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georgeshutcheson · 7 months ago

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Tax Relief on Private Pension Contributions

New Post has been published on https://www.fastaccountant.co.uk/tax-relief-on-private-pension-contributions/

Tax Relief on Private Pension Contributions

If you’re looking to save for your future and reduce your tax liability at the same time, understanding the tax relief on private pension contributions is essential. This article breaks it down for you, explaining that tax relief can be obtained on private pension contributions, up to 100% of your annual earnings. The availability of tax relief depends on the type of pension scheme and your income tax rate. So whether you have a personal or stakeholder pension, or a workplace pension, relief at source is available. However, in some cases, you may need to claim tax relief on your own. Additionally, if you contribute above the 20% tax rate, you can claim additional tax relief on your self-assessment tax returns. It’s important to note that different rates of additional tax relief apply in Scotland. However, it’s crucial to ensure that your pension scheme is registered with HMRC, as tax relief cannot be claimed otherwise. On the bright side, for individuals who do not pay income tax, automatic tax relief at 20% is available on the first £2,880 of their contributions. Just keep in mind that tax relief cannot be claimed if you’re using pension contributions for personal term assurance policies. With all these details in mind, you’ll be well-equipped to make informed decisions about your pension contributions and take advantage of the available tax relief.

Types of Pension Schemes

When it comes to planning for your retirement, there are various types of pension schemes available to choose from. Understanding the differences between these schemes can help you make informed decisions about which one is right for you.

Personal Pensions

Personal pensions are retirement savings plans that individuals can set up on their own. These schemes are not tied to any particular employer and are therefore portable, meaning you can take your pension with you if you change jobs. Personal pensions offer flexibility and control, allowing you to choose how much you contribute and how your money is invested. It’s important to note that personal pensions require individuals to actively seek out and set up the plan themselves.

Stakeholder Pensions

Stakeholder pensions are a type of personal pension that meet certain government requirements. These schemes are designed to be accessible and affordable for those who may not have access to a workplace pension or who are self-employed. Stakeholder pensions offer low-cost investment options and flexible contributions, making them a popular choice for individuals who want to take control of their retirement savings.

Workplace Pensions

Workplace pensions, also known as occupational pensions, are pension schemes set up by employers for their employees. These schemes offer a convenient way to save for retirement as contributions are automatically deducted from your salary. Workplace pensions can vary in terms of contribution rates and employer matching, so it’s important to review your employer’s pension scheme documents to understand the specific details. Workplace pensions are a valuable employee benefit as they often come with additional contributions from the employer.

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Availability of Tax Relief on Private Pension Contributions

Tax relief is a key advantage of pension schemes, as it can provide a boost to your retirement savings. The availability of tax relief depends on the type of pension scheme you have and your income tax rate.

Depends on Pension Scheme Type

The availability of tax relief varies depending on the type of pension scheme you have. Personal pensions, stakeholder pensions, and some workplace pensions offer tax relief benefits. It’s important to review the specific details of your pension scheme to understand the tax relief options available to you.

Depends on Income Tax Rate

Your income tax rate also plays a role in determining the availability of tax relief. The higher your income tax rate, the more tax relief you may be eligible for on your pension contributions. It’s worth noting that tax relief is generally not available for contributions made to personal term assurance policies using pension contributions.

Relief at Source

Relief at source is a method of obtaining tax relief on pension contributions. This means that the tax relief is automatically added to your pension contributions, effectively reducing the amount of income tax you pay. Relief at source is available in personal pensions, stakeholder pensions, and some workplace pensions.

Claiming Tax Relief

In certain cases, individuals may need to claim tax relief on their pension contributions themselves. This typically applies to contributions made to workplace pensions that do not operate relief at source. To claim tax relief, you will need to complete a self-assessment tax return and include the relevant details of your pension contributions.

Tax Relief Limits

Understanding the limits of tax relief is important for managing your pension contributions effectively. There are limits to how much tax relief you can claim, and these limits depend on various factors.

Up to 100% of Annual Earnings

In general, you can obtain tax relief on your pension contributions up to 100% of your annual earnings. This means that you could potentially benefit from tax relief on contributions that equal your entire annual income. However, it’s important to consider the annual and lifetime allowances set by HM Revenue and Customs (HMRC) to ensure you do not exceed these limits.

Different Rates of Relief in Scotland

It’s worth noting that different rates of additional tax relief apply in Scotland. The Scottish higher rate and additional rate taxpayers have different tax bands and relief rates compared to the rest of the UK. If you live in Scotland, it’s important to review the specific tax rates and relief options available to you.

Relief at Source

Relief at source is an automatic method of obtaining tax relief on your pension contributions. This method simplifies the process of claiming tax relief as it is done automatically for you, making it a popular option for many pension schemes.

Available in Personal and Stakeholder Pensions

Relief at source is available in personal pensions and stakeholder pensions. If you have one of these types of pensions, the tax relief is automatically added to your pension contributions, helping to boost your retirement savings.

Some Workplace Pensions

Not all workplace pensions offer relief at source, but some do. It’s important to review the details of your workplace pension scheme to determine if it operates relief at source. If it does, you can benefit from automatic tax relief on your contributions.

No Income Tax? Still Eligible for Tax Relief

Even if you do not pay income tax, you may still be eligible for tax relief on your pension contributions. This is made possible through the relief at source method, which ensures that tax relief is provided to individuals regardless of their income tax status. However tax relief for those who do not pay income tax is restricted to 20% of the first £2,880 that you pay as pension contribution each year.

Claiming Tax Relief on Private Pension Contributions

While relief at source simplifies the process of obtaining tax relief, there may still be cases where individuals need to claim tax relief themselves. This typically applies to certain workplace pensions that do not operate relief at source.

If your workplace pension does not offer relief at source, you will need to claim tax relief on your pension contributions yourself. This typically applies to older workplace pensions that may not have adopted the relief at source method.

Claiming on Self-Assessment Tax Returns

To claim tax relief, you will need to complete a self-assessment tax return and include the relevant details of your pension contributions. This ensures that you receive the appropriate tax relief on your contributions.

Additional Relief for Contributions above 20% Tax Rate

For individuals who pay income tax at a rate higher than 20%, there may be additional relief available for contributions made above the 20% tax rate. This additional relief can provide further tax benefits for those who fall under the higher tax rate bands.

#Pension tax relief #Private Pension Contributions #Tax Relief on Private Pension Contributions

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fvckwithmefamo · 7 months ago

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Tax Relief on Private Pension Contributions

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#Pension tax relief #Private Pension Contributions #Tax Relief on Private Pension Contributions

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federalpensionadvisors · 1 month ago

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Unlocking the Benefits of the FERS Retirement System

Planning for retirement can feel overwhelming, but for federal employees, the Federal Employees Retirement System (FERS) provides a structured, comprehensive retirement plan that offers stability and flexibility. Understanding the key benefits of FERS can help you make the most of your federal career and ensure you're prepared for a comfortable retirement.

The Three-Legged Stool of FERS FERS is often described as a "three-legged stool" because it consists of three main components:

Basic Benefit Plan (FERS Annuity): This is a defined benefit pension plan where the government guarantees you a monthly annuity based on your years of service and salary. Social Security Benefits: As a federal employee, you also pay into Social Security and are eligible to receive Social Security benefits at retirement. Thrift Savings Plan (TSP): A Thrift savings plan tax-deferred retirement savings and investment plan similar to a private-sector 401(k), with matching contributions from your agency up to 5%. These three components together create a well-rounded financial foundation for your retirement. Let’s explore each of these benefits in more detail.

FERS Annuity: A Guaranteed Income for Life The FERS annuity is a core feature of the system, providing federal employees with a reliable source of income throughout their retirement. Your annuity is calculated using a formula based on your length of service and your "high-3" average salary (the average of your three highest-earning consecutive years of service).

Standard FERS Formula: For most employees, the annuity is calculated as 1% of your high-3 average salary multiplied by your years of service. If you retire at age 62 or later with at least 20 years of service, the multiplier increases to 1.1%. This formula guarantees that your retirement income reflects the length of your service and your highest earning years, ensuring a steady stream of income for the rest of your life.

Also read: Fers Retirement Calculator

Social Security Benefits As a FERS employee, you are covered by Social Security. This provides you with additional retirement income based on your lifetime earnings. While the amount of Social Security you’ll receive depends on various factors, including your work history and retirement age, it can be a significant component of your retirement income.

The good news is that you can start claiming Social Security benefits as early as age 62, although waiting until your full retirement age (typically around 66-67) or even 70 will result in higher monthly payments.

Thrift Savings Plan (TSP): A Powerful Savings Tool The Thrift Savings Plan (TSP) is one of the most valuable features of the FERS system, offering federal employees a chance to save and invest for their future. With low administrative fees and a variety of investment options (ranging from government securities to stock funds), the TSP is a key tool for growing your retirement savings.

One of the most attractive features of the TSP is the matching contributions from the federal government:

Your agency will automatically contribute 1% of your basic pay to your TSP account. In addition, the government will match your contributions dollar-for-dollar for the first 3% of your salary and 50 cents on the dollar for the next 2%, making the total possible match 5%. This employer match makes it critical to contribute at least 5% of your salary to the TSP, as it's essentially "free money" added to your retirement savings.

FERS Special Retirement Supplement (SRS) For those who retire before being eligible for Social Security benefits (typically age 62), FERS offers an additional benefit called the Special Retirement Supplement (SRS). This is designed to bridge the gap between the time you retire and the time you can begin collecting Social Security.

The SRS provides a payment that mimics the Social Security benefit you would receive if you were eligible, offering financial relief in the early years of your retirement. It’s particularly beneficial for employees in special categories, like law enforcement officers and air traffic controllers, who may retire earlier due to mandatory age limits.

Health and Life Insurance Benefits Continue in Retirement A major advantage of the FERS retirement system is that your Federal Employees Health Benefits (FEHB) and Federal Employees' Group Life Insurance (FEGLI) coverage can continue into retirement, provided you meet certain criteria.

FEHB: If you have been continuously enrolled in the FEHB program for the five years leading up to retirement (or for the entire period you're eligible for FEHB if less than five years), you can continue this coverage. The federal government continues to pay a significant portion of your premiums, just as it did while you were employed.

FEGLI: Federal retirees can also keep their life insurance coverage under FEGLI, although coverage and premium rates may change depending on your choices.

Cost-of-Living Adjustments (COLAs) FERS annuitants may receive annual Cost-of-Living Adjustments (COLAs), which help protect your retirement income from inflation. While not guaranteed every year, these adjustments are made based on changes in the Consumer Price Index (CPI) and provide an important safeguard for maintaining your purchasing power throughout retirement.

Maximizing Your FERS Benefits

While FERS offers significant benefits, it’s essential to be proactive in your retirement planning to maximize those benefits. Here are a few key tips:

Max out your TSP contributions: Aim to contribute at least 5% of your salary to take full advantage of the government match. Understand your retirement eligibility: Familiarize yourself with the eligibility requirements for full and early retirement so you can time your exit from federal service to your advantage. Consider your high-3 salary: Since your annuity is based on your highest-paid years, planning when to retire during a peak earning period can boost your annuity.

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propertymarketresearch · 2 months ago

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Understanding State Entitlements: What You Need to Know

State entitlements refer to a range of benefits and support systems provided by government authorities to eligible individuals and families. These entitlements play a crucial role in offering financial assistance, healthcare, social security, and other essential services to those who meet specific criteria. Navigating the complex world of state entitlements can be overwhelming, but understanding what’s available and how to apply can help ensure you receive the support you're entitled to.

In this blog, we’ll break down what state entitlements are, the different types available, eligibility criteria, and how you can access them.

What Are State Entitlements?

State entitlements are government-provided benefits designed to support individuals, families, or certain groups in areas such as healthcare, unemployment, housing, education, and social security. These entitlements are generally funded through taxpayer contributions and administered at the federal or state level, depending on the country’s governance structure.

State entitlements fall into two main categories:

Means-tested entitlements: These are based on financial need, where your income and assets determine eligibility. Examples include unemployment benefits, social housing, and income support payments.

Non-means-tested entitlements: These benefits are available to everyone who qualifies, regardless of income or financial status. Examples include age pensions, disability benefits, and healthcare services like Medicare.

Common Types of State Entitlements

Unemployment Benefits Unemployment benefits provide temporary financial assistance to individuals who are out of work through no fault of their own. Eligibility for these benefits typically requires that the individual is actively seeking employment and meets certain work history or earnings thresholds.

Healthcare Benefits Many countries offer public healthcare programs that cover part or all of the cost of medical services for eligible citizens. In Australia, for instance, Medicare provides access to free or subsidized healthcare services such as doctor’s visits, hospital care, and prescription medications.

Pensions and Superannuation Pensions, such as the Age Pension in Australia, are available to retirees who meet age and residency requirements. Superannuation is a retirement savings system in which employers contribute a percentage of an employee's earnings into a dedicated fund, which can be accessed upon retirement or in certain cases of financial hardship.

Disability Support Governments provide various forms of disability support, ranging from financial assistance to specialised services. In Australia, the National Disability Insurance Scheme (NDIS) is designed to support individuals with permanent and significant disabilities by offering funding for necessary care, equipment, and therapy.

Family and Parenting Payments Parenting payments and family support entitlements help parents and guardians manage the costs of raising children. These may include Family Tax Benefit, Parenting Payment, or child care subsidies, which provide financial relief for families based on their income and number of dependents.

Housing Assistance Housing entitlements may include social or public housing for low-income families and individuals, as well as rental assistance for those who struggle to afford private housing. These programs are typically aimed at reducing homelessness and providing secure living environments for vulnerable populations.

Education Assistance Educational entitlements such as scholarships, student loans, and grants help students from disadvantaged backgrounds pursue higher education. In many countries, public schooling is free, but state support can also cover university tuition fees, accommodation, and other costs related to education.

Who Is Eligible for State Entitlements?

Eligibility for state entitlements depends on various factors, including:

Income and assets: Many entitlements are means-tested, meaning you must fall below a certain income or asset threshold to qualify. This ensures that state resources are allocated to those who need them most.

Age: Some benefits, such as the Age Pension, are only available to individuals above a certain age. Similarly, youth unemployment benefits may have age limits.

Disability or health status: Programs like the NDIS are designed for individuals with disabilities or chronic health conditions, and eligibility is assessed based on medical evidence.

Employment status: Entitlements like unemployment benefits require that individuals are unemployed or underemployed and actively seeking work.

Family or dependent status: Parenting payments and family tax benefits are often available to families with children, with the amount of support varying based on the number of dependents and family income.

Residency and citizenship: In most cases, you need to be a citizen or permanent resident of the country or state to be eligible for entitlements. Residency requirements can vary for different types of benefits.

How to Apply for State Entitlements

Applying for state entitlements typically involves a series of steps, which may include providing documentation, completing applications, and attending assessments. Here’s how to start the process:

Check Eligibility Before applying, ensure you meet the specific eligibility criteria for the entitlement you’re seeking. Government websites, such as Services Australia, often have eligibility calculators and detailed information on benefits.

Gather Required Documentation Most entitlements require you to provide supporting documents such as proof of income, residency status, identification, and medical assessments (for disability-related benefits). Make sure you have these ready before applying.

Submit Your Application Applications can often be submitted online via government portals, such as MyGov in Australia. If you prefer, you can visit local offices or centres to get assistance with the application process.

Follow Up After submitting your application, it’s important to keep track of its progress. You may need to provide additional documents or attend assessments or interviews to complete the process.

Appeals and Reviews If your application is denied, you have the right to appeal the decision. Most countries have review processes in place where you can present additional evidence to support your claim.

Recent Changes and Reforms in State Entitlements

Governments regularly review and update entitlement programs to ensure they are meeting the needs of their citizens. Some of the recent changes to state entitlements include:

COVID-19 Support Measures: Many countries implemented temporary financial support measures in response to the economic impact of COVID-19. In Australia, programs like JobKeeper and JobSeeker were introduced to support businesses and individuals affected by the pandemic.

NDIS Reforms: The National Disability Insurance Scheme continues to evolve, with new policies designed to improve access and streamline processes for individuals with disabilities.

Increased Aged Care Support: Recognising the growing elderly population, governments have increased funding and expanded access to aged care services to provide better support for older individuals in need of care.

Final Thoughts

State entitlements are a crucial lifeline for millions of people, offering financial support, healthcare access, housing assistance, and more. Understanding what entitlements you may be eligible for and how to apply can help ensure you receive the support you deserve.

If you think you may qualify for state entitlements, take the time to research available benefits, check your eligibility, and start the application process today.

#state entitlements

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defencefinancialservices · 2 months ago

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Understanding State Entitlements: What You Need to Know

In this blog, we’ll break down what state entitlements are, the different types available, eligibility criteria, and how you can access them.

What Are State Entitlements?

State entitlements fall into two main categories:

Means-tested entitlements: These are based on financial need, where your income and assets determine eligibility. Examples include unemployment benefits, social housing, and income support payments.

Common Types of State Entitlements

Who Is Eligible for State Entitlements?

Eligibility for state entitlements depends on various factors, including:

Age: Some benefits, such as the Age Pension, are only available to individuals above a certain age. Similarly, youth unemployment benefits may have age limits.

Disability or health status: Programs like the NDIS are designed for individuals with disabilities or chronic health conditions, and eligibility is assessed based on medical evidence.

Employment status: Entitlements like unemployment benefits require that individuals are unemployed or underemployed and actively seeking work.

How to Apply for State Entitlements

Applying for state entitlements typically involves a series of steps, which may include providing documentation, completing applications, and attending assessments. Here’s how to start the process:

Follow Up After submitting your application, it’s important to keep track of its progress. You may need to provide additional documents or attend assessments or interviews to complete the process.

Recent Changes and Reforms in State Entitlements

Governments regularly review and update entitlement programs to ensure they are meeting the needs of their citizens. Some of the recent changes to state entitlements include:

NDIS Reforms: The National Disability Insurance Scheme continues to evolve, with new policies designed to improve access and streamline processes for individuals with disabilities.

Final Thoughts

If you think you may qualify for state entitlements, take the time to research available benefits, check your eligibility, and start the application process today.

#state entitlements

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defencefinancialadvisor · 2 months ago

Text

Understanding State Entitlements: What You Need to Know

In this blog, we’ll break down what state entitlements are, the different types available, eligibility criteria, and how you can access them.

What Are State Entitlements?

State entitlements fall into two main categories:

Means-tested entitlements: These are based on financial need, where your income and assets determine eligibility. Examples include unemployment benefits, social housing, and income support payments.

Common Types of State Entitlements

Who Is Eligible for State Entitlements?

Eligibility for state entitlements depends on various factors, including:

Age: Some benefits, such as the Age Pension, are only available to individuals above a certain age. Similarly, youth unemployment benefits may have age limits.

Disability or health status: Programs like the NDIS are designed for individuals with disabilities or chronic health conditions, and eligibility is assessed based on medical evidence.

Employment status: Entitlements like unemployment benefits require that individuals are unemployed or underemployed and actively seeking work.

How to Apply for State Entitlements

Applying for state entitlements typically involves a series of steps, which may include providing documentation, completing applications, and attending assessments. Here’s how to start the process:

Follow Up After submitting your application, it’s important to keep track of its progress. You may need to provide additional documents or attend assessments or interviews to complete the process.

Recent Changes and Reforms in State Entitlements

Governments regularly review and update entitlement programs to ensure they are meeting the needs of their citizens. Some of the recent changes to state entitlements include:

NDIS Reforms: The National Disability Insurance Scheme continues to evolve, with new policies designed to improve access and streamline processes for individuals with disabilities.

Final Thoughts

If you think you may qualify for state entitlements, take the time to research available benefits, check your eligibility, and start the application process today.

#state entitlements

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dfproperties · 2 months ago

Text

Understanding State Entitlements: What You Need to Know

In this blog, we’ll break down what state entitlements are, the different types available, eligibility criteria, and how you can access them.

What Are State Entitlements?

State entitlements fall into two main categories:

Means-tested entitlements: These are based on financial need, where your income and assets determine eligibility. Examples include unemployment benefits, social housing, and income support payments.

Common Types of State Entitlements

Who Is Eligible for State Entitlements?

Eligibility for state entitlements depends on various factors, including:

Age: Some benefits, such as the Age Pension, are only available to individuals above a certain age. Similarly, youth unemployment benefits may have age limits.

Disability or health status: Programs like the NDIS are designed for individuals with disabilities or chronic health conditions, and eligibility is assessed based on medical evidence.

Employment status: Entitlements like unemployment benefits require that individuals are unemployed or underemployed and actively seeking work.

How to Apply for State Entitlements

Applying for state entitlements typically involves a series of steps, which may include providing documentation, completing applications, and attending assessments. Here’s how to start the process:

Follow Up After submitting your application, it’s important to keep track of its progress. You may need to provide additional documents or attend assessments or interviews to complete the process.

Recent Changes and Reforms in State Entitlements

Governments regularly review and update entitlement programs to ensure they are meeting the needs of their citizens. Some of the recent changes to state entitlements include:

NDIS Reforms: The National Disability Insurance Scheme continues to evolve, with new policies designed to improve access and streamline processes for individuals with disabilities.

Final Thoughts

If you think you may qualify for state entitlements, take the time to research available benefits, check your eligibility, and start the application process today.

#state entitlements

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stellarinsulationuk · 9 months ago

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Understanding Free Boiler Grants: A Lifesaver for Homeowners

For many homeowners, the thought of replacing a boiler can be daunting, both financially and practically. However, thanks to government initiatives like the Free Boiler Grant, the burden of boiler replacement has significantly eased for those who qualify. This program, aimed at helping low-income households, provides a lifeline by offering free boiler replacements to eligible individuals.

The Free Boiler Grant scheme was introduced to address the issue of inefficient and outdated boilers in homes across the UK. An inefficient boiler not only increases energy bills but also contributes to carbon emissions, posing environmental concerns. By providing free boiler replacements, the program aims to improve energy efficiency, reduce carbon footprint, and alleviate the financial strain on qualifying households.

So, who exactly qualifies for the Free Boiler Scheme? Eligibility criteria typically include being a homeowner or a private tenant, receiving certain benefits such as Pension Credit, Child Tax Credit, or Universal Credit, and having a boiler that is inefficient or not functioning properly. Additionally, the boiler being replaced must be at least five years old. These criteria ensure that assistance is directed towards those who need it the most.

The process of applying for a Free Boiler Grant is straightforward. Applicants can either directly contact approved installers or apply through the government's official website. Once the application is submitted and eligibility is confirmed, a qualified engineer conducts a survey of the existing boiler and assesses the property's heating needs. Following this assessment, a suitable replacement boiler is installed free of charge, along with any necessary upgrades to the heating system.

One of the primary benefits of the Free Boiler Grant is the financial relief it offers to eligible households. The cost of purchasing and installing a new boiler can run into thousands of pounds, making it unaffordable for many. By covering these expenses, the grant ensures that homeowners and tenants can enjoy a warm and comfortable living environment without worrying about the financial implications.

Moreover, the installation of energy-efficient boilers through the Free Boiler Grant contributes to long-term savings on energy bills. Modern boilers are designed to be more energy-efficient, leading to lower heating costs over time. By upgrading to a newer, more efficient model, homeowners can enjoy reduced energy bills and greater sustainability.

Beyond the financial benefits, the Free Boiler Grant also has positive environmental implications. Energy-efficient boilers consume less fuel, resulting in lower carbon emissions. By promoting the adoption of greener technologies, the program aligns with the government's commitment to combating climate change and building a more sustainable future.

In conclusion, Government Boiler Scheme is a vital initiative that provides essential support to low-income households, offering free boiler replacements to those who qualify. By improving energy efficiency, reducing costs, and promoting sustainability, the program not only enhances living standards but also contributes to environmental conservation. For eligible individuals, the Free Boiler Grant serves as a valuable resource, offering warmth, comfort, and peace of mind.

Source & Reference: https://sites.google.com/view/stellarinsulation/understanding-free-boiler-grants-a-lifesaver-for-homeowners

#Free Boiler Grant #Free boiler scheme #Boiler upgrade scheme #Government Boiler scheme #Boiler replacement grant #British gas boiler grant

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transrightsjimin · 4 years ago

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im behind on my administration nd freaking out abt medical bills nd just, the privatization of healthcar!! if anyone told you the netherlands has super socialized systems, they’re either a time traveller from the previous century or lying or like... think anything tht isn’t the US is socialist. it’s not. this country is capitalistic nd social programs have been deteriorating for decades bc of this dominant neoliberal as well as fascist mentality in politics, which enforces budget cuts that hurt the working class nd then punishes them for being poor or sick. yes there is insurance, but insurance companies (that you’re required to by law to make use of even if you can’t afford it fully) are a competitive market that keep increasing its prices every year, less and less is insured bc of the privatization of health, this country is a tax haven for multinationals who pay fucking zero or even get donations from the government and ex-students are stuck with loan debt of ten thousands of euros bc of student benefits being turned into loans by liberal parties in the chamber. if i have to see ppl from other countries share these fucking posts praising the NL for being so progressive for legized weed (it rly isn’t??? there are shops where it can be bought w a license but ppl can be stopped on the street for smoking it bc of racial profiling, and owning one weed plant is legal but not using it or cultivating more than one. like cops in helicopters looking for houses tht cultivate weed bc they got dragged in a scheme is everyday reality you know??).

like yes, this is by far not the worst place on earth, even the working class, esp white, are still far more privileged than the working class in other countries, e.g. not needing to fear for war and having access to water or healthcare at least somewhere. and the petit bourgeouis is quite large in this country which is why there might be a disconnect in ppl’s minds when not being able to apply class theory to a local context. but it is this romanticization of a country tht breaks down its social systems, copies a lot of pseudo-science and ‘free market‘ shit from the US, and deals w its own tradition of denying its colonial / racist past and PRESENT (it still has colonies but it isn’t addressed as such??) that gets to people’s heads and justifies any bad processes bc ‘hey, it at least isn’t [insert other country]!!‘.

more personal rants abt bureacuracy bs and healthcare bills under the readmore. im stressed

FUCKING HELL i just found out that the ‘eigen bijdrage‘ (own financial contribution) that comes with this new ADHD medicine (lisdexfetamine) isn’t around €20-25 like the person who prescribed it stated it was (which already is a lot to me considering the first medicine is fully insured) but €105,37 of which i would need to pay €76,80 (i think bc the previous medication of methylfenidaat was affirmed as not effective) for just 30 MEDICINES so ONE MONTH??

the pharmacist i spoke to, sounded like they too found it an absurdly high price nd i asked if the amount would eventually not be needed to be paid anymore after a certain amount of times (which was for example the case with antacids i picked up for my mom nd myself) and they said it didn’t. i was adviced to seek contact with my insurance company so i did and they said p much the same thing about fees being constant, maybe at the most fluctuating a little bit to lower fees in some months but not much. the only good thing is that eigen bijdrage fees can “only” run up to €250 per year bc anything above that is covered by insurance (which is already so?? to me bc you also have eigen risico amount of €385 per year which works p much the same).

so i looked at the website of the ADHD diagnostic / therapy center i’m a patient at and there’s a page about fees for medication and it links to a web page with statement of the brand / pharmaceutical company that makes this lisdexfentamine and it turns out that you CAN send it a request to get payed back the (i think full??) amount that you paid for the medication. my fucking god the fact that the insurance company workers nor pharmacists couldn’t even access that information bc it isn’t communicated is so vile. i considered not taking this medication despite it possibly being one that actually works for me unlike methylfenidaat. i really hope i can get the full amount paid back and that it’s not actually so that there’s more to this the brand won’t tell people who need medication. i’m also just frustrated this shit isn’t covered bc

i have supposedly the best type of insurance at this company nd my parents help me pay for it and all and this medicine nd a bunch of other things STILL aren’t covered by insurance bc the pharmaceutical industry has become so privatized and the ADHD institution i am a patient at has no contract w insurance companies so that’ll be another €250 in 2021.

ALSO i still have this invoice of €91 from my orthodontist bc my splint was broken nd replaced a few months ago, and i want to send the invoice to my insurance to see if they could at least cover part of it. but for that i need a PDF and to download that, i need to enter a code which they would send to my ‘phone number‘ but that one belongs to my parents’ landline(?) phone and to change it, i need to log in but i don’t have an online account bc when i first joined that ortho center i didn’t have all that and so far that was just fine. so now i first need to find a way to make an account or change my phone number to be able to download the invoice PDF and send that to the insurance. goddd.

like i am blessed enough to have parents who keep offering to help me pay my bills but i feel guilty towards them whenever i accept that bc it’s not like they’re rich or anything nd my mom will lose 1 form of income (or already has) nd isn’t at pension age yet bc that’s 67 and she’s 65 so they’re dependant on mainly my dad who overworks on wage barely above minimum, though i do think my mom gets a little bit so that’s a bit of a relief. but urgh i rly don’t want them to pay for so much for me, nd though the municipality doesn’t check my bank account regularly, it can if it suspects fraud nd they do that for the most random reasons so i’m always afraid they will check and see my parents send money and end up witholding welfare benefits for us.

#rambles

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georgeshutcheson · 1 year ago

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Guide to Opting out of Nest Pension Scheme

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Guide to Opting out of Nest Pension Scheme

In this article, you will find a comprehensive guide to opting out of Nest Pension Scheme. Whether you have decided to explore alternative retirement plans or simply want to understand your options, this guide will walk you through the necessary steps to opt out of the Nest Pension Scheme. From understanding the implications of opting out to the process of submitting a request, you will find all the information you need to make an informed decision about your pension. So, let’s get started on this informative journey!

Overview of the Nest Pension Scheme

What is the Nest Pension Scheme?

The Nest Pension Scheme, also known as the National Employment Savings Trust, is a workplace pension scheme in the United Kingdom. It was introduced as part of the government’s automatic enrolment initiative to help individuals save for their retirement. The scheme is designed to be simple, low-cost, and flexible.

Who is eligible for a Work Place Pension Scheme?

Eligibility for the workplace Pension Scheme is determined by various factors, including age, earnings, and whether an individual is already a member of a qualifying workplace pension scheme. Generally, if you are over the age of 22, earn more than £10,000 per year, and work in the UK, you will be automatically enrolled in a scheme.

What are the benefits of the Nest Pension Scheme?

The Nest Pension Scheme offers several benefits to its members. Firstly, it provides a way for individuals to save for their retirement, ensuring financial security in later years. Secondly, the scheme offers tax relief on contributions, meaning that the government adds a percentage to your pension pot. Additionally, the Nest Pension Scheme benefits from economies of scale, resulting in lower charges compared to private pension providers. Lastly, the scheme provides investment options to grow your pension savings over time.

Understanding Opting Out of Nest Pension Scheme

What does opting out mean?

Opting out of Nest Pension Scheme means that you choose not to participate in the scheme and therefore not make contributions towards your pension. Instead, you may decide to rely on alternative retirement savings options, such as private pensions or individual savings accounts (ISAs).

Why would someone choose to opt out of the Nest Pension Scheme?

There can be various reasons why someone might choose to opt out of the Nest Pension Scheme. Some individuals may already have existing pension arrangements that they consider more suitable for their needs. Others may need the extra income and feel that they cannot afford the pension contributions. However, it is important to carefully consider the implications of opting out before making this decision.

What are the implications of opting out?

Opting out of the Nest Pension Scheme can have long-term consequences for your retirement savings. By opting out, you miss out on the employer contributions, the tax relief on your contributions, and the potential for investment growth. It is crucial to carefully evaluate your financial situation and retirement goals before deciding to opt out.

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Process of Opting Out

Step 1: Consider your decision

Before opting out of the Nest Pension Scheme, take the time to thoroughly assess your financial situation and retirement goals. Consider if you have other suitable retirement savings options and whether opting out aligns with your long-term plans.

Step 2: Inform your employer

Once you have made the decision to opt out, you need to inform your employer. This can be done by notifying them in writing or through any other formal communication channel specified by your employer. It is important to follow your employer’s specific process to ensure that your decision is properly recorded.

Step 3: Complete an opt-out form

Your employer will provide you with an opt-out form that needs to be completed. This form will require your personal details, such as your name, address, and national insurance number. Make sure to read all the instructions carefully and fill out the form accurately.

Step 4: Submit the opt-out form

Once you have completed the opt-out form, submit it to your employer. Ensure that you keep a copy of the form for your records. It is advisable to send the form via a traceable method, such as registered mail or email with delivery confirmation, to ensure it reaches your employer.

Step 5: Receive confirmation

After submitting the opt-out form, you should receive a confirmation from your employer acknowledging your decision to opt out. Keep this confirmation in a safe place as proof of your decision, especially in case of any future disputes or inquiries.

Important Considerations

Consequences of opting out

It is crucial to understand the potential consequences of opting out of the Nest Pension Scheme. By opting out, you lose out on the employer contributions, tax relief, and investment growth provided by the scheme. Your retirement savings may be significantly reduced, affecting your financial security during your later years.

Reviewing your decision

Periodically review your decision to opt out and reassess your financial situation. Circumstances may change, and it is important to stay informed about the potential benefits of being a member of the Nest Pension Scheme. Regularly reviewing your decision can help ensure that you are taking the most appropriate steps for your retirement planning.

Re-joining the Nest Pension Scheme

If you opt out but later decide that the Nest Pension Scheme is a better choice for your retirement savings, you have the option to re-join. Re-joining the scheme will require you to go through the enrolment process again, and you may have missed out on earlier employer contributions and investment growth.

Seeking financial advice

Making decisions regarding your pension and retirement planning can be complex, and seeking professional financial advice can be beneficial. A financial advisor can help assess your individual circumstances, provide expert guidance, and help you make informed decisions that align with your long-term financial goals.

Opting Out: Frequently Asked Questions

Can I opt out at any time?

Yes, you have the option to opt out of the Nest Pension Scheme at any time. However, it is recommended to carefully evaluate your decision and seek professional advice before making this choice.

Will I lose my previous contributions if I opt out?

No, if you have already made contributions to the Nest Pension Scheme before opting out, those contributions will remain in your pension pot. However, you will no longer make any further contributions unless you choose to rejoin the scheme.

Can I re-enrol in the Nest Pension Scheme in the future?

Yes, if you have opted out of the Nest Pension Scheme, you can choose to re-enrol at a later date. However, it is important to note that you may have missed out on previous employer contributions and potential investment growth during the period you were opted out.

What happens to my employer’s contributions if I opt out?

If you opt out of the Nest Pension Scheme, your employer will no longer contribute to your pension. These contributions play a significant role in growing your retirement savings, so it is important to consider this when deciding whether to opt out.

Do I need to opt out if I already have a private pension?

If you already have a private pension, you may not need to opt out of the Nest Pension Scheme. It is advisable to consult with a financial advisor to understand how your existing pension arrangements align with the benefits of the Nest Pension Scheme.

Are there any penalties for opting out?

No, there are no penalties for opting out of the Nest Pension Scheme. It is your individual choice to participate in the scheme, and you have the freedom to opt out if you believe it is the best decision for your retirement planning.

Understanding the Importance of Retirement Planning

Why is retirement planning important?

Retirement planning is crucial because it allows you to prepare for your financial needs after you stop working. It ensures that you have sufficient funds to maintain your lifestyle during your retirement years. Without proper planning, you may face financial difficulties and be unable to meet your expenses once you no longer have a regular income.

What are alternative retirement savings options?

Apart from the Nest Pension Scheme, there are various alternative retirement savings options available. These include private pensions, individual savings accounts (ISAs), personal pensions, and other investment options. It is essential to assess each option based on your individual circumstances and goals to determine which one best suits your needs.

Assessing your long-term financial goals

When planning for retirement, it is important to assess your long-term financial goals. Consider factors such as your desired retirement age, the lifestyle you wish to maintain, and any specific financial commitments you may have, such as mortgage repayments or dependents. Taking these factors into account will help you determine how much you need to save and which retirement savings option is right for you.

Seeking Professional Advice

The role of financial advisors

Financial advisors play a key role in providing expert guidance and advice on retirement planning. They have the knowledge and experience to assess your individual circumstances, help you set realistic financial goals, and develop a suitable retirement savings strategy. They can also provide guidance on tax implications, investment options, and risk management.

Benefits of consulting with a financial advisor

Consulting with a financial advisor can provide several benefits. They can help you navigate the complexities of retirement planning, ensure that you make informed decisions, and optimize your retirement savings. Financial advisors can also provide ongoing support, keeping your retirement plans aligned with changing circumstances and financial markets.

Finding a reputable financial advisor

When looking for a financial advisor, it is crucial to find someone reputable and trustworthy. Seek recommendations from friends, family, or colleagues who have had positive experiences with financial advisors. Additionally, check for qualifications, professional memberships, and accreditations to ensure that the advisor is reputable and adheres to ethical standards.

Considering Other Retirement Benefits

State pension

The state pension is a government-provided benefit that provides regular income to individuals after they reach the state pension age. The amount received is based on an individual’s National Insurance contributions throughout their working life. It is important to consider the state pension when planning for retirement, as it forms a part of your overall retirement income.

Workplace pensions

In addition to the Nest Pension Scheme, many employers offer their own workplace pension schemes. These schemes often provide additional benefits, such as higher employer contributions or more investment options. It is worth considering these workplace pension schemes and comparing them to the Nest Pension Scheme to make an informed decision.

Individual savings accounts (ISAs)

Individual savings accounts (ISAs) are tax-efficient savings and investment accounts available to UK residents. They offer a flexible way to save for retirement, as any income or capital gains earned within an ISA are tax-free. ISAs can be a valuable addition to your retirement savings strategy, allowing you to save and invest while enjoying potential tax advantages.

Personal pensions

Personal pensions are retirement savings plans that individuals can set up outside of workplace schemes. These pensions give individuals more control over their investment choices and contribution amounts. Personal pensions can complement workplace pensions and provide additional retirement income.

Other investment options

There are various investment options available for retirement planning, such as stocks and shares investments, property investments, or bonds. These options carry different levels of risks and returns, and it is essential to carefully assess each option and consider seeking professional advice before investing.

Conclusion

Opting out of the Nest Pension Scheme is a personal decision that requires careful consideration of your individual circumstances and retirement goals. While there may be valid reasons for opting out, it is crucial to fully understand the potential consequences and explore alternative retirement savings options. Seeking professional advice from a reputable financial advisor can help you make the best decisions for your long-term financial security. Remember, retirement planning is essential to ensure a comfortable and financially stable future, and the Nest Pension Scheme can be a valuable tool in achieving that goal.

#Opting out of Nest Pension #Opting out of Nest Pension Scheme

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patriotsnet · 3 years ago

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When Did The Southern Democrats Became Republicans

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When Did The Southern Democrats Became Republicans

Why Did The Democratic And Republican Parties Switch Platforms

Why Did the Democratic South Become Republican?

02 November 2020

Around 100 years ago, Democrats and Republicans switched their political stances.

The Republican and Democratic parties of the United States didn’t always stand for what they do today.;

During the 1860s, Republicans, who dominated northern states, orchestrated an ambitious expansion of federal power, helping to fund the transcontinental railroad, the state university system and the settlement of the West by homesteaders, and instating a national currency and protective tariff. Democrats, who dominated the South, opposed those measures.;

After the Civil War, Republicans passed laws that granted protections for Black Americans and advanced social justice. And again, Democrats largely opposed these apparent expansions of federal power.

Sound like an alternate universe? Fast forward to 1936.;

Democratic President Franklin Roosevelt won reelection that year on the strength of the New Deal, a set of Depression-remedying reforms including regulation of financial institutions, the founding of welfare and pension programs, infrastructure development and more. Roosevelt won in a landslide against Republican Alf Landon, who opposed these exercises of federal power.

So, sometime between the 1860s and 1936, the party of small government became the party of big government, and the party of big government became rhetorically committed to curbing federal power.;

Why Did Southern Conservatives Switch From Democrats To Republicans In Mid20thcentury

to this day Republicans are the party of traditional American values, the dems the party of political correctness and new morality.

When exactly between 1932 and 1960 did most conservative white southerners switch from being Democrats to Republicans?

Why did the ideology of the Democratic and Republican Parties flip-flop in between 1932 and 1960?

Did the ideologies of the Democratic and Republican Parties flip-flop because of Democrat Franklin D. Roosevelt’s support of the New Deal and other welfare programs for the poor?

Republican Voters Turn Against Their Partys Elites

The Tea Party movement, which sprang into existence in the early years of the Obama administration, was many things. It was partly about opposing Obamas economic policies foreclosure relief, tax increases, and health reform. It was partly about opposing immigration when Theda Skocpol and Vanessa Williamson;interviewed Tea Party activists across the nation, they found that âimmigration was always a central, and sometimes the central, concernâ those activists expressed.

But the Tea Party also was a challenge to the Republican Party establishment. Several times, these groups helped power little-known far-right primary contenders to shocking primary wins over establishment Republican politicians deemed to be sellouts. Those candidates didnt always win office, but their successful primary bids certainly struck fear into the hearts of many other GOP incumbents, and made many of them more deferential to the concerns of conservative voters.

Furthermore, many Republican voters also came to believe, sometimes fairly and sometimes unfairly, that their partys national leaders tended to sell them out at every turn.

Talk radio and other conservative media outlets helped stoke this perception, and by May 2015 Republican voters were far more likely to say that their partys politicians were doing a poor job representing their views than Democratic voters were.

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What Did The Southern Democrats Want

3.9/5Southern DemocratsSouththis is here

Democratic dominance of the South originated in the struggle of white Southerners during and after Reconstruction to reestablish white supremacy and disenfranchise blacks. The U.S. government under the Republican Party had defeated the Confederacy, abolished slavery, and enfranchised blacks.

Furthermore, what do the Democrats believe in? The modern Democratic party emphasizes egalitarianism, social equality, protecting the environment, and strengthening the social safety net through liberalism. They support voting rights and minority rights, including LGBT rights, multiculturalism, and religious secularism.

Correspondingly, when did republican and democratic ideals switch?

After the end of Reconstruction the Republican Party generally dominated the North while a resurgent Democratic Party dominated the South. By the late 19th century, as the Democratic and Republican parties became more established, party switching became less frequent.

What caused the split in the Democratic Party in 1860?

The Northern Democratic Party was a leg of the Democratic Party during the 1860 presidential election. It was when the party split in two due to problems with slavery. Stephen A. Douglas was the nominee and lost to Abraham Lincoln.

A Faction Of The Democratic Party Started The Civil War

Opponents of slavery extending further into America;founded the Republican Party. They elected President Abraham Lincoln in 1860, in response to escalating tensions around slavery after the Kansas-Nebraska;Bill of 1854threatened the balance of slave states to free states.

Southern states, primarily led by Democrats, initiated secession proceedings and launched the Civil War. But historians say the party is not to blame.

The short answer is that the Democratic Party did not start the Civil War, Hunter said. The war was initiated by Southern slaveholding states seceding from the United States.

Jon Grinspan , the;Smithsonians National Museum of American History;curator of political and military history, agreed.

A splinter of a splinter of a Democratic Party really contributed to the;secession and the coming of the war, he told USA TODAY. It would be wrong to say the Democratic Party started the Civil War. It would be right to say some Democrats really contributed to the start of the Civil War.

Grinspan pointed to the small group of Northern;Democrats;that fought for the Union as evidence that the Civil War was not Democrats versus;Republicans.

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As Republicans Pushed Out Black Leaders They Attracted More White Voters

Our analysis of the data shows that the Lily-Whites were correct.

During Reconstruction, when black voters were the Republican Partys core Southern constituency, a whiter party leadership resulted in the GOP losing votes. Black voters were paying attention and punished their state GOP if black leadership declined.

However, after Southern Democrats passed legislation to disenfranchise black voters, that switched. The whiter the party leadership was, the better the GOP did in elections whether those were presidential, congressional or gubernatorial elections.

This effect was mostly driven by the states of the Outer South Arkansas, Florida, North Carolina, Tennessee, Texas and Virginia. In those states, as the local Republican Party became whiter, its electoral performance improved considerably although the improvement was not enough for the party to begin winning elections right away.

However, the GOP began its electoral recovery earliest in those Outer-South states. It began winning Southern elections at the presidential level in the 1950s and at the Senate and gubernatorial levels in the 1960s.

Three Factions Of Modern Republicans To Oppose This

Although conservatism is complex, it is defined well as an opposition philosophy to liberalism. Through this lens, there is a type of conservatism that stands against for;brand;of liberalism. Modern American conservatism wants to conserve, which means not being progressive on a given issue and which by its nature is not conservative. Thus we get modern social conservatism which says no to social programs and federal power, except when it upholds conservative social values.;There is also a;more liberal version that;we call libertarianism. It is against all uses of state power for any reason and is a form of radical classical liberalism, combined with;traditional classical conservatism, which is willing to use federal power to keep order, but not inherently against social programs. These factions can be said to become;allies;the conservative coalition mentioned above, although the establishment of both parties tends to favor aspects of traditional classical conservatism.

TIP: When either party uses government power, they are traditional conservatives, when either party deregulates and lets the private market and individuals handle it, they are classically liberal. More than one ideology uses classical liberalism, and more than one uses classical conservatism, as all political ideologies grow out of these foundational ideologies.

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The Conservative Coalition Vs The New Deal Coalition

Now that we know the basics, the changes in both parties in the 1900s are perhaps best understood by examining;the Conservative Coalition;and the New Deal Coalition.

The Conservative Coalition was a coalition between the anti-Communist Republicans like Nixon and Reagan and conservative Southern Democrats. It arose to oppose FDRs New Deal progressivism, and it blocked a lot of the progressive legislation the New Deal Coalition tried to pass from the 1930s to the 1960s. The socially conservative solid south;was still its own entity. It sometimes voted;with other Democrats, and sometimes broke off into its own factions. See the 1960 election Kennedy v. Nixon v. Harry F. Byrd. The Coalition tellingly dwindled post 64 Civil Rights and ended in the Clinton era as conservative southerners became Republicans and formed;the modern construct of the Red States and the Blue States.

Meanwhile,;the New Deal coalition explains the progressive coalition of Democrats and Republicans the Conservative coalition opposed. Today the two parties largely resemble these coalitions.

The Fifth Party System And American Liberalism And Conservatism

PragerU’s “Why Did the Democratic South Become Republican?” FACT CHECKED!

In more modern times we can;to look at;the Fifth Party;System in which race, social justice, the;currency debate, religious issues like Temperance and Prohibition, and other issues of modernization seen in earlier systems had already split the parties into many factions. In this era, we;can see a telling split by comparing;the socially conservative anti-communist classical liberal Republican Hoover to;the big government pro-worker social liberal Democrat FDR;.

To fully grasp what happens from;Hoover and FDR on, itll help to quickly discuss;American liberalism and conservatism and how they;relate to other ideologies like progressivism.

Although we can see shadows of most modern political ideologies;in any age of recorded;history by looking to old nation-states like;Sparta, Athens, and Rome;or to revolutionary Britain, America, and France, American liberalism and conservatism undergo a noticeable change in the Gilded Age and Progressive era. Given this, the general;tension over social issues, and thus the use of government, can be described in modern times;as being between a few;general political ideologies:

NOTE: Many;elites are classical liberals and/or conservatives, yet most issues discussed in politics between voters are social issues . For example, almost everyone on K street and Wall Street are neoliberals and neoconservatives, yet the average voter votes on;social justice issues. Think about it.

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The Founding Federalists And Anti

To see how the parties have evolved properly from the founders to 2016, we;can start by comparing;pre-Civil War factions such as the;founding;Federalists and Anti-Federalists;in the First Party System.

Here we can compare figures like the North Eastern Federalists Alexander Hamilton and John Adams;to the Virginian Anti-Federalists Thomas Jefferson and Patrick Henry to get a sense of the two general types of ideologies that color Americas future parties and factions .

Here we can see the roots of progressivism and states rights populism in the Democratic party and the roots of traditional pro-business conservatism in the Federalists. Here we can also note that, despite none of the founders supporting slavery, it is the small government mentality to Democrats that allows for slavery, while the Whig-like conservatism of the Federalists is more geared toward global trade and banking and less tolerant of the nefarious institution.

Although we can put the founders in two big tents and understand American history that way, looking;at the nuanced views;of the founders allows us to better;understand the roots of the different types of liberal and conservative / elite and populist positions that we find in each party system.

Men by their constitutions are naturally divided into two parties.Thomas Jefferson

National debt, if it is not excessive, will be to us a national blessing.Alexander Hamilton

Compromise Of 1: The End Of Reconstruction

Hayes appointed Tennessees David Key as postmaster general, but never followed through on the promised land grant for the Texas and Pacific. Within two months, however, Hayes had ordered federal troops from their posts guarding Louisiana and South Carolina statehouses, allowing Democrats to seize control in both those states. As Floridas Supreme Court had earlier declared a Democratic victory in the 1876 gubernatorial election, Democrats had been restored to power all across the South.

The Compromise of 1876 effectively ended the Reconstruction era. Southern Democrats promises to protect civil and political rights of blacks were not kept, and the end of federal interference in southern affairs led to widespread disenfranchisement of blacks voters. From the late 1870s onward, southern legislatures passed a series of laws requiring the separation of whites from persons of color on public transportation, in schools, parks, restaurants, theaters and other locations. Known as the Jim Crow laws , these segregationist statutes governed life in the South through the middle of the next century, ending only after the hard-won successes of the civil rights movement in the 1960s.

Recommended Reading: What Year Did The Democrats And Republicans Switch

The Founding Fathers Disagree

Differing political views among U.S. Founding Fathers eventually sparked the forming of two factions. George Washington, Alexander Hamilton and John Adams thus formed The Federalists. They sought to ensure a strong government and central banking system with a national bank. Thomas Jefferson and James Madison instead advocated for a smaller and more decentralized government, and formed the Democratic-Republicans. Both the Democratic and the Republican Parties as we know them today are rooted in this early faction.

Those Racist Dixiecrats Create Mainstream Republican Policy

By the time they left the Democrats, Dixiecrats Thurmond and Representative Jesse Helms were on the fringes of their party.

But their ideas formed modern GOPs core platform.

In a campaign ad, Democrat-turned-Republican Jesse Helms said racial quotas prevented white people from getting jobs. The lie of racial quotas persists in the GOPs rejection of affirmative action. Racial quotas are illegal.

Take the idea of special interests. Heres Helms view, as a Republican:

Are civil rights only for Negroes? While women in Washington who have been raped and mugged on the streets in broad daylight have experienced the most revolting sort of violation of their civil rights. The hundreds of others who have had their purses snatched by Negro hoodlums may understandably insist that their right to walk the street unmolested was violated. Television commentary, 1963, quoted in The Charlotte Observer.

But you would think that Ted Cruz would have a clearer understanding of the connections between the Dixiecrats and the Republican Party.

Looking to do your part? One way to get involved is to read the Indivisible Guide, which is written by former congressional staffers and is loaded with best practices for making Congress listen. Or follow this publication, connect with us on , and .

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Other Factors Of Note Regarding Switching Platforms Progressivism The Red Scare Immigration Religion And Civil Rights In 54

Other key factors involve;the Red Scare , the effect of immigration, unions, and the Catholic vote on the parties.

The Republican party changed after losing to Wilson and moved away from progressivism and toward classical liberal values under Harding, Coolidge, and Hoover. In this time they also became increasingly anti-Communist following WWI . While both parties were anti-Communist and pro-Capitalist, Wilsons brand of progressive southern bourbon liberalism and his New Freedom plan and then FDRs brand of progressive liberalism and his New Deal were opposed by Republicans like Hoover due to their;use of the state to ensure social justice. Then after WWII,;the Second Red Scare;reignited the conversation, further dividing factions and parties.

Another;important thing to note is;that the Democratic party has historically been pro-immigrant . Over time this;attracted new immigrant groups like Northern Catholics ;and earned;them the support of;Unions;. Big City Machines like Tammany Hall;also play a role in this aspect of the story as well. The immigrant vote is one of the key factors in changing the Democratic party over time in terms of progressivism, unions, religion, and geolocation , and it is well suited to be its own subject.

Despite these general;truisms, the parties themselves have typically been factionalized over;complex factors relating to;left-right ideology, single issues, and the general meaning of;liberty.

How The Republicans Became Socially Conservative

The Fourth;Party Republicans;began;to change when;the Progressive Republican Theodore Teddy Roosevelt broke;from the party in 1912 . Following the break, the Republicans;increasingly embraced social conservatism;and opposed social;progressivism .;From Harding to Hoover, to Nixon, to Bush they increasingly favored classical liberalism regarding individual and states rights over;central;authority. This attracted some socially conservative Democrats like states rights Dixiecrat Strom Thurmon. It resulted in a Southernization of the;Republican party and drove some progressive Republicans from the party over time.

TIP: See History of the United States Republican Party.

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Th United States Congress

As of September 13, 2017, 16 Senate Democrats cosponsored the Medicare for All Act of 2017. As of September 26, 2017, 120 House Democrats cosponsored the Expanded & Improved Medicare For All Act. This was all for naught, as the Republican majority made sure that the Democratic minority remained impotent.

National Democratic Redistricting Committee

On January 12, 2017, the National Democratic Redistricting Committee, a 527 organization that focuses on redistricting reform and is affiliated with the Democratic Party, was created. The chair, president and vice president of the umbrella organization is the 82nd Attorney GeneralEric Holder, Elizabeth Pearson and Alixandria Ali Lapp respectively. President Obama has said he would be involved with the committee.

Protests against Donald Trump

At the inauguration of Donald Trump, 67 Democratic members of the United States House of Representatives boycotted the inauguration. This was the largest boycott by members of the United States Congress since the second inauguration of Richard Nixon, where it was estimated that between 80 and 200 Democratic members of United States Congress boycotted.

Democratic Party PACs

In November 2018, the Democrats gained 40 seats in the House of Representatives, retaking the majority in the chamber. Nancy Pelosi was nominated to retake the speakership in January 2019.

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ericvick · 4 years ago

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SECURE Act 2.0 retirement bill clears committee and moves closer to passage

Chairman, Rep. Richard Neal, (D-MA) and Rep. Kevin Brady, (R-TX) in 2019. (REUTERS/Mary F. Calvert)

In 2019, Congress passed and then-President Trump signed the SECURE Act, which instituted a range of changes to the country’s retirement system. It included provisions to help get more part-time workers to save and improved access to annuities.

That bill represented the first major retirement legislation since 2006. Now lawmakers are looking to move much quicker in following up with a retirement bill informally being called SECURE Act 2.0 making its way through Congress.

The bill, officially called the Securing a Strong Retirement Act of 2021, cleared the House Ways and Means committee in a hearing Wednesday and is now before the full House of Representatives. Proponents are hoping for a full House vote in the coming weeks.

The bill is “building on the success of the SECURE act,” said Rep. Richard Neal (D., Mass.), chairman of the House Ways and Means at a hearing on Wednesday. He said that the provisions will “make it easier for the American family to prepare for a financially secure retirement.”

The legislation is sponsored by both Neal and the Republican ranking member, Rep. Kevin Brady (R., Tex.), and has support from different groups like the AARP, many of whom wrote letter to the committee offering supportive words. Ahead of Wednesday’s hearing, David Abbey, deputy general counsel at the Investment Company Institute, said the bill “will help American workers better plan and invest for their retirement.”

[Read more: States with the lowest and highest average retirement savings]

The bill is expected to have bipartisan support in the Senate as well. Secure Act 2.0 would need to be considered in the upper chamber before heading to President Biden for his signature later this year.

Here are a few ways the legislation will change the way Americans save for retirement.

Required minimum disbursements

A key provision raises the age people must start taking mandatory distributions in private retirement plans (401(k) plans and IRAs). The SECURE Act increased the required minimum distribution age to 72, from 70. The new bill lifts it to 75.

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Proponents note it will give retirees – who are living longer than previous generations – more flexibility as they manage a longer retirement.

The legislation also exempts retirees from minimum distributions for the rest of their life if they have less than $100,000 in all of their retirement plans at age 75. (As it stands now, when you reach age 72, you’re required to withdraw a certain amount of money from your retirement accounts each year and pay taxes on that amount.)

Chairman Richard Neal, D-Mass., left, and ranking member Rep. Kevin Brady, R-Texas, arrive for a House Ways and Means Committee markup in Longworth Building on COVID-19 relief measures on February 10, 2021. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)

The coronavirus stimulus bill passed last March allowed retirees to skip their minimum distributions that year if they desired.

Some lawmakers want to take it even further: “My goal is to get rid of it completely,” Brady said of the age restriction in a recent appearance at the Bipartisan Policy Center Solutions Summit streamed on Yahoo Finance.

Automatic enrollment

Another significant measure would push employers to automatically enroll new employees in the company’s retirement plan, if one is offered. Employees could opt out, but the default would be enrollment.

“It’s an embarrassment that we don’t have that yet,” Christian Weller, a professor at the University of Massachusetts, told Yahoo Finance recently about automatic enrollment. (Studies have shown that employers with auto-enrollment retirement plans have higher rates of participation.)

At Wednesday’s hearing, Neal touted the provision, saying it would help move toward his goal of “enrollment for all.” Brady added that the bill will help workers save earlier and he also touted provisions that would allow employers to help their workers pay back student loans while also saving for retirement.

The idea is to allow individuals to pay down student debt instead of contributing to a 401(k) plan, but at the same time get an employer match in their retirement plan.

One-third of private sector workers currently don’t have access to a retirement plan at work, so the change would not necessarily impact them and further exceptions could blunt the impact on current retirement plans that are grandfathered in or certain businesses that can receive exemptions from the new requirement.

Some advocates argue that Washington should go further and consider creating some sort of national retirement option for workers who don’t have access to a plan through their jobs. State-level IRA plans have been gaining traction around the country but the coverage only applies so far to the few states that have opted to set up such programs.

Other provisions

Other provisions in the bill include changes to the SAVERS credit, which lets certain lower-income workers get additional tax breaks when they save for retirement. This change would simplify the program and index the credit to inflation.

401k Pension Plan On Blackboard Behind Stacked Coins

The bill also provides a “clearinghouse” for employees to find lost retirement accounts through a national database. Recent studies have found that tens of thousands of retirement plans go unclaimed when workers move from company to company and lose track. The bill would also help workers who move from state to state who participated in different state-level plans.

There are also provisions in the bill to help workers older than 50 to catch up on contributions. The provisions would increase the catch-up amounts and also index the allowed amounts to inflation.

Like the SECURE Act, Secure 2.0 moderates changes to the private retirement system but doesn’t address the more challenging issue of Social Security, which could run low on funds as early as 2031.

Another contentious retirement issue is multi-employer pensions. The American Rescue Plan passed earlier this year included $86 billion to help shore up some of those troubled retirement plans.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

Congress looking to change or even abolish this key 401(k) provision

Covid relief package includes $86 billion to help troubled retirement plans

‘They just want a forced savings account’: New survey finds workers want more emergency saving options

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#Act #bill #clears #closer #Committee #Moves #passage #Retirement #secure

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sandlerresearch · 4 years ago

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Employee Benefits in South Africa 2021 published on

https://www.sandlerresearch.org/employee-benefits-in-south-africa-2021.html

Employee Benefits in South Africa 2021

Summary

South Africa has a well-developed social security system, which covers employees and their dependents, as well as unemployed persons and individuals. The Department of Labor (DoL) is the central labor administration body and is regulated by the Ministry of Labor. The South African social security system is composed of three pillars: the non-contributory pillar (taxed pillar), the contributory pillar, and the private voluntary pillar. The contributory pillar includes social insurance, while the non-contributory pillar includes social assistance and social relief distress. The private voluntarily pillar covers pensions, short-term, work-injury, and healthcare benefits, and is usually voluntary, but can become obligatory based on a company’s policy, work, industry, and sector.

The report provides in-depth industry analysis, information, and insights of the employee benefits in South Africa, including an overview of the state and compulsory benefits in South Africa, detailed information about the private benefits in South Africa, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in South Africa.

Key Highlights

– The SASSA, FSCA, Department of Labor, and Unemployment Insurance Fund organizations are responsible for the functioning of the overall social security system. – A person’s national insurance contribution is determined based on their income. – An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution. – In South Africa, employers provide voluntary retirement benefits to their employees through pension funds, provident fund, and retirement annuity.

Scope

This report provides a detailed analysis of employee benefits in South Africa – – It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits – It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, grant-in-aid, social relief distress, compensation, leaves and holidays and private benefits – It highlights the economic and regulatory situations relating to employee benefits in South Africa

Reasons to Buy

– Make strategic decisions using in-depth information related to employee benefits in the country – Assess employee benefits of the market, including state and compulsory benefits and private benefits – Gain insights into the key employee benefit schemes offered by private employers in the country – Gain insights into key organizations governing employee benefits market, and their impact on companies

#Banking &amp; Finance #Insurance

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xisf-network · 4 years ago

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The challenge of ballooning defence pensions in India

Pension reform is hard even at the best of times. But when it comes to defence personnel, it is harder, since it becomes an emotive issue.

The Union budget was rightly praised for its honesty and transparency, for its boldness in ignoring the largely unfounded fear of a sovereign credit rating downgrade, and also for its clear articulation of a privatization strategy. Of course, much euphoria was on account of the relief of no new taxes, not even a covid cess, nor a wealth tax on the super-rich. But as the dust and euphoria settles, a sober examination of the budget is necessary. Can the large deficit be funded without causing interest rates to go up? Will its fiscal stimulus have a multiplier effect on aggregate growth?

In the aggregate, the increase in total spending is hardly 1% over the previous year’s. So the budget is not really fiscally expansionary. Of course, its sub-component of capital spending on infrastructure has gone up considerably, which will catalyse private investment spending. But this increase has been made possible by cuts in its allocation for fertilizer subsidies and the rural employment guarantee scheme.

More worryingly, the allocation for defence is nearly stagnant at a time when we face Chinese aggression on the border. Pensions are the fastest-growing component of defence spending.

In the past 10 years, the share of India’s defence budget going toward pensions has risen from 18% to 28%, and is slated to be nearly ₹1.15 trillion next financial year. Even this number is probably under-provisioned, as the Centre may be deferring certain pension obligations till future years. As the pension burden has ballooned, one casualty has been capital spending on modernization and the procurement of hardware, tanks, aircraft and ships. The share of capital spending on hardware in the defence budget has gone down from 27% to 19% in 10 years, almost a reverse trend of pension payments. Quite possibly, the present defence budget pays more to retirees than personnel in active service.

Pension reform is hard even at the best of times.

And when it comes to defence personnel, it is harder, since it becomes an emotive issue. India has the world’s largest volunteer army. The military force has 1.4 million active personnel and 2.1 million in reserve. Every year, more than 60,000 personnel retire. Most of them are in the 35-45 years age bracket, with a possibility of 20-30 years of active service ahead of them, if gainfully employed. This is because unlike other professions, the armed forces allow you to retire with full pension benefits after 20 years of service. Less than 3% of the personnel are commissioned officers who make it to the senior-most ranks. Even among officers, there is a steep and narrow pyramid of career progression. Many among them choose to retire well before they hit their late 50s. Thus, most of the retirees are a young cohort.

This cohort constitutes a valuable pool of strong, relatively young, disciplined, trained and dedicated personnel. They can be loyal and highly productive employees or successful entrepreneurs. Given an opportunity, they could be successful in wide-ranging careers, such as general administration, management, even sales and marketing. Alas, most recruiters see them as potential personnel for security duties only. This is the bane of most retirees (jawans) from the Indian armed forces.

It is worth remembering that the ‘One Rank One Pension’ (OROP) plan was approved by the Union cabinet back in September 2012. This had been a long-standing demand of ex-servicemen. This meant that personnel retiring at the same rank with the same length of service would get the same pension, irrespective of their date of retirement; and any future rise in the pension rate is automatically passed on to all past pensioners.

In many ways, this becomes an open-ended and perpetual obligation, and will form an ever-increasing share of the defence budget.

The charter of the 15th Finance Commission had included a requisition to make a provision for a non-lapsable fund that could be rolled on from year to year. But this too would not solve the problem.

Finding a pension system that is adequately funded

Many countries, especially the ageing societies of the West, and even those like China, are struggling to find a pension system that is adequately funded. For developed economies, the large size of the government’s budget is nothing but social security payments, which are recycled from the working young to the retired elderly. India has had a reasonably good national pension scheme since 2005, which is based on a defined contribution. But for defence personnel, given the peculiarity of retiring at a relatively young age, the problem is acute.

A very effective and workable solution is proposed by Lt. Gen. (Dr.) Prakash Menon and Pranay Kotasthane in their paper titled ‘A Human Capital Investment Model for India’s National Security System’ (September 2019). It involves lateral and circular flows of servicemen from internal security forces to the armed forces and back. Army personnel can be deployed for the ever-increasing needs of internal security too. These could also be agencies such as the National Disaster Response Force, Civil Defence Corps or the Home Guards, all of which are severely understaffed.

The authors show that the present value of pension savings could be more than ₹1.2 trillion, which could go a long way in meeting the challenge. This well thought out solution does not entail reducing benefits in accordance with the age of retirement, as is currently being contemplated. It is high time that our fiscal authorities bite this pension reform bullet.

#Pensions

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scfop3 · 7 years ago

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New Post has been published on https://scfop3.org/statehouse-report-2018-03-15/

Statehouse Report

Each week, the South Carolina Fraternal Order of Police releases it’s Statehouse Report detailing legislation which impacts law enforcement.

OVERVIEW

PTSD INITIATIVE FUNDED FOR FY17-18. Funds have been distributed to and received by the State Law Enforcement Division (SLED) for SCLEAP and FAST team programs. PTSD INITIATIVE IN FY18-19. The House Ways and Means Committee met and did not include the funding in their recommended budget proposal. Additional efforts to acquire funding will occur throughout the process. Historically, funding for the PTSD initiative has been provided by the Senate. The Senate Finance Committee Budget Subcommittee on Criminal Justice will meet on Tuesday, March 20 @ 9am in room 207 Gressette.

RETIREMENT (S.828) by Senators Fanning and Mcleod- The bill allows certified teachers and members of the Police Officers Retirement System (PORS) to return to work to covered employment under the SC Retirement System and PORS exempting them from the earnings limitation. The Public Safety Coalition submitted a return to work solution to the subcommittee which does not increase the cost to the system, employees or employers and will even provide a small gain to the system. The recommendation allows any PORS member that retired prior to December 31, 2017 to return to work without a salary limitation/cap. A request for the return to work solution was presented to members of the subcommittee on Thursday, March 15, 2018 @ 9:30am in room 105 Gressette. The bill was carried forward and is scheduled to be discussed Wednesday March 21 @ 9am in room 105 Gressette.

RETIREMENT The Joint Committee on Pension Systems Review has met four times since adopting Phase I of the Retirement Systems Review. The latest meeting was on February 14, 2018 where Mike Hitchcock, CEO of the Investment Commission and Peggy Boykin, Executive Director of PEBA testified on the status of investments and the system. All information and testimony received from Mr. Hitchcock and Mrs. Boykin, a number of organizations including the Public Safety Coalition, can be found on line at http://www.scstatehouse.gov/committeeinfo.php (click Joint Committee on Pension Systems Review for all posted information). Met with the Governor’s staff and were informed that the Governor supports keeping PORS members in a Defined Benefits Retirement Plan rather than requiring new members to move to a Defined Contributions Retirement Plan (401K type plan).

PAWNBROKERS (S.810) by Senator Hembree. The bill addresses the pawn shop issue created when statute was adopted that changed law enforcement’s ability to place a written hold order on property they believe is misappropriated or stolen. The new language outlines several items to include, but not limited to, types of records a pawn broker must maintain (photos, thumbprints, etc.), fees, and allowing a municipality or county to enact local regulations requiring pawnshops operating in the municipality or county to provide or transfer pawn records by electronic data transfer to a law enforcement database. SKA is continuing to meet with stakeholders in an effort to move the legislation forward. S.810 was discussed in Senate LCI Subcommittee on March 14. The bill was carried over and projected to be discussed again March 20 upon adjournment of the Senate in room 307 Gressette.

HYCO (S.6) by Senator Bryant increasing penalties when injuring or killing police animals to more closely align with federal penalties. Also provides for restitution and community service options when sentencing. Full House Judiciary passed the bill out of favorably. S.6 is on the Contested House Calendar up for second reading.

ASSAULT AND BATTERY ON LAW ENFORCEMENT OFFICER (S.504) by Sen(s) Climer, Young, Timmons et.al. March 21, @ 9am in room 407 Gressette. The bill creates the offenses of assault and battery of a high and aggravated nature on a law enforcement officer, and assault and battery on a law enforcement officer in the first, second, and third degrees; and to provide definitions and penalties. S.504 will be discussed in subcommittee on March 21 @ 9am in room 407 Gressette.

BILLS

H.3014 PRIVATE INFORMATION ON SOCIAL MEDIA Rep. McKnight This bill provides that anyone harmed by the malicious publication of photographs on a social media website could file a lawsuit under the provisions of this proposed bill.

1/10/17 Introduced and read first time and referred to Judiciary

H.3187 FIRST RESPONDER HANDGUN CARRY Rep. Burns This bill grants emergency medical service providers, firefighters, and other first responders, working during an emergency, an exemption from the offense of unlawfully carrying a handgun, under certain delineated circumstances.

1/10/17 Introduced and read first time and referred to Judiciary

H.3206 (Similar S.87) ASSAULTING LAW ENFORCEMENT OFFICERS Rep. Pope This bill addresses assault and battery of a high and aggravated nature. This bill includes assaults on a federal, state, or local law enforcement officer or corrections officer in the discharge of, or because of, their official duties under this criminal offense.

1/10/17 Introduced and read first time and referred to Judiciary

H.3240 NATIONAL CONCEALED WEAPONS PERMIT RECIPROCITY ACT Rep. ClemmonsWould enact the “National Concealed Weapons Permit Reciprocity Act.” Valid out-of-state concealed weapons permit holders must be allowed to carry their permitted weapon in our state.

1/10/17 Introduced and read first time and referred to Judiciary

2/14/17 Discussed in House Judiciary Committee (passed out favorably)

2/21/17 House Calendar

3/1/17 Debate Adjourned

5/3/17 House Calendar. Read 2nd time.

5/4/17 House Calendar. Read 3rd time and sent to Senate.

H.3259 (similar to S.117) LAW ENFORCEMENT OFFICER MENTAL EVALUATION REQUIREMENTS Rep. King All law enforcement officers would be required to undergo a mental health evaluation before they could be certified or recertified. These evaluations must be conducted under the direction of the Law Enforcement Training Council.

1/10/17 Introduced and read first time and referred to Judiciary

H.3409 FREE ADMISSION TO MUSEUM Rep. Huggins

Bill provides that a SC resident who is a constable, reserve officer, police officer, member of the state guard, or volunteer firefighter may enter the State museum without charge.

1/11/17 Introduced and read first time and referred to Ways and Means

H.3523 WORKERS COMPENSATION – PTSD Rep. McCoy

This bill revises the definitions of “injury” and “personal injury” in workers’ compensation law to modify the requirements for first responders seeking workers’ compensation for personal injury caused by post traumatic stress disorder arising from his direct involvement in a significant traumatic experience.

1/18/17 Introduced and read first time and referred to Judiciary

H.3930 CONSTITUTIONAL HANDGUN CARRYING by Pitts, Delleney, et. al. Prohibits anyone from carrying a handgun certain places without the permission of its owner, or a person in control of the premises. Revises sections relating to unlawful and lawful handgun possession, including on public school property. Also revises the issuance of concealable weapon permits [CWP’s]. CWP’s would not be required in order for residents to carry weapons, whether concealed or openly, in South Carolina. Carrying handguns with an unlawful intent would remain illegal. Out-of-state visitors to South Carolina, who have a valid concealed weapons permit from their state, could carry in South Carolina as well, so long as they do so in compliance with our state laws.

3/7/17 Introduced and read the first time and referred to House Judiciary

3/22/17 Discussed in Judiciary and reported out favorably

4/4/17 Up for debate on House Floor.

4/6/17 Read 3rd time and sent to the Senate.

4/11/17 Read 1st time and referred to Senate Judiciary.

H.4602 ADMINISTERING OF OPIOIDS ANTIDOTE by Rep. Henderson The bill requires hospital emergency physicians and pharmacists to submit certain information to the Department of Health and Environmental Control for inclusion in the prescription monitoring program when a person is administered an opioid antidote. The bill also added language stating that a first responder who administers an opioid antidote shall report to the DHEC Bureau of Drug Control regarding the opioid antidote administered for inclusion in the prescription monitoring program. The Bureau of Drug Control will maintain data on the administering of opioid antidotes by first responders.

1/10/18 House Introduced and read first time

1/10/18 House Referred to Committee on Medical, Military, Public and Municipal Affairs

H.4936 (INCOME TAX DEDUCTION) by Representative Pitts includes components from Governor McMaster’s 2018-19 Executive Budget which proposes tax relief for South Carolinians in the form of: A 1% rate reduction over five years for all personal income tax brackets, which will result in $2.2 billion in taxpayer savings through the course of implementation, starting with an immediate $139 million cut that is paid for and certified in this budget; an immediate and full retirement income exemption for military veterans and first responders, including retired state and federal law enforcement, firefighters and peace officers, representing $22 million in relief the first year.

2/14/18 Introduced and read first time and referred to House Ways and Means

H.5000 (OPTIONAL SHARED-RISK RETIREMENT PLAN) by Reps. Lucas, Herbkersman and Bradley was introduced on 2/22/18. Creates the Optional Shared-Risk Defined Benefit Plan.

2/22/18 Introduced and referred to the House Ways and Means Committee

S.6 (similar to H.3243 by Rep. Collins) HYCO’S LAW Senator Bryant – This bill provides increased penalties for injuring or killing a police dog or horse to more closely align with federal penalties. Also provides for restitution and community service options when sentencing.

1/10/17 Introduced and referred to Agriculture and Natural Resources Committee

1/26/17 A Full Agriculture and Natural Resources Committee meeting in room 209 Gressette @ 10am RECOMMENDED ADOPTION OF S.6. The bill moves to the floor of the Senate.

2/9/17 Passed the Senate and sent to the House of Representatives

2/14/17 Referred to House Judiciary

1/11/18 Bill reported out of Subcommittee with amendment (retained the current language in statute regarding the mandatory minimum)

1/13/18 S.6 is on Full House Judiciary Calendar

3/6/18 S.6 is on House Contested Calendar up for second reading

S.54 SUBSISTENCE DEDUCTIONS Senator Bennett, Campbell, Turner and Hembree: A bill to amend several tax sections which includes increasing the subsistence deduction by one dollar (from $8 to $9) a day for federal, state, and local law enforcement officers paid by a political subdivision, the government of the state, or the federal government, for each regular work day in a taxable year.

1/10/17 Introduced and read first time and referred to Finance

S.164 (similar S.174) POST TRAUMATIC STRESS DISORDER Senator Malloy: A bill providing the definitions of “injury and personal injury in workers’ compensation and provides a definition for first responder and modifies the requirements of such an employee seeking PTSD arising from the first responder’s direct involvement in a significant traumatic experience.

1/10/17 Introduced and read first time and referred to Judiciary

S.174 (similar S.164) POST TRAUMATIC STRESS DISORDER Senator Sheheen: A bill providing the definitions of “injury and personal injury in workers’ compensation and provides a definition for first responder and modifies the requirements of such an employee seeking PTSD arising from the first responder’s direct involvement in a significant traumatic experience.

1/10/17 Introduced and read first time and referred to Judiciary

S.810 (PAWNBROKERS) by Senator Hembree. The bill addresses the pawn shop issue created when statute was adopted that changed law enforcement’s ability to place a written hold order on property they believe is misappropriated or stolen. The new language outlines several items to include, but not limited to, types of records a pawn broker must maintain (photos, thumbprints, etc.), fees, and allowing a municipality or county to enact local regulations requiring pawnshops operating in the municipality or county to provide or transfer pawn records by electronic data transfer to a law enforcement database. SKA is continuing to meet with stakeholders in an effort to move the legislation forward.

12/06/17 Senate Prefiled

12/06/17 Senate Referred to Committee on Labor, Commerce and Industry

1/09/18 Senate Introduced and read first time

1/09/18 Senate Referred to Committee on Labor, Commerce and Industry

S.812 (RAFFLES) by Senator Hembree and amends Section 33-57-120 dealing with raffles conducted by nonprofit organization for charitable purposes. The proposed language increases the value of the noncash prizes allowed for these raffles from $500 to $950 and also increases the allowance for the price of a raffle ticket from $100 to $300.

12/06/17 Senate Prefiled

12/06/17 Senate Referred to Committee on Labor, Commerce and Industry

1/09/18 Senate Introduced and read first time

1/09/18 Senate Referred to Committee on Labor, Commerce and Industry

1/31/18 Senate LCI Subcommittee will met @ 10 am in room 307 Gressette.

2/8/18 Senate LCI Committee will meet to debate S.812 @ 9am in room 308 Gressette (passed out of Committee Favorably).

2/20/18 Senate Calendar

3/1/18 Passed by Senate and sent to House where it was read the first time and referred to House Judiciary.

S.822 (RETIREMENT RETURN TO WORK) by Senators Fanning and McLeod. The bill allows certified teachers and law enforcement officers to return to work to covered employment under the SC retirement System and Police Officers Retirement System exempting them from the earnings limitation.

1/9/18 Introduced and read the first time and referred to Senate Finance Committee

S.1028 (SHARED-RISK RETIREMENT PLAN) by Sen(s) Bennett and Hembree was introduced on 2/20/18 Closes the SCRS to new members as of July 1, 2019 and establishes the South Carolina Shared-Risk Defined Benefits Plan. (PORS excluded).

2/20/18 Introduced and referred to Senate Finance Committee

S.1040 (DEFINED CONTRIBUTIONS RETIREMENT PLAN) by Sen(s) Davis and Rice was introduced on 2/22/18. Provides that beginning July 1, 2019, all new employees that come into the state retirement system must participate in a defined contribution plan.

2/22/18 Introduced and referred to Senate Finance Committee

#Legislation

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perchschool3 · 4 years ago

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Who Is The Trustee And Custodian Of The Solo 401k?

Benefits Of Having A Pension Trustee

Content

The Length Of Time After Separation Can You Assert A Pension?

Just How Much Money Do You Required?

Quick Ways To Save Cash.

Prejudice Free As Well As Independent Suggestions For Every Single Sort Of Pension Plan.

If you selected earnings drawdown, any kind of extra fund can be paid as a round figure, or your dependant can choose to make use of the rest of the pot to buy a pension plan. If you have actually nominated beneficiary drawdown in the terms of your drawdown arrangement after that your beneficiary can continue to attract down earnings from the pot or transfer to an additional setup. So visit site as the benefits are paid within 2 years of the scheme familiarizing your death, if you die prior to the age of 75 then advantages are paid tax-free.

On your death after age 75, benefits are exhausted at the recipient's low rate of revenue tax. The state pension is the most significant item paid from the fund-- more than ₤ 94bn goes on that. With this kind of system, you accumulate a pension plan pot which you can attract an income from when you cut down or quit working. But you need to be matured at the very least 55 before you can start to take money out. With this sort of pension plan, you can usually withdraw a minimum of 25 percent of your pot tax-free.

Or they might make the offer since removing pension payments creates accounting gains that enhance company revenue. Furthermore, if you take the round figure, your business will not need to pay the administrative expenditures as well as insurance costs on your plan.

The value of the pension plan pot might rather be used to acquire a revenue which is payable free of tax if you are under age 75 when you die.

Under policies introduced in April 2015, once you reach the age of 55, you can now take the whole of your pension plan pot as cash in one go if you desire.

This quantity can be paid as a tax-free cash money lump sum given you are under age 75 when you pass away.

Nonetheless if you do this, you might end up with a huge tax costs and also run out of cash in retired life.

The plan will usually pay out the value of your pension plan pot at your date of death.

There are numerous pension plan alternatives for accessing the financial savings in your work environment pension. You can declare your pension as a lump-sum or utilize it to spend using drawdown or to purchase an annuity.

For How Long After Divorce Can You Declare A Pension?

Just How Much Money Do You Need?

This is available when you get to state pension plan age, currently rising from 65 to 66. While the old-style basic state pension has risen ₤ 3.25 a week to ₤ 129.20 for 2019/20, state pension for people reaching old age because April 2016, has actually increased ₤ 4.25 a week to ₤ 168.60 for 2019/20. You accumulate entitlement to the state pension by paying nationwide insurance policy contributions throughout your working life - or by being awarded NI credit scores. Then, at retired life, you can draw money from your pension pot or exchange the cash money with an insurance provider for a regular revenue till fatality, called an annuity. There's also one more restriction pension plan savers require to be knowledgeable about-- the life time allowance.

Quick Ways To Conserve Money.

The system will typically pay out the worth of your pension pot at your day of fatality. This quantity can be paid as a tax-free money round figure supplied you are under age 75 when you die. The worth of the pension plan pot might rather be used to acquire an earnings which is payable tax free if you are under age 75 when you pass away.

You can likewise pick to maintain your pension where it is if you don't wish to retire at 55 or can live without the income for a couple of years. The benefits payable on your death will depend upon when you or your partner got to or will reach their State Pension plan age. Individuals that reach state pension plan age currently require 35 years of contributions to obtain a full pension plan. But even if https://www.openlearning.com/u/ronaldbagel5/blog/WhatCanASsasInvestIntoSsasFinancialInvestmentSuggestionsInLeicester 've paid 35 years' worth, you should still pay National Insurance policy if you're working as it is a tax-- one elevating around ₤ 125 billion a year.

Predisposition Free And Also Independent Advice For Each Type Of Pension Plan.

This is the amount you can conserve into a pension without activating an excess tax obligation cost at retirement as well as it presently stands at ₤ 1m. Anybody that surpasses this lifetime limit is hit with a 25% tax expense on the excess if the cash's taken out as income, or 55% if the cash's taken as a cash round figure. The yearly allocation is the amount of money you can pay right into your pension pot yearly as well as obtain tax relief on. If you pass away after leaving the system but prior to taking your pension pot, it's likely that the plan would certainly pay out the value of your pension plan pot at your date of fatality. The worth of the pension plan pot can typically be paid as a lump sum or made use of to purchase an earnings.

What is the average UK pension?

Are most people prepared for retirement? The full basic state pension in 2020 is £134.25 per week. This is significantly below the average £304 retirement income, which means that retirees are filling the gap using private (workplace or personal) pensions.

You can take smaller cash sums from your pension pot without paying tax. This table provides a summary of just how much tax you might pay accurate you draw from your pension plan pot. You can stop working at any kind of age in the UK and can officially retire whenever you select.

Will Certainly The 25% Tax.

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Under rules introduced in April 2015, as soon as you reach the age of 55, you can now take the entire of your pension pot as money in one go if you want. Nonetheless if you do this, you could end up with a big tax obligation bill and also run out of money in retirement. ' Pension plan pot' refers to the cost savings you accumulate in a certain kind of pension plan known as a 'specified contribution' pension plan. You as well as your employer pay right into the scheme and also this builds up a 'pot' of money gradually, which you can make use of to offer yourself an earnings when you want to reduce just how much you work, or stop working altogether.

You need to ask yourself why your company would certainly wish to cash you out of your pension. They might use it as a reward for older, higher-cost workers to retire early.

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Since your pension plan payment appears of your pre-tax wage, you'll pay much less earnings tax obligation at 20%. You'll additionally avoid your 12% NI contributions on the quantity you sacrifice. This implies for every ₤ 68 you compromise from your pay package, ₤ 100 enters into your pension pot. If you pay the money right into your pension yourself, or if it is taken by your company from your pay package, you instantly get 20% tax obligation back from the Federal government as an extra deposit right into your pension pot.

If you pass away while you're adding to a workplace pension, you will generally get some form of life cover. The amount will depend on the kind of scheme you belong to, but it is usually based on a numerous of your wage or pensionable profits. Additionally the plan might reimburse the payments you have made to the plan. You can access this pension plan pot from the age of 55, nevertheless, this is anticipated to boost to 57 by 2028.

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" One thing I highlight with clients is the adaptability that features a round figure payment," claims Dan Danford, CFP ®, Household Investment Facility of Saint Joseph, Missouri. You generally pay tax if your pension plan pots deserve greater than the lifetime allocation.

#Pensions #pension trustee #pensions and divorce #pensions expert #Local pensions help #pension advisors #pension entitlement #pension property

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