What Pension Mix Does Your Client Need?

Article Abstract:

Due to the increased number of workers approaching retirement, early retirement age and decreased number of workers entering work force, it becomes even more important to develop a pension plan through the private sector in addition to the state pension plan. In the United Kingdom, the Social Security Pensions Act of 1975 developed a new basis for state pension plans. A chart is included illustrating the affect this law has on different workers. Self-employed and older workers benefit the least. Workers retiring after 1998 will be fairly well-provided for. The Income and Corporations Taxes Act 1970, commonly known as Personal Pension Plan (PPP) structures a tax-efficient way the self-employed can save for retirement. Aspects of these regulations and how they affect contributions are discussed for a variety of worker types. It is emphasized that the accountant for individuals or corporations should be involved in the pension planning process because he is better equipped with knowledge of his client's financial situation than an insurance broker.

Planning, Personal finance, Compensation and benefits, Retirement planning, Self-employed persons, Self employed persons

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Provision and the divorced parent

Article Abstract:

A hypothetical divorce settlement is examined to illustrate the financial planning and tax considerations involved in divorce proceedings under British law. The hypothetical case is discussed by an accountant and a lawyer. Topics covered include the deductibility of alimony payments and settlements, lump sum-clean break arrangements versus regular payments, child support payments, and the changes made to wills following a divorce.

Analysis, Laws, regulations and rules, Finance, Financial planning, Divorce, Divorce settlements, Equitable distribution of marital property, Divorce property distribution, Great Britain

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