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I tracked down my £14k lost pension – before the Government seized it Savers hunt for £40bn in lost savings ahead of state raid 50 million pots to be dormant by 2050 without intervention More people are hunting down lost pension pots to forestall government plans to seize retirement savings that lie dormant for years. The Government approved radical proposals at the start of the year to use forgotten pensions and other dormant assets to unleash an initial £800m of funding for charities and social enterprises in a bid to help local economies bounce back after the pandemic. It already uses dormant bank accounts in this way and lost pensions represent a potential £40bn gold mine in additional state funding. ....
3 April 2021 • 5:00am Write to Kate with your pension problem: [email protected]. Columns are published twice a month on Tuesday mornings The start of a new tax year means pension allowances are refreshed. Here’s how you can make the most of your yearly limits. The maximum amount of contributions that can be paid into a pension each year that benefit from tax relief is £40,000. Tax relief is given by the Government to encourage you to save into your pension and savers can make personal contributions up to 100pc of their earnings, including tax relief. Annual contributions are capped at £40,000, including employer and third-party contributions. It is possible to pay in more than this, but a tax charge would be payable on the excess unless you use “carry forward” provisions. The allowance applies to all the pensions schemes you save into each tax year, so is not a per scheme limit. ....