pension Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/pension/ Chartered Accountants & Business Advisors Fri, 05 Jul 2024 18:45:52 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg pension Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/pension/ 32 32 Savers dangerously underestimating minimum cost of retirement https://www.wrloaccountants.co.uk/savers-dangerously-underestimating-minimum-cost-of-retirement/ Fri, 05 Jul 2024 16:58:01 +0000 https://www.wrloaccountants.co.uk/?p=4121 UK savers are dangerously underestimating the minimum amount needed to retire, according to research from pension provider PensionBee. A survey of 1,000 working-age UK adults showed that 23% were unsure of the total pension pot size needed to achieve the retirement income they desire. Pension Bee said that, according to the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards, a pension pot of £150,000 would only fund an individual’s minimum retirement standard for ten years. Pension Bee suggested that working-age adults could be underestimating the true cost of retirement. 49% of those polled estimated that they would require a pension pot of around £250,000 or more. However, Pension Bee found that there was a lack of clear consensus in regard to desired annual income in retirement. Becky O’Connor, Director of Public Affairs at Pension Bee, said: ‘It’s hard to plan for retirement without an idea of how much you might need, yet most Brits seem to be unaware of – or worse, dangerously underestimate – the true cost of retirement. ‘A good pension pot is one that can provide enough money for the duration of retirement. As this exact amount will vary based on individual circumstances, pension calculators can […]

The post Savers dangerously underestimating minimum cost of retirement appeared first on WRLO Accountants.

]]> December 2021 https://www.wrloaccountants.co.uk/december-2021/ Mon, 06 Dec 2021 17:27:19 +0000 https://www.wrloaccountants.co.uk/?p=3615 In this month’s Enews we consider the impact of the pandemic on HMRC’s receipts as well as the tax details published on the first Tax Administration and Maintenance (TAM) Day. With guidance on the rules around Statutory Sick Pay, new laws for pensions trustees and an increase to the Real Living Wage, there is a lot to update you on. HMRC’s tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs ‘weighing on businesses’ sustainability intentions’, FSB finds HMRC’s tax take falls by billions due to pandemic HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts. In its 2020/21 annual report, HMRC reported that it had collected £608.8 billion in tax revenues, which is down from £636.7 billion collected in 2019/20. HMRC said the drop was due to the ‘unprecedented economic circumstances caused by COVID-19, and because pandemic restrictions […]

The post December 2021 appeared first on WRLO Accountants.

]]>