New pensions regime gets started today

Sitemap

Pension Annuity

Section 32 Buyout

Contracting Out

Tax Free Pension

Pension Credit

Personal Pension

Company Pensions

Wrap Accounts

Quick Pensions Enquiry

Todays Top Ten

Pension Transfers

Approaching Retirement

Pension Guides

• A-Day Pensions
• Pension REITs
• Inheritance Tax and Trusts
• Making a Will
• Wrap Accounts
• Pension Credit
• Care in old age
• Passing money on
• Pension Planning
• Glossary
• Pension News

Pension Planning

• Stakeholder Pensions
• Personal Pensions
• Self Invested Personal Pension
• Occupational Pensions
• State Pension and Contracting Out
• Executive Pension Plans
• AVCs
• Transferring Pensions
• Other investments
• Tax on Pension Contributions
• Divorce and Pension Sharing
• Employers Responsibilities

Nearing Retirement

• Annuities
• Endowment Maturity
• Divorce and Pension Sharing
• Retiring Overseas

Already Retired

• Equity Release
• Long Term Care Cover

Financial Services > Pensions > News

New pensions regime gets started today

Thu, 06 Apr 2006

The long-awaited A-Day has arrived, heralding the start of a reformed pensions system.

The new pensions regime aims to simplify the pensions process making much easier for people to save towards their retirement.

A number of changes are being brought in under the new pensions scheme, for instance people will now be able to save money in more than one pension plan.

There will also be no limits placed on how much money consumers can put in a pension scheme or how many pension plans you can open.

However there will be some limits on the amount of tax relief pension savers can receive, with tax relief given on amounts of money up to £215,000 per year or on an individual's total yearly income, whichever works out as the smaller amount.

A-Day will also give people the chance to continue working for their employers even if they have started drawing their pension from the company's pension scheme.

These changes mark the biggest reform of pensions in 50 years, yet most people are still unaware of what impact A-Day will have on them and their pensions.

Recent statistics compiled by the market research company Mintel found that 43 per cent of adults they questioned were completely ignorant of the new pension regime.

Related pensions articles

Praise for final pensions report - Wed, 05 Apr 2006

Pensioners still paying off debt with pensions, reveals research - Tue, 04 Apr 2006

Parents dip into retirement pots for kids, research shows - Mon, 03 Apr 2006

Pension holders head to Southend-on-Sea - Thu, 30 Mar 2006

Almost half of Brits dubious of A-Day suggests research - Thu, 30 Mar 2006

Women missing out on pension tax relief - Wed, 29 Mar 2006

State pension barely makes ends meet, suggests new report - Mon, 27 Mar 2006

Pensions not always needed, suggest research - Fri, 24 Mar 2006

Freeze on fuel allowance could impact on pension funds - Thu, 23 Mar 2006

Pensions to be boosted by baby boom property, claims research - Tue, 21 Mar 2006

More news...

Recommended links

Find out what how much of a pension you may receive
Almost half of Brits dubious of A-Day suggests research
A-Day changes will make pensions easier, claims HMRC
A-Day awareness on the rise, financial advisers say
Take action, pension scheme companies urged
Retirement pension help sought, survey shows

Link to this page

Copy and Paste the following HTML into your page.<a href="http://www.pensions.co.uk/News/2006/Apr/new-pensions-regime-gets-started-today.html" title="New pensions regime gets started today">New pensions regime gets started today</a>

Pensions Newsletter

Please enter your email below and subscribe to our monthly newsletter

Save on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Protect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.