Pensions

Question 1

Occupational PensionScheme.

Answer 1

Set for employees
Contributions could be made by employees or employers
Registered OPS can be either:
Money Purchase Schemes-benefits received relate to the performance of investments in the fund.
Defined Benefit Schemes-…

Question 2

Personal Pension Scheme

Answer 2

Run by a financial institution such as a company or bank.
Available to any individual-employed, self-employed or unemployed.
The money is there by individual, or 3rd person on their be half…

Question 3

Who can make conts attracting relief?

Answer 3

Individuals who are 75-members registered scheme.

Question 4

Multiple Pension Schemes

Answer 4

An individual may be a member of both schemes if desired.The tax limits within the tax year within which theperson is bound for the schemes not 1!!!

Question 5

IT Reliefff for contributions made by Individuals.

Answer 5

The relief=gift aid for individuals..

Relief is given at the source by the contributions being deemed to be made net of the rate 20% tax into the pension scheme..

Question 6

Occupational Pension Scheme Contributions

Answer 6

IT Relief Contributions made by individuals

Contributions are made gross by the inidividual
Relief is given by deducting the contribution from the individuals gross salary before tax is calculated under the PAYE lolz.

CT Relief for contributions made by the employer

Employer can deduct their own contributions from their taxable profits.

These should only be done on a paid basis.

These contributions are a exempt BIK for the employee..

Question 7

Maximum contributions scheme that qualify for IT relief

Answer 7

There is limit the amount of relief that an individual can obtaintheir own contributions in the tax year.

Question 8

Maximum Relief…

Answer 8

The limit is gross contributions-
PPS-gross them
OPS-net

Higher of-3600..

100 * relevant earnings…
Taxable trading profits & employment income &I income from furnished holiday accommodation…

Question 9

Annual Allowance Charge…

Answer 9

The annual allowance charge is 15/16 40,000…50,000.50,000…

Question 10

Pension Age limit 55…

Answer 10

The lifetime allowance 15/16.

1.25million for 15/16…

Question 11

Lifetime Allowance is the

Answer 11

The individual might take out up to 25% of fund 312.5-tax-free …

Question 12

Pensions

Answer 12

The amount of the pension less the 2015/2016.

Eg 3,000,000 - 1,250,000

That gives you the amount which will be taxed at 55% or 25%…

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