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Thinktank floats retirement income targets

The pensions industry is being urged to bring in retirement income targets to help savers maintain their quality of life.

The Pensions and Lifetime Savings Association (PLSA) wants living standards to be implemented to give savers realistic goals for retirement income.

Three different retirement income targets have been floated in the standards, which are based on the costs of...

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Inflation boosts lifetime allowance

Retirees stand to benefit from a £20,000 boost to the lifetime allowance in 2020/21, according to official figures.

The Office for National Statistics revealed that the rate of inflation, determined by the Consumer Prices Index (CPI), remained at 1.7% in September 2019.

The lifetime allowance increases on 6 April in line with the CPI's rate of inflation from the previous...

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Surge in people paying voluntary NICs

The number of people paying voluntary national insurance contributions (NICs) has boomed in the last two years.

Statistics published by HMRC showed that £119.3 million was paid in voluntary class 3 NICs in 2018/19, compared to £69.1m the previous year.

Just £12.8m was paid into the national insurance fund in 2016/17, which represents a 93% increase over the last two tax years....

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Government abandons probate fee hike

Plans to increase probate fees that were due to take effect earlier this year have been scrapped.

Families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000.

That system was due to be replaced on 1 April 2019 by a new system that would set fees on a sliding scale based on the value of an...

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Javid pencils in Budget 2019 date

Budget 2019 is scheduled to take place on Wednesday 6 November, Chancellor Sajid Javid has confirmed.

Whether or not Budget 2019 takes place on 6 November depends largely on the UK securing a deal to leave the EU before 11pm on 31 October 2019.

If no deal is reached, political commentators suggest Javid will deliver an economic statement on 6 November with the Budget delayed...

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