McLean’s Financial Services

Amended pensions bill boosts entitlements
The government has amended its pensions bill to make it easier for people to boost the amount of state pension they are entitled to receive. To claim the full state pension, currently £90.70 a week, you must have built up a certain number of qualifying years during your working life. You [...]

Pension schemes have relatively limited exposure
The Pensions Regulator said on 24 October that British pension schemes have a ‘relatively limited exposure’ to toxic assets. The Pensions Regulator also said in a statement that it has seen a ‘limited involvement in derivative trades with counterparties that are in difficulty.’ It urged pension trustees to check that [...]

Your pension questions answered
Q: I am due to reach State Pension Age before 6 April 2010. Will the changes affect how much State Pension I receive?
A: If you are already in receipt of State Pension, or are due to reach State Pension age before 6 April 2010, you will not be affected by the changes [...]

Tax-efficient wrappers provide a wide variety of options
Many of us depend on our pension for our future security and financial well-being. After our homes, a pension is likely to be our largest single amount of invested capital. As the population as a whole is living longer and has more elaborate plans for retirement than ever [...]

It is 100 years since the very first State Pension was introduced. Lloyd George introduced State Pensions in August 1908 when the Old Age Pensions Act was passed.
The first State Pensions guaranteed a minimum income to people over seventy. They received up to five shillings (25p) and were means tested.
Since then, the State Pension has [...]

Setting financial targets is the key
Your ability to enjoy a long and fulfilling retirement will depend largely upon how well you accumulate assets throughout your working life and what you do with them once you have retired.
We can work with you to develop a strategy and help you build up the funds you’ll need to [...]

Trustees must be kept informed
As an employer, you are responsible for providing the trustees of your company pension scheme and their advisers with the information that they need to carry out their duties.
The Pensions Regulator has a set of specific objectives:

to protect the benefits of members of work-based pension schemes;
to promote good administration of [...]

Regulator sets out vision for pensions
The Pensions Regulator has set out its vision of the pension’s landscape, strategic direction and outcomes to be achieved during the next three years.
The plan highlights the progress made by the regulator in the building and development of the organisation, systems, culture and processes.
During the next three years commencing from [...]

Guidance for trustees and employers
As part of its commitment to promoting the good running of defined contribution schemes, the Pensions Regulator has published the first of a planned series of good practice guidance for trustees and employers. The Retirement Options guidance will help employers and trustees ensure they have effective processes in place, and inform [...]

Reforms designed to build a bigger pension provision
Changes have recently been made to the State Pensions system. In the main, these changes will only affect you if you reach State Pension age on or after 6 April 2010.
These reforms will also make it easier for people who reach State Pension age on or after 6 [...]