It warns that the governments intention to give all pensioners £140 per week falls significantly below the current minimum wage of £11,477. Of those questioned 43% said they could not live on that alone and over 27% said they would really struggle.

If you would like financial advice on planning for your retirement, please contact us on 01494 455655.

All you need to do is give MRIB a call on 01494 455655 and we will be happy to discuss your requirements.

Call us now on 01494 455655.

The technical detail, provided by Money Marketing Online, is outlined below and the experts at MRIB would be pleased to discuss individual circumstances and action needed.

The good news here was the lack of substantive changes despite the rumours. In particular:

the lifetime allowance remains at £1.5m
the annual allowance is £50,000
there is no further restriction on tax-free cash, and
contributions from tax relief at the investor’s marginal rate of tax on earned income

The ability to carry forward unused annual allowance (based on the notional £50,000 limit) from tax years 2009/10, 20010/ 11 and 2011/12 will help many pension scheme members to maximise contributions.

This will be particularly relevant for people who were caught by the anti-forestalling rules in tax year 2010/11, many of whom will only have paid a contribution of £20,000 for that year and so have unused annual allowance available for carry-forward.
Given the general speculation on a cutback of the tax reliefs on pension plans, it is thought that changes cannot be ruled out in he future and so full advantage should be taken of these reliefs while still available.

With the lifetime allowance set to reduce to £1.5m on April 6, 2012, clients with pension funds approaching that value will need immediate advice on whether to elect for fixed protection or not. The downside is that, having made the election, no further contributions can be made to a registered pension from April 6, 2012 onwards.

You can speak to Andrew and the rest of the the Financial Services team at MRIB by contacting 01494 455655.

The deadline is the 5th April.

If you need any advice on efficient ways to invest your money, contact MRIB on 01494 455655.

It would appear, however, the governments advice to take ‘simple precautions’ has fallen on deaf ears and created a veritable stampede with petrol stations all over the country having to cope with huge increase in demand.

The reason is because Unite Union drivers, who supply 90% of UK forecourts, have voted to take industrial action. However, no strike date has been set and there would normally be 7 days notice should a strike take place.

The word on the street is ‘Keep Calm and Carry On’.