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The measures were introduced as part of the UK government's Finance Act 2004. The new regime introduced considerable freedom in the tax relievable contributions for pension schemes and the assets in which they may be invested. It was a significant change to the UK pension system at that time. [1]
The Finance Act 2004 (c, 12) is an Act of the Parliament of the United Kingdom. It prescribes changes to Excise Duties , Value Added Tax , Income Tax , Corporation Tax , and Capital Gains Tax . It enacts the 2004 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom .
The Pensions Act 2004 was written to try to fix these deficiences. The Act introduced two new regulatory institutions: the Pensions Regulator , with the powers to require sponsoring companies to make contributions to ensure that scheme funding objectives are met; and the Pension Protection Fund , which would inherit the pension liabilities of a ...
The Finance Act 2004 implemented wide-ranging changes to the UK pensions regime, [2] most of which came into force on 6 April 2006 (also known as A-Day) and is commonly referred to as pension simplification. [3]
Following the passage of the Old Age Pensions Act 1908 a pension of 5/— per week (£0.25, equivalent, using the Consumer Price Index, to £33 in 2023), [2] or 7/6 per week (£0.38, equivalent to £49/week in 2023) for a married couple, was payable to persons with an income below £21 per annum (equivalent to £2800 in 2023); the qualifying ...
The measure would add to the city's pension burden, at a time L.A. is facing a financial squeeze, thanks in large part to lower-than-expected tax revenues and higher salary costs — due in part ...
The Pension Protection Fund (PPF) is a statutory corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the United Kingdom since 2005. It protects close to 10 million members belonging to more than 5,200 pension schemes across the UK.
Military pensions often provide a source of retirement income for military veterans. Service members who have served for a certain number of years, usually 20, are eligible for retirement pay .