New pension rules for 2015 Explained

New pension rules for 2015 Explained by Tom Bunkham Pensions â€" an important consideration for everyone, no matter the stage of their career they’re at.We’ve already covered the basics regarding state pension, as well as what you need to know about automatic enrolment. And with the huge changes that have recently happened to pension rules, we spoke with The Money Advice Service to take a look at just how you could be affected.To find out what you what you need to know about the shake-up, and how the new rules will have a big effect on your money once you retire, read on…How pensions used to workBefore the changes, those who had built up a defined contribution pension (personal or workplace pensions where you pay into your own pension pot) could usually take up to a quarter of their pot as tax-free cash when they retired.The rest was often used to buy what’s called an “annuity”. This usually provided a guaranteed retirement income for life.Anyone with an employer’s salary-related pension scheme (al so called a defined benefit pension scheme such as a final salary or career average scheme) will not be affected by the new rules whilst within the scheme.The new rulesThe new rules have given people with defined contribution schemes far more choice over what they can do with their pension pots.Unless you are in very poor health, you usually need to be aged 55 or over to access your pension pot. When you do, there are now several ways you can access your pension fund. You can:buy an annuitykeep your pension fund invested to provide you with a flexible retirement income â€" called drawdown (the income is not guaranteed for life)take small cash sums from your pot when you want themtake all your pot as cash in one gomix the different options aboveIf you take it all as cash, you can usually take up to 25% of the withdrawal tax-free and you then pay tax on the rest at your marginal, or highest, tax rate.If you choose the annuity or drawdown options you can take up to 25% of the amount us ed for this option as tax-free cash. The rest can be used to buy an annuity or enter a drawdown arrangement. You then may have to pay tax on the income you get from these.Many don’t have a single pension pot. If mixing your choices, you can use different parts of one pension pot. You may choose to use different pots for different options, or combine smaller pots for one or more options. Not all providers will offer all options â€" but you have the right to shop around.You can find out more about the options for using your pension pot on The Money Advice Service site here.Where to get helpBefore you decide what to do talk to Pension Wise, a new government service that offers free and impartial face-to-face or telephone guidance.Pension Wise can help you understand what to think about when considering your choices, such as your plans to continue working, your personal and financial circumstances, and leaving money after you die.You’ll also get help understanding the different opti ons available and pros and cons of each. Plus you can discuss the tax implications of each choice.However, Pension Wise won’t tell you how to use your pension pot or invest your money.   It also can’t recommend companies. After speaking to them, you can consider getting further financial advice.To learn more about Pension Wise, click here.What to watch out forAfter any tax free sum, any cash you take from your pension pot is added to the rest of your annual income â€" so you’ll pay Income Tax on this in the usual way.You could be pushed into a higher tax bracket and you could end up paying higher-rate (40%) or even additional-rate Income Tax (45%) on the lump sum or any income. If you no longer meet the eligibility requirements around income and savings on some means tested benefits you might also miss out or have your payments reduced.Be careful of scamsIf you are receive unsolicited calls offering deals to invest your pension pot that seem too good to be true, there’s ever y chance they are. Scammers have been targeting people with promises of amazing investments or ways to reduce tax. Some even say they can help you access your money before you are 55.If you are being pushed to act fast or told of loopholes to get you more money tax free, don’t rush into any decisions. Before you agree to anything or sign on the dotted line, call the Pensions Advisory Service on 0300 123 1047 for more information.Find a job What Where Search JobsSign up for more Career AdviceSign up for moreCareer Advice Please enter a valid email addressmessage hereBy clicking Submit you agree to the Salaries

How to Choose a Professional Aaa Resume Writing Service

How to Choose a Professional Aaa Resume Writing ServiceHave you ever tried to write your own AA aaa resume? Many individuals find it very difficult to write and they have to hire professional resume writing service so that they can be able to write their own Aaa resume.There are a large number of resume service providers in Nashville. If you are going to hire a professional resume writing service, you must make sure that you hire the best. Here are some tips to help you pick the best Aaa resume service:Find out from the prospective employer what exactly the applicant needs. You need to know what the job requires in order to effectively complete the task. Ask him to clarify the scope of the work for you.Research on the internet what other people are saying about the company. Check out forums where people post their experience in hiring the services of the different resume writers. Check out blogs or websites to find out how other people have seen these services working. Compare the pe rformance of these companies so that you can hire the best.You should know all the available services before you start looking for the best. One of the best ways to do this is to contact and speak to other professionals who are providing similar services in your area. Find out from them about their experience and what they think about different resume writing service providers.Do a search online and compare each and every firm's rates. The rates should not only be based on the amount of time they will charge you but also on the quality of their service. You need to see that their rates are justified by the service they offer.Ask the writer to send you as many samples as possible so that you can compare the maximum number of firms. When you make your decision, find out which service you will prefer. Be very clear with the firm that you are choosing and how much time you need for the project.You can avail of a AA aaa resume writing service in Nashville if you have a tight deadline for submitting the job. This is the most convenient way of hiring these services because you will be able to get your resume completed within a short period of time.

8 Tips For Balancing Work and Family Responsibilities

8 Tips For Balancing Work and Family Responsibilities Editors Note:   We are excited to see a number of bloggers reach out to us to participate in contributing to our blog.   Because of the consistency of requests I want to make Wednesdays special by featuring the work of other bloggers making a difference in helping us become better in our careers and professional lives.   I am honored to share your work here. Also Jimmy from My Life Architects posted an interview with me about blogging, go check it out.   Without any further ado, Lisa has a wonderfully thoughtful and helpful post for us today. Bryce Achieving balance in our daily lives sometimes puts us in an overloaded state of mind. Balancing work and family life in just 24 hours seems next to impossible for many of us and stressful when we try to do everything by ourselves. A good balance of responsibilities at work and home will enhance the quality of our lives and subsequently the lives of those around us. When that balance is out of whack, stress takes over and both work and family routines suffer. 1. Write down the events that you have in mind that you would like to do with your family. 2. Set a goal for when you would like to take the family on vacation and schedule your projects at work to allow you to take that time off. 3.   Set certain week nights that you will be home for dinner, on time, and your full attention will be on the family and not what happened or didn’t get done at work. 4.   Leave work at work and enjoy the family. Your work is very important and needs your attention, but your family needs just as much attention to complete your life. 5.   Stop taking over other peoples responsibilities at work. Learn to say no, you can’t help right now because your project needs all your attention. 6.   Learn to delegate assignments down to other people in your office so you can take care of the major issues that need your attention. 7.   Don’t hang on to every little piece of a project when someone less busy could be doing the minor chores. Organize what only you can do and what someone under you can handle instead of you doing it all. 8.   Don’t allow distractions to take over your day. Keep your thoughts on what is expected of you and avoid procrastination. Balancing your routine of work and family life will enhance your relationships with everyone involved. You will gain time with the family and your employer will be grateful for you being well organized and on top of your responsibilities. Frustration and stress will be a thing of the past as you gain control over the balance between work and family fun. What are your tips for a better work life balance? image courtesy of left-hand