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May 2016

Help To Buy vs Lifetime: Which ISA is best?

Help To Buy vs Lifetime: Which ISA is best?

Posted on: 18 May 2016 by: CamOuse Financial Management Limited

Set to be introduced in April 2017, the Lifetime ISA essentially offers an alternative to the Help To Buy ISA. With two competing options on the table, it’s important to know which is best for you and your needs, as whilst they have some similarities, there are also key differences between the two.

Tags: Help To Buy, ISA, Investments,


May Market Commentary

May Market Commentary

Posted on: 4 May 2016 by: CamOuse Financial Management Limited

April was the month for stats fanatics…

We monitor a dozen world stock markets for this commentary: remarkably, seven of them rose by 1% during April. Brazil and Russia managed rather more noteworthy increases: the Chinese market shuffled off in the opposite direction.

But April was a month when events away from the world’s stock markets made the news, starting with the tax affairs of the rich and powerful. A huge leak of confidential documents from the Panamanian law firm Mossack Fonsceca has revealed how these ne’er-do-wells use tax havens to hide their wealth.

Tags: Market Commentary,


The new state pension and how it will affect you

The new state pension and how it will affect you

Posted on: 4 May 2016 by: CamOuse Financial Management Limited

The new single-tier state pension, also referred to as a ‘flat-rate’ pension, came into effect at the start of April this year. Whilst it makes the system simpler, as well as increasing the basic state pension from around £120 per week to a starting figure of £155 per week, the new system is not set to benefit everyone. To find out whether you’re one of the people who will be better off, one of those losing out, or someone who won’t be affected by the changes at all, read on.

Tags: Pension,


Four new laws and how they’ll change the way you live

Four new laws and how they’ll change the way you live

Posted on: 4 May 2016 by: CamOuse Financial Management Limited

2016 has seen a number of new laws introduced by the government, and whilst some were widely reported, others feel conspicuous by their absence in the media. Here are four which could have a major impact on how both you and the British public in general live day to day..

Tags: General Information,


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CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.

None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.

Registered address: Unit 111, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX

Registered in England and Wales. Registered No: 5662116.

Peninsula: Accredited Standard

Understanding the true cost to your business

Pension arrangements must be available for all employees. There are three categories of employee:

Eligible

Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger

Non-eligible

Aged between 16 – 74 with qualifying earnings between lower threshold and the Auto Enrolment earnings trigger
 
Aged between 16 -21 or SPA – 74 with qualifying earnings over Auto Enrolment earnings threshold

Entitled

Aged between 16 -74 with earnings below the qualifying earnings lower threshold

Important Notes

  1. Eligible jobholders must be auto-enrolled
  2. Non-eligible jobholders are allowed to be auto-enrolled if they want to
  3. Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute

Qualifying Earnings lower threshold

£5,772

Qualifying Earnings upper threshold

£41,865

Automatic Enrolment earnings trigger

£10,000

Minimum contribution level options:

8% of Qualifying Earnings of which

3% is employer's (starting at 1%)

9% of Basic Salary of which

4% is employer's (starting at 2%)

8% of Basic Salary of which

3% is employer's (starting at 1%)

(Where basic salary is at least 85% of total earnings)

7% of gross earnings of which

3% is employer's (starting at 1%)

Pay reference period

Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.

Deduction and payment of contributions

It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.

Payroll services

It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.

Staging date

Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.

Compliance and communication

Postponement

Auto-Enrolment can be postponed for up to 3 months:

  • For current eligible employees
  • For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers

Opt-Outs

All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!

Communication

There is a wide range of information that must be provided to all employees at certain times, such as:

  • The date auto-enrolment took place for eligible jobholders
  • That non-eligible jobholders have the statutory right to opt in
  • Entitled workers have the right to request the employer to enrol them into a pension scheme

Salary sacrifice

Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.

Default investment fund

Investment Options

All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.