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论文题目：关于英国税的课程的论文，案例形式。
论文语种：英文
您的研究方向：国际会计与金融
是否有数据处理要求：是
您的国家：英国
您的学校背景：英国伦敦南岸大学。排名不怎么样，不过这个专业的排名好一些
要求字数：6000
论文用途：本科课程论文 BA Assignment
是否需要盲审（博士或硕士生有这个需要）：
补充要求和说明：不能抄袭，最好都用自己的话，就算借用了哪本书上的东西都要标注，否则都会挂。
1.0 The concept of pension
What is a pension?
A pension is a source of regular money to live on in your retirement. It comes from the benefits of a type of savings account called a pension scheme.
Because of the way it works, and the special tax privileges it has, a good pension scheme is one of the most tax-efficient ways of saving for your retirement, and of insuring yourself and your family against the risk or long-term illness. Many of those in retirement today enjoy a pleasant lifestyle thanks to benefit built up in a good pension scheme.
Why do we need pension?
Old people are getting more and more and it’s becoming a serious social problem.
Everyone needs money to live on when they retire, but few people think enough about long-term savings. The chances are that, unless you are very rich, you will need a pension because:
-You’ll need money for your increased leisure time
-More people are living longer – your retirement could make up a third of your life
2.0 Types of pension, Glossary
State Pension
- Basic State Pension (BSP), The flat rate part of the State Pension that is paid to everyone who has enough qualifying years through having paid or been treated as having paid or been credited with National Insurance (NI) contributions.
- Additional State Pension, The earnings-related part of the State Pension built up in the State Second Pension and/or the State Earnings Related Pension Scheme (SERPS).
Private Pension
- Occupational pension, A type of private pension scheme runs by some employers to provide a pension for their employees. Sometimes referred to as a works pension, a company pension or superannuation scheme. It includes Final salary schemes, which is the most common sort of 'Defined Benefit' scheme (DB), these aims to provide a pension where the amount payable is linked to the member’s final earnings at retirement. And Money-purchase schemes; These schemes, also known as ‘Defined Contribution’ schemes (DC), accounting essay provide a pension where the amount payable depends upon the amount of money paid in and how well it has been invested.
- Additional Voluntary Contributions (AVC) Employee contributions payable to a salary related occupational scheme that are over and above the normal contributions required by the scheme rules. This can be a useful way for people to get additional benefits from their occupational scheme. It’s the cost-effective way of topping up contributions. #p#分页标题#e#
- Personal pension, Personal pensions are money-purchase arrangements in which your money and any additional contributions from a third party, such as an employer, is invested to build up your pension fund.
3.0 Implication of Fleur’s previous non-contributory pension
We know that Fleur was once in her former company’s non-contributory director’s pension scheme. The company made contributions to the value of her salary each year. That is a final salary scheme
This is the case that Fleur’s former employer operates final salary non-contributory occupational schemes.With the great majority of occupational schemes, it is usual for both the employee and the employer to pay contributions (a contributory scheme). However, it is not necessary for employees to do so and some schemes require contributions only from the employer. (Known as ‘non-contributory scheme’)What’s called final salary schemes; it’s the most common sort of 'Defined Benefit' scheme (DB), these aims to provide a pension where the amount payable is linked to the member’s final earnings at retirement
Tax implication
Fleur’s employer’s contributions are not regarded as a benefit in kind for Fleur and are not earnings for NI contributions purpose for tax year 2008/09. Before December 2009, Fleur was in full-time employment and made regular class 1 National Insurance contributions in tax year 2008/09. She was entitled to an additional State Pension.
However, Fleur who is a member of a final salary occupational pension scheme may be ‘contracted-out’ of state second pension (S2P) by her employer. Contracted out employees are still entitled to the basic state retirement pension but obtain their additional pension from their employer’s occupational pension scheme. As a result, she will not normally be entitled to the full State Second Pension because her additional pension will come from her former employer’s scheme. But a reduced additional State Pension was still available.
Even if Fleur’s pension scheme is “non-contributory”, which means that her employer is making all the contributions, pensions are still her deferred wages, in other words, if this amount of money were not put aside for a pension, it could be being added to her pay packet. Unfortunately, Fleur was removed from her former company’s occupational pension scheme on 31 December 2008, she can claim redundancy payment (may including loss on pension), and she has to make her own pension arrangement from then on.
4.0 Advice for Fleur to participate in an appropriate pension scheme for herself
A revised and simplified pension tax regime was introduced on 6 April 2006, with a single set of rules for tax privileged pension savings applied to all sorts of registered pension. We will refer to it in the following sections as we move on. When Fleur commences trading on 1 May 2009, all of her pension consideration should be in accordance with these rules. This section of our report helps explain how pensions work for self-employed people and what she needs to know to find one that suits her needs.#p#分页标题#e#
Basic State Pension (BSP)
The Basic State Pension scheme is run by the State and is dependent on you having paid, been treated as having paid, or been credited with, enough National Insurance (NI) contributions. Fleur is self-employed and need to make class 2 National Insurance contributions (flat rate £2.30 per week for 2008/09). These will entitle her to the basic State Pension. As Fleur is a self-employed person, it is impossible for her to benefit from Additional State Pension for any period.
It is of vital importance for Fleur to note that from April 2010, the minimum age at which individual will be able to take his company or personal pension will increase from 50 to 55. Currently, the State Pension age is 65 for men and 60 for women, but this is going to change to 65 for everyone. The changes are being brought in gradually between 2010 and 2020.As the State Pension age changes, the number of qualifying years a woman normally need to get a full State Pension will rise from 39 to 44.
The State Pension is funded by National Insurance contributions but only provides a basic income for Fleur. She may need an additional pension to retire comfortably. If Fleur wants to receive more than the basic State Pension when her retire, she might need to consider starting a personal or stakeholder pension scheme. She’ll then be able to make regular payments to build up savings for her retirement.
Personal Pension
Apart from state pension provided by government, it’s really worth considering a personal pension for Fleur is becoming an employer. There is a flexible and portable new type of personal pension arrangement named stakeholder pension scheme. For its low minimum payments and Flexibility, security it provided, stakeholder pensions differ from other personal pensions and should be under high consideration by self-employed person. The tax regime applies to personal schemes in general applies also to stakeholder schemes.
When Fleur pay into a personal pension, her contributions will attract tax relieves given by government in order to boost the value of pension. So when Fleur pays tax at the basic rate of 20 per cent every £100 going into her pension costs £80, the government will pay a further £20 direct to the scheme. When she becomes a higher tax rate payer paying 40 per cent, every £100 going into her pension only costs £60.
From the forecast profit that produced by Lulu, Fleur will have no income the year she commences trade and suffer a significant trading loss. It’s important for Fleur to aware that even if she has no income on opening year 2009 or the year following she can still afford pension. The maximum amount of pension contributions on which an individual can claim tax relief in any tax year is equal to the greater of the individual’s earnings for that year and £3,600. In 2009, she’s allowed to save up to £2,880 a year into her pension. The tax relief is of a lower rate taxpayer on these savings. That means the HMRC puts 20% of that money back into her pension, making her total deposited for the year £3,600. When Fleur’s Net Relevant Earnings (NRE) increases from 2009 to 2010 she may be able to pay in more. #p#分页标题#e#
5.0 Advice for Fleur to build company pension scheme for her employees
Why does Fleur need to run pension scheme for her employees?
It may seem a mystery why Fleur as an employer should bother, however, even if a good pension scheme is quite expensive, she can not simply make the workers rely on the state pension arrangement.
It’s necessary for Fleur to provide one so as to
- comply with legal obligation. If Fleur employed more than five people, she must arrange a company/personal pension for her employee by law since 8 October 2001, or;
- show herself as a ‘good’ employer and build company’s positive public image, or;
- compete for labor with other companies who have pension schemes
We listed several options available below. It’s sensible to consult Pensions Advisory Service and consider employees’ pension needs before Fleur making a final decision. She’s recommended to launch an internal survey in the first place.
- Occupational scheme
The occupational scheme has been the traditional route. There are two main types of occupational pension scheme, Final salary schemes and Money-purchase schemes. Fleur can select either of DC or DB scheme, or both of them, however ooccupational schemes have changed with a decline in new DB type scheme and a growth in DC arrangements recent years. DC is more suitable for large number of employees with varied work histories. And restricted to the certain situation Fleur may involve, it’s up to her to run a non-contributory or a contributory scheme.
- Group Personal Pension (GPP)
Some employers may offer employees access to a personal pension scheme. In other words, although it’s a personal pension scheme, employers still may contribute to it on their employees’ behalf. Employers often do it in an arrangement called a Group Personal Pension (GPP), a collection of individual personal pensions grouped together by a pension provider. It’s also advisable for Fleur to build up a proper GPP scheme. I.e. Fleur can select a pension provider (e.g. a bank or life insurance company) and choose a pension scheme which she thinks will be suitable for her employee, then make contributions to her employees’ pension herself.
- Stakeholder scheme
Stakeholder will be a further choice although access to it must be granted if no else pension is available.
Stakeholder pensions are low cost, value-for-money schemes that are designed to be flexible enough to meet the needs of today employees’ and employers’. It’s easy to understand and easy for employers to administer.
As her business getting more and more prosperous, Once Fleur employ more than five people, she will generally need to offer her employees access to a stakeholder pension scheme if she doesn’t already offer:
- An occupational scheme; or
- An occupational pension or a qualifying Group Personal Pension scheme for all her workforce; or#p#分页标题#e#
- Her contribution less than three per cent of employees pay
How much will it cost Fleur? By law, employers do not have to pay accounting essay into stakeholder pensions on behalf of their employees. However, it is generally recognized as best practice to make a payment into your employees’ pension scheme.
- AVC or FSAVC
Fleur may set up Additional Voluntary Contributions (AVC) or Free Standing Additional Voluntary Contributions (FSAVC) scheme, then her employees can contribute extra pension through either one
6.0 Reference and Bibliography
Books
Melville A (2008) Taxation Finance Act 2008, Great Britain: Prentice Hall - Chapter13
Sangster A (1997) Workbook of Accounting Standards, Great Britain: PITMAN - Chapter11
Wicks D, (2003) Tolley’s Personal Pensions for the Financial Adviser, Finance Industry Training Limited, Great Britain: LexisNexis - Chaper1, 4
Field J & Prior G (1996) Department of Social Security Research Report NO.49: Women and Pensions, Great Britain: HMSO
Hindle J (2001) Croner’s Stakeholder Pension A Guide for Employers, Wales: Creative Pint and Design
Kirk R. J. (2005) UK Accounting Standards, Great Britain: CIMA
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