional State Pension mean?
Additional State Pension, also known as the State Earnings-Related Pension Scheme (SERPS) and State Second Pension, is an extra amount of money you could get on top of your basic State Pension if you’re a man born before 6 April 1951 or a woman born before 6 April 1953.
Do I get my husband’s State Pension when he dies?
You may be entitled to extra payments from your deceased spouse’s or civil partner’s State Pension. However, this depends on their National Insurance contributions, and the date they reached the State Pension age. If you haven’t reached State Pension age, you might also be eligible for Bereavement benefits.
What is the annual allowance for tax relief on pension savings?
From 6 April 2014 the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to £40,000. This includes contributions made by anyone else into your pension such as your employer. If your pension savings exceed this amount you may have to pay a tax charge and give details of this on a Self Assessment tax return.
Will I lose individual protection 2014 if I have a pension?
You will not lose Individual Protection 2014 by making further savings in to your pension scheme, but any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge. You can’t apply for Individual Protection 2014 if you already hold primary protection.
What are the changes to the lifetime allowance in 2014?
From 6 April 2014 the standard lifetime allowance will be reduced from £1.5 million to £1.25 million. Individual Protection 2014 will give individuals a protected lifetime allowance equal to the value of their pension savings on 5 April 2014, subject to an overall maximum of £1.5 million.
What if my pension savings exceed my employer’s contributions?
This includes contributions made by anyone else into your pension such as your employer. If your pension savings exceed this amount you may have to pay a tax charge and give details of this on a Self Assessment tax return.