- published: 31 Aug 2016
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Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day on 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
Broadly the new regime allows considerable freedom in the tax relievable contributions that may be made to pension schemes, and the assets in which they may be invested. It also however caps the size of tax favoured pension fund that may be accumulated by an individual. This 'lifetime allowance' was set at £1.6M for 2007–08. Funds accumulated in excess of the lifetime allowance are subject to a tax charge of 55%. Transitional protection provisions were made for individuals who had already accumulated pension funds in excess of this amount.
[Donghae]neon mudji, hangsang eolmana, neol sarang ha neunji
[Ryeowook]gakkeumsshik, ajik meon, mirae kkaji buranhae haji
[Yesung]geokjeong hajima neol gwerob hajima, naegen wanbyeokhan saram
ingeol
[Kyuhyun]summan shwi eo do, hwajang anhaedo, neon areum dawo, nun busheo
[Sungmin]haru e hanbeon man neol saenggakhae
deo isangeun andwae, akkyeo dul geoya
[Heechul]himdeul eobtdeon haru ye sunshine geudaeman
isseo jun damyeon O.K. geugeollo dwae
[Leeteuk]neol bomyeon, pyeonhae ireon mal, neon shilheo haetjiman
[Shindong]haengbokhae, hajiman, yeojeonhi neon buranhae haetji
[Eunhyuk]ye shim hajima neol gwerob hijima, sashil sunjinhan saram ingeol
[Siwon]sarang seureon nun useum neomchil ttae, neon areum dawo, nun busheo
haru e hanbeon man neol saenggakhae
deo isangeun andwae, akkyeo dul geoya
himdeul eobtdeon haru ye sunshine geudaeman
isseo jun damyeon O.K. geugeollo dwae
[Ryeowook]meorissok ontong neoye saenggak ppun
[Kyuhyun]mwonga dareun geoseul wonhaedo, jamshi meolli tteoreojyeo bwado
gyeolguk neo, gyeolguk neo, neomu shinbihae
[Donghae]jamshi nun gamgo neol tteo ollyeo
You’re So Beautiful Girl, neo ppunya
[Yesung]jigeum geudaero ni moseubi
gajang areum dawo nun busheo (My Girl)
haru e hanbeon man neol saenggakhae ([Ryeowook]ohh)
deo isangeun andwae, akkyeo dul geoya ([Ryeowook]deo isangeun andwae,
akkyeo dullae)
himdeul eobtdeon haru ye sunshine geudaeman
([Kyuhyun]himdeul eobtdeon haru ye sunshine, geudaeman)
isseo jun damyeon O.K. geugeollo dwae ([Yesung]O.K. geugeollo)
haru e hanbeon man neol saenggakhae ([Kyuhyun]haru e hanbeonman,
saenggakhae)
deo isangeun andwae, akkyeo dul geoya ([Kyuhyun]andwae, akkyeo dul geoya)
himdeul eobtdeon haru ye sunshine geudaeman
([Ryeowook]himdeul eobtdeon haru ye sunshine geudaeman)
isseo jun damyeon O.K. geugeollo dwae ([Kyuhyun]isseo jun damyeon O.K.