19th. August, 2008

“Pensions are for old people, I’ll worry about it then.” This is a common misconception but, considering a third of all women are in danger of retiring in poverty, we need to start thinking about pensions as early as possible.

The younger you start to build a fund for use in later life the greater the benefits of compounding tax relief and growth.

Harsant Pensions is owned, managed and run by women - with a full understanding of pension legislation. Our simple to understand 20-minute pension presentations will arm you with the knowledge to take action and reveals the opportunities available to us all.

For more information on Harsant presentations please phone 0151 648 7615.

31st. July, 2008

The UK government has announced that Self Invested Personal Pension Funds (SIPPs) can hold protected rights benefits from State Second Pensions from October 2008.

Protected rights, which are benefits derived entirely from the rebate of National Insurance contributions payable when someone opts out of the State Second Pensions, cannot currently be paid into a SIPPs pensions. This is because the Department of Work and Pensions (DWP) has considered that protected right should not be subject to the risk that can arise from self investment.

The DWP said existing restrictions preventing SIPPs holding protected rights are now considered unnecessary following changes which brought all personal pensions – including SIPPs – under the Financial Services Authority’s (FSA) regulation from April 2007.

Director of Harsant Pensions, Christine Brown, commented “we welcome the proposal as the Harsant SIPP is an excellent vehicle for pooling funds from different types of pension schemes and allowing a wide range of investment opportunities permitted by SIPP s including cash, stocks and shares, trustee investment plans and bonds, units in authorised trust scheme, shares in an open ended investment company and commercial property.

So often there will be a percentage of each transferring fund which contains protected rights. Currently this element must be left in an insured policy, defeating the objective of consolidating pension rights in one place.”

For more information on the Harsant SIPP and transferring protected rights visit www.harsantsipp.co.uk or phone 0151 648 7615.

5th. September, 2007

The Pensions Act which became law on 26 July 2007 makes changes to the UK State Pension Scheme for those born after 6 April 1959.

For men and women the state pension age will increase from 65 to 68 between 2024 and 2046.

Christine Brown, Director of Harsant Pensions, commented, “as a firm of actuaries we see this increase in state retirement age as inevitable. The State Pension age was set at 65 for men in 1948, when you were expected to live on average a further 5 years. Luckily, we are living longer and much healthier lives but to expect the State Pension to sustain us in later life for 15 years plus, just doesn't add up.”

This is a double blow for women born after 1959 as this is the second time the state pension age has been increased for women. When a woman started her working career back in the 70's women retired at 60. This was gradually increased for women born after 6 April 1950 from 60 to 65 between 2010 and 2020. A woman now aged 48 has seen the goal posts moved twice.

What is the answer?

Christine replied “whether you wish to retire before the age of 68 or feel that the State Pension will not be enough to give you the standard of living you want, you will need another source of income. There are many types of pension, either offered through your employer or ones you can start yourself. With a Harsant SIPP you are in complete control of your pension fund, before and after retirement. You get tax relief on money you pay in and your fund grows generally free of income tax and capital gains tax. Flexible income withdrawal options can be phased for those wishing to retire gradually and can start from the age of 50 (55 after 2010).”

“The sooner you start saving as well as tax relief you benefit from compounding. And for the younger members of our working community – watch this space, the State Pension age is set to increase to age 70!”

13th. March, 2007

Harsant Pensions is pleased to announce that it has been approved by the Financial Services Authority (FSA) for setting up, administration and winding up Self Invested Personal Pension Funds (SIPP). The FSA is the independent watchdog that regulates financial services in the UK.

This follows new legislation, introduced from 6th April 2007, which requires all Self Invested Personal Pension Funds to be regulated.

Harsant Director, Christine Brown, said “The Harsant SIPP was established in 2002. Until now we were the only part of the SIPP equation which was not regulated, yet we manage and control the movement of millions of pounds of client investment money. It is appropriate that we are FSA regulated.”

Harsant, as a pension scheme administrator, provide the link from establishing the SIPP, to transferring funds from other pension funds, to investing in a wide variety of opportunities. At every stage Harsant ensure that all client funds are properly managed under pension law and that monies invested are tracked and reconciled.

The FSA have been surprised as to how few current SIPP Providers have applied for regulation. The British press have referred to “Orphan SIPPs” post April 2007.

Christine commented further, “We have been consultants in the pension industry for almost 20 years now. Our experienced and qualified staff, coupled with full supporting software systems, well documented procedures and reputation has led us to being one of the first FSA approved companies in the country under the new legislation. We welcome this new platform and look forward to a rapid expansion in our business.”

Christine Brown can be reached directly by calling 0151 648 7615. For more information about Premier SIPP funds please visit the Harsant Self Invested Personal Pension Fund website.