Pensions and the Finance Act of 1989: what the finance director needs to know
Article Abstract:
Schedule 6 to the UK Finance Act of 1989 amends the regulation of company pension trusts for employees who joined funds beginning June 1,1989. Under Schedule 6, employers are able to establish un-approved top-up schemes to provide benefits above Inland Revenue (IR) limits without tax approval. While IR requirements limit the maximum employee contribution to an approval scheme to 15% of earnings, the Act introduces a limit on earnings of 60,000 pounds sterling. The Act creates clear tax advantages for unfunded schemes since no tax is payable until the benefits come into payment, unlike a funded plan, in which employees pay taxes on employers' contributions to the scheme. For the payment of additional pension benefits, unfunded arrangements will prove more beneficial, while funded un-approved plans will be favored for making lump sum payments.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1990
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Cutting the costs of back pain
Article Abstract:
Back pain is a serious problem for a great number of people. It is expected that nine out of ten people will experience serious back pain at least once in their lives. In 1988-89 alone, approximately 300,000 back pain-related hospital consultations costing some 33.3 million pounds sterling were reported in UK. The people most likely to suffer back pains are those who are pregnant, smokers, overweight, stand 5 ft 10 ins tall, and/or engaged in intensely physical work or repetitive jobs. This kind of pain can be alleviated by medical treatments, physical therapies or surgery. People can reduce, or avoid althogther, the risk and costs of back paincan also be isk of getting back pain by making informed choices by keeping their weight at the ideal level, exercising, not smoking and maintaining proper posture.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1990
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