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Employer funded pensions – Defined Benefit / Final Salary

Following the introduction of Auto Enrolment in 2012, more and more people are accumulating savings through employer funded pensions which they can call upon at retirement to provide them with an income. This could be in addition to other pension savings they have accumulated, or from the state in the form of a State Pension.

We write extensively on the subject of pensions and this article explores arrangements where benefits have accumulated over a number of years' service through a final salary pension (also known as defined benefit (DB)) scheme.

Mind the (understanding) gap

Even the best communicators face the possibility that their intended audience misunderstands their information.

It’s probably prudent if I dig into my own experience to illustrate this point.

I recall in an early job, in the days before widespread use of instant communication, being asked to fax some information to someone called “Mark”. I looked back in the file notes for Mark’s contact details, and duly sent a fax off to the only Mark I could find. 

The impact of death on pensions

How your pension is treated on death has changed and represents a significant long term planning opportunity for many.

We covered the subject previously here for those with money purchase or defined contribution pension schemes.  Those with final salary or defined benefit schemes aren’t affected by these changes, but a recent Supreme Court ruling on rights for unmarried couples could pave the way for changes to be made.

Pre-April 2015

Glasgow team moves to bigger premises as it triples in size within first year

The Armstrong Watson Restructuring, Recovery and Insolvency (RRI)  team are celebrating a successful first year in Glasgow by moving to new premises to accommodate their growing team. 

The service offered by the team has grown three times in the past year and, due to ever increasing demand for their specialist services, they are relocating their city centre office to 38 Queen Street.

This allows the firm to develop existing relationships within the City and support more individuals and businesses in what can often be challenging times.

Payroll Team Celebrate UK First with PAS & PQP Double Accreditation

The Armstrong Watson Payroll and Employee Services team achieve success once again.

The company are the first accountancy payroll services firm in the UK to be accredited with both the Payroll Assurance Scheme (PAS) kite mark and the Payroll Quality Partnership (PQP) kite mark.

Race for Lifers get Pretty Muddy fundraising for Cancer Research UK

Congratulations to the teams across our offices for helping to raise an amazing amount of money for our Charity of the Month* for June, Cancer Research UK.

Carlisle College Celebrates Outstanding Achievement

Carlisle College has held their annual awards event, with a total of twenty eight awards presented throughout the evening, recognising the continuous effort and outstanding achievements of learners and the relationship that the College has had with employers over the last academic year.

Impact of National Insurance changes on the self-employed and their state pension

In previous editions of Inspired we have looked at retirement plans and whether individuals can actually afford to live on State Pension alone. An individual with the full entitlement to State Pension would currently receive £159.55 a week, which gives an annual income of just under £8,300. Although this may not provide sufficient income alone, it is still income that we should do our best to guarantee.

Is uncertainty the only certainty in business?

If Donald Trump’s improbable victory, the EU referendum and the recent general election has taught us anything (other than the ineffectiveness of prediction polls) it’s that things are ever changing. On 9 June, many woke to the feeling of despair at the news of a hung parliament. This, combined with the start of the formal Brexit negotiations, will create a challenging and uncertain landscape for many businesses.