The New Single Tier Pension

Single Tier Pension

There is still confusion about the State Pension, and with the introduction of the single tier pension we thought it might be useful to clarify the changes:

• The single tier pension was introduced from 6th April 2016. If you were already over State Pension Age you will continue to receive your state pension in line with present rules. If you reach State Pension Age after the new scheme starts your state pension will be based on the single tier system.

• The 2016/17 Single Tier Pension is £155.65 per week.

• Under the Government’s proposals, National Insurance contributions and credits awarded before the new single-tier system starts will be recognised. When single tier starts they will look at your National Insurance record and work out its value under the single-tier rules. At the same time they will work out what you may have got under the present state pension rules. For both valuations we they make a deduction to take into account any periods when you were contracted out of the additional State Pension. Also the minimum qualifying year requirement will apply. The higher of the two amounts will then become your single tier foundation amount.

State Pension provision is just part of your retirement income planning and should not be seen in isolation. If you want to discuss retirement planning or how the State Pension changes affect you please get in touch.



Here's a little more information about our team.

Q: Qualifications Include

A: After my French degree, I moved into financial planning.  Here is my list:

B/A French

R03 - Personal Taxation (CII)
R04 - Pensions and Retirement Planning (CII)
R05 - Financial Protection (CII)
R02 - Investment Principles (CII)
R01 - Financial Services, Regulation and Ethics (CII)
R06 - Financial Planning Practice (CII)
Dip PFS - Personal Finance Society Diploma (PFS)
CeLM - Certificate in Lifetime Mortgages (IFS)
CeMAP - Certificate in Mortgage Advice and Practice (IFS)
CeRCC - Certificate in Regulated Customer Care (IFS)
CeRER - Certificate in Regulated Equity Release (IFS)
CF2 - Investment and Risk (CII)

Q: Do your clients have anything in common with each other?

A: I work a lot with people who are building wealth as their career progresses, particularly GPs and other people with NHS connections.

I'm very familiar with the NHS pension scheme and benefits, so it is easy for me to give advice that fits in well with your benefits. That helps when I advise you about moving home or saving for the future around your NHS pension.

Our office is in Altrincham, and I live in Liverpool. Also, I work in Oxfordshire approximately one day per week. Any of those locations are convenient for me.

Q: What type of work do you enjoy most?

A: At retirement work gives me the most satisfaction because the clients realise that it is an important time to take professional advice and show genuine gratitude for the work that we do.

Q: Where would you be right now if you weren't at work?

A: Outside somewhere, enjoying the fresh air

Q: In the film of your life, who would play you?

A: Ben Affleck

Q: Curry or Hot Pot?

A: Curry

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Check emails