When will you be enrolled in the new pension regime?
|NUMBER OF EMPLOYEES IN COMPANY||STAGING DATE||NUMBER OF EMPLOYEES IN COMPANY||STAGING DATE|
|120,000+||1 October 2012||50,000 - 119,999||1 November 2012|
|4,000 - 49,999||1 January - 1 June 2013||500 - 3,999||1 July 2013 - 12 November 2013|
|90 - 499||1 January 2014 - 1 November 2014||59 - 89||1 July 2014 - 1 November 2014|
|50 - 58||1 January 2015 - 1 April 2015||30 - 49||1 August 2015 - 1 October 2015|
|Less than 30||1 June 2015 - 1 April 2017 depending on tax code|
Used by an employer or pension provider to calculate the amount of tax to deduct from pay or pension. A tax code is usually made up of several numbers followed by a letter. If you replace the letter in your tax code with ‘9’ you will get the total amount of income you can earn in a year before paying tax, for example 747L would mean a person could earn up to £7,479 before paying tax. The wrong tax code could mean a person ends up paying too much or too little tax.
In exchange for any lump sum – usually your pension fund – an annuity is “bought” from an insurance company and provides an income for life. When you die, the income stops. Annuity rates fluctuate daily and depend on your sex (although from 21 December 2012 insurers will no longer be able to use gender as a factor when calculating annuities), age, health and a number of other factors, so you have to pick the right one and, once bought, its terms cannot be altered, so seek financial advice.