What do the Manifestoes Mean for the Wills and Probate?
June 8, 2017
June 8, 2017
The general election is in full swing and the manifestos have been published, but what does this mean for the wills and probate market?
Here at BSN we thought we would put together a round up on what each manifesto could mean for Wills and Probate, especially pensioners.
Liberal Democrats view –
- They aim to abolish marriage inequalities and spousal veto in relation to pensions.
- They would reverse the conservative raising of the Inheritance Tax threshold.
- Another aim would be to maintain the triple lock pension- increasing on a yearly basis by the highest of earnings growth, price growth or 2.5% for the next parliament.
- For pensioners who pay tax at the higher rate of 40% they would withdraw winter Fuel Payment eligibility.
- They would also consider the implication of introducing a single rate of tax relief for pensions.
The Conservative view –
- The conservatives would tighten the rules on pension abuse, increasing the punishment for mismanagement of pension schemes.
- They would try to increase the power of the pensions regulator so that they were able to prevent issues threatening the schemes solvency.
- Introduce a new Double Lock in 2020, where pensions will increase in line with the earnings that fund them or inflation.
- Another step would be to start promoting pensions and long term saving products to encourage all generations to make plans for later life.
- They would also review the Winter Fuel Payments, introducing a means-test so assistance is focussed on the least well-off.
The Labour view –
- Labour aim to maintain both the Winter Fuel Allowance and the Triple Lock on pensions, which will ideally grow annually by 2.5% staying in line with inflation or increase with earnings.
- They want to provide compensation to the 2.5 million women who had their state pension age raised without fair notification. Trying their best to consider other options for transitional protection.
- They would aim to protect UK citizens living overseas and their pensions.
- Next up they would review the pension age and try to bring an end to hidden pension charges and fees.
- Last up they would implement measures to protect pensions in situations where a business is being taken over.
These are just a few pointers from the manifestoes explaining the plans for pensioners in the near future should each party come into place. For further information on the effects the election could have on your pensions then give us a call today.