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Pensions Savings Investments

Pension packages no longer vital to recruitment

The contraction of the employment market has meant that prospective employees do not see an attractive pensions package as essential to their decision to accept or reject a job offer.

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EIS, SEIS, VCT and SITR

Enterprise investment schemes, seed enterprise investment schemes, venture capital trusts and social investment relief.

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Trusts and settlements

Trusts and settlements - tax rates and allowances.

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State pension

State pension rates, pension credit and winter fuel allowances .

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VCT, EIS and SEIS compared

The reliefs for Venture Capital Trusts, the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme are similar in many respects, but there are some significant differences.

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Venture capital trusts (VCTs)

A Venture Capital Trust (VCT) is an investment company broadly similar to an investment trust. It will be quoted on a regulated market and will have to invest at least 70% of its assets in companies that would qualify under the EIS, and must distribute most of its income by way of dividend. It must be able to demonstrate a spread of investments: none can account for more than 15% of the value of its portfolio. There are other conditions for VCTs.

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State pension deferral

State pension deferral is the right to defer entitlement to the state pension. In return for deferring a lump sum accrues with interest added to the deferred entitlement at a rate normally of 2% over bank base rate. Therefore the deferral claim cannot accurately be evaluated in advance.

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Stakeholder pensions

Stakeholder pension schemes are low-cost pensions meant for people without existing private pension arrangements. They were originally targeted at people who earn more than £10,000 a year and who cannot join an occupational pension scheme. They have, however, turned out to have much broader appeal.

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Pension credit

Details of pension credits for the current year.

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Qualifying for a state pension

The government has changed the age rules for qualification for the state pension. Currently the state pension age is between 60 and 65 for women and 65 for men. The changes mean that retirement age for women will be equalised with that for men at 65 by 2020 and both will increase to 65 to 68 from 2022 and 2046.

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