REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75
|
|
- Alison Logan
- 6 years ago
- Views:
Transcription
1 PENSIONS PROFILE DECEMBER 2010 REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75 Summary From 6 April 2011, the requirement to buy an annuity by age 75 will be removed. Alternatively Secured Pensions (ASPs) will cease to exist and drawdown can continue past age 75. For those wishing to take drawdown there will be two options: Capped drawdown with income falling between a minimum of nil and 100% of the equivalent annuity; or Flexible drawdown with the ability to draw down unlimited amounts provided the individual is in receipt of a minimum income of 20,000. The maximum capped amount that may be withdrawn will be set at least every three years until age 75 and then annually thereafter. The tax rate for all lump sum death benefits is to be set at 55%, apart from death benefits for those who die before age 75 without having taken an income, which will remain tax-free. The age 75 ceiling will be removed for pension commencement lump sums. Background In the Emergency Budget on 22 June 2010, the coalition government announced that changes would be made to end the obligation to purchase an annuity by age 75 with effect from 6 April In addition, this Budget introduced transitional measures for those turning 75 in the meantime and confirmed that the changes would be a matter for consultation amongst the industry (which was launched on 15 July 2010 and closed on 10 September). The government has now considered 185 responses (on subjects including taxation of death benefits, the design of capped drawdown and flexible drawdown, and the impact on providers) and on 9 December 2010 published draft legislation for the Finance Bill 2011: The government s response to the consultation paper is found on: This legislation will fundamentally change the current annuitisation requirements and pensions tax treatment and rules applicable to income drawdown arrangements. ANY QUESTIONS? If you have any questions or comments in relation to this article, please pensions.technical@landg.com =
2 2 PENSIONS PROFILE Removal of the age 75 rule Under the new proposals, from 6 April 2011, an individual will be able to purchase an annuity with all or part of their pension fund without any age restrictions. The legislation will enable individuals with DC pension savings from which they have not yet taken a pension to defer a decision to take benefits from their scheme indefinitely on and after 6 April Furthermore, the age 75 restrictions on value protection, short-term annuities and trivial commutation will be removed. Under the new rules, the concepts of Unsecured Pensions (USP) and Alternatively Secured Pension (ASP) will disappear and there will only be one alternative to an annuity - a drawdown pension. Existing USP and ASP members will automatically become subject to the new drawdown rules from 6 April 2011, including those for death benefits (see later). Importantly, pension commencement lump sums will be able to be paid at any time after age 55 (in most cases), even past the age of 75. New income limits Capped drawdown From 6 April 2011, the maximum withdrawal of income that an individual will be able to take will be 100% (currently 120%) of the equivalent annuity that could have been brought with the fund value (the minimum withdrawal will continue to be zero). This maximum capped amount will be reviewed at least every three years (changed from the current five year reviews) until the member attains age 75, after which annual reviews will determine the level of income. As all existing ASP holders are over 75, they will continue to have annual investment reviews. The Government Actuary s Department (GAD) will issue updated tables extended beyond age 75 as the basis for calculating the annual capped drawdown limit. In addition, dependants drawdown pensions may continue after age 75. There are transitional rules for those members with unsecured pensions fund arrangements and were under the age of 75 before 6 April As an easement to providers, the government proposes that the new withdrawal limits and triennial reviews of capped drawdown pensions should only apply from the date of their next review. In practice, this will be the earliest of the following events: the fifth anniversary of the most recent review; following a transfer to another drawdown provider, the first anniversary of the most recent review. For drawdown pension arrangements made before 6 April 2011, the altered withdrawal limits will have effect for individuals whose 75 th birthday is or was: on or after 6 April 2011, from the start of their next reference period to begin on or after that date; before 6 April 2011, from the start of the drawdown pension year in which 6 April 2011 falls (with one exception see next bullet); and from 22 June 2010 through to 5 April 2011, the changes will have effect from the start of their next drawdown pension year to begin on or after 6 April Flexible drawdown If an individual wishes to draw down more than the capped limits, then they can consider flexible drawdown (subject to the provider offering this facility). This offers unlimited taxable amounts (up to the remaining value of the fund) providing they produce evidence that they have secured a sufficient minimum income to prevent them from exhausting their savings and becoming reliant on the state. This minimum income requirement (MIR) has been set at a non age-related figure of 20,000, and will be set by Treasury Order at least every five years. The MIR must provide a secure income for life, which includes:
3 3 PENSIONS PROFILE State pensions Lifetime annuity or dependant s lifetime annuity Scheme pension or dependent s scheme pension Overseas pension payment equivalent to a lifetime annuity or scheme pension The MIR cannot be satisfied by drawdown payments, dependant drawdown payments or overseas pensions equivalent to drawdown. In addition, income from purchased life annuities (PLAs) will not count towards the MIR. The government will keep under review pension income that can count towards the MIR. Due to the high level of the MIR, the flexible drawdown option will effectively only be available to relatively wealthy individuals (the government s report has indicated that approximately 50,000 individuals currently in a drawdown arrangement could initially benefit from flexible drawdown). An individual making a withdrawal from a flexible drawdown pension fund during a period when they are resident outside the UK for a period of less than five full tax years will be liable to UK income tax on that withdrawal for the tax year in which they become UK resident again. Once in flexible drawdown, it appears that an individual will be liable to the annual allowance charge on all pension input amounts to any registered pension scheme. This will therefore prevent any further pension contributions being made to any pension scheme and individuals must cease any active membership of a defined benefit scheme. Death benefits Crystallised pension funds in drawdown can currently be passed on tax-free after death, provided that they are used to provide a dependant s pension. This will continue to be the case after 6 April However, draft legislation provides a fundamental change to the tax treatment of lump sum death benefits. The tax rate for all lump sum death benefits is to be set at 55%, with the exception of death benefits for those who die before age 75 with uncrystallised funds, which will remain tax-free. This 55% recovery charge will apply in respect of deaths on or after 6 April For those individuals in drawdown, this charge on their crystallised funds will be a significant increase from the current rate of 35%. This higher tax charge will undoubtedly increase the attractiveness of phased drawdown (where uncrystallised funds will not be subject to any tax charges on death). Conversely, for those in ASP, the 55% tax charge will be a marked decrease from the current level of 82%. The rationale behind this is that because tax relief is given on pension contributions and investment growth and 25% of the pension pot can still be taken tax free, the government considers that it is important for pension benefits be taxed at this higher rate, which reflects the value of relief given. Any unused funds in drawdown will be taxed at this new rate of 55% to recover past relief given (unless they are used to provide a dependant s pension). Importantly, lump sums paid as serious ill-health lump sum will also be taxed at 55% after age 75. However, serious ill-health lump sums will continue to be tax-free when paid to a member who has not yet reached the age of 75. In cases where there are no dependants, it will still be possible for individuals to pass on unused pension savings to a nominated charity upon death free of tax. Inheritance tax Inheritance tax does not typically apply to drawdown pension funds remaining under a registered pension scheme, and from 6 April 2011, this will be extended to when the individual dies after reaching age 75.
4 4 PENSIONS PROFILE Conclusion The new draft legislation will introduce some radical pensions changes from 6 April 2011 such as the removal of the age 75 ceiling, drawdown of the entire pension fund after income tax (provided the MIR is met), tax-free cash payments after age 75, and the increase in tax charge from 35% to 55% on crystallised funds lump sum death benefits. For those currently in ASP, the reduction of 82% tax charge to 55% is a significant improvement in terms. The A-Day concepts of USP and ASP will be consigned to the history books. The new rules will give investors far more control and flexibility over their retirement options, although the vast majority of people will continue to choose an annuity in exchange for their retirement fund.
5 This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private customers or any other persons. This document is based on Legal & General s current understanding of tax law, HMRC practice and legislation which may change.it should not be considered a definitive statement in law. Legal & General Assurance Society Limited Registered in England No Registered offce: One Coleman Street, London EC2R 5AA Authorised and regulated by the Financial Services Authority. PP12/10 Non GASD
New Income Drawdown Rules from April 2011
New Income Drawdown Rules from April 2011 Many clients are wondering about the new rules from pensions that apply from 6th April 2011. You will have heard in the press about the scrapping of compulsory
More informationA GUIDE TO INCOME DRAWDOWN.
PORTFOLIO PLUS PENSIONS A GUIDE TO INCOME DRAWDOWN. FOR USE WITH: PORTFOLIO PLUS PENSION PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION This is an important document that you should retain. PORTFOLIO PLUS
More informationslaughter and may Removing the requirement to annuitise at age 75: drawing down income from pension assets A. Introduction
slaughter and may Removing the requirement to annuitise at age 75: drawing down income from pension assets BRIEFING 25 may 2011 A. Introduction 1. The income drawdown rules are changing with effect from
More informationPension Benefits from 6 April 2011
R E T I R E M E N T PL A N N I NG Pension Benefits from 6 April 2011 Overview The rules governing the way in which benefits are taken from Registered Pension Schemes changed on 6 April 2011. These changes
More informationA Guide to Pension Crystallisation Options
A Guide to Pension Crystallisation Options This guide is intended for reference only and the contents are not to be taken as advice. Pension Crystallisation Guide 1 Version 8.0 April 2011 Index Introduction...3
More informationA5.01: CURRENT TOPICS - PENSIONS
A5.01: CURRENT TOPICS - PENSIONS SYLLABUS Changes to annual allowance test Planned changes to lifetime allowance test Removal of requirement to secure pension income Capped drawdown Flexible drawdown Tax
More informationPensions Flexibility Taxation Proposals
2014/28 14 August 2014 Pensions Flexibility Taxation Proposals Introduction On 6 August 2014, the Government published some of the detail behind its taxation proposals for the defined contribution (DC)
More informationYour Retirement Options Explained
YOUR RETIREMENT OPTIONS EXPLAINED 1. Quick Guide 2. Lifetime Annuities 3. Phased Retirement 4. Capped Drawdown 5. Flexible Drawdown 6. Scheme Pension 7. Triviality 8. Benefit Crystallisation Events Chartermarque
More informationYOUR QUESTIONS ANSWERED.
PENSION FREEDOMS YOUR QUESTIONS ANSWERED. We ve put together some information to help you understand the options available if you re thinking about accessing your pension pot. This booklet should be read
More informationFinance Bill 2011 and pension legislation changes
Tech Talk April 2011 Finance Bill 2011 and pension legislation changes The Finance Bill was published on the 31 March and contains provisions that affect the pension tax regime. These provisions in draft
More informationTax Year Rates and Allowances 2018/2019
Tax Year Rates and Allowances 2018/2019 Introduction We know tax can be complicated so we ve designed this document to help you understand the tax rates and allowances that apply for the 2018/2019 tax
More informationIntroduction. General rules. Lifetime allowance. Transitional protection
Pensions tax rules Introduction Since 6 April 2006 (known as A day ) all pension schemes have been governed by a single set of tax rules that were intended to simplify the legislation. However, since the
More informationTAX YEAR RATES AND ALLOWANCES 2017/2018.
WORKPLACE SAVINGS TAX YEAR RATES AND ALLOWANCES 2017/2018 1 TAX YEAR RATES AND ALLOWANCES 2017/2018. INTRODUCTION. TAX YEAR RATES AND ALLOWANCES 2017/2018 2 We know tax can be complicated so we've designed
More informationIs there any way that I can bring the increase in the maximum forward so that my client can benefit from it immediately?
In this issue... Income drawdown changes from 27 March 2014 Flexible drawdown changes Trivial commutation changes Small lump sums Pension changes coming into effect from 6 April 2015 The Budget may have
More informationKey features. Self Invested Personal Pension
Self Invested Personal Pension Key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationFLEXI-ACCESS DRAWDOWN MEMBER S GUIDE.
Personal Pension Plan No.1 (PPNo.1), Group Personal Pension Plan No.1 (GPPNo.1) and Buy Out Plan (BOP) FLEXI-ACCESS DRAWDOWN MEMBER S GUIDE. This is an important document that you should read and keep
More informationKey Features. Self-Invested Personal Pension. Note that this document is part of a set which should all be read together:
Self-Invested Personal Pension Key Features Note that this document is part of a set which should all be read together: Key Features Schedule of Fees Terms and Conditions Permitted Investments Your Personal
More informationC3.02: DEATH & INCAPACITY BENEFITS
C3.02: DEATH & INCAPACITY BENEFITS SYLLABUS Lump sum benefits on death Death before crystallisation Death after crystallisation Life assurance arrangements Payment of benefits Income benefits on death
More informationA guide to your Retirement Options
A guide to your Retirement Options Contents Introduction... 2 Questions about you for you to think about... 3 What does retirement mean to you?... 3 How do you want to live in retirement?... 3 How much
More informationContents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments
SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationJanuary A guide to your. retirement options
January 2016 A guide to your retirement options Contents Section Page Introduction 4 Questions about you for you to think about 5 State Pensions Deferring Your State Pension 8 Voluntary National Insurance
More informationSmall Self Administered Scheme. Member s Guide
Small Self Administered Scheme Member s Guide Contents 1. Introduction and contact details... 3 2. What is a SSAS?... 3 3. Membership... 3 4. Contributions... 4 5. Transfers... 5 6. Investments... 6 7.
More informationYOUR QUESTIONS ANSWERED.
PENSION FREEDOMS YOUR QUESTIONS ANSWERED. We ve put together some information to help you understand the options available if you re thinking about accessing your pension pot. This booklet should be read
More informationSMALL SELF-ADMINISTERED SCHEME MEMBER S BOOKLET
SMALL SELF-ADMINISTERED SCHEME MEMBER S BOOKLET Need a pension scheme that gives you more choice? Then choose a pension scheme with wider investment power CHOOSING HOW BEST TO INVEST FOR YOUR RETIREMENT
More informationFinancial Planning Report
{{TOC}} Financial Planning Report Prepared for: Prepared by: Independent Financial Adviser PPOL Penylan Mill Coed-y-Go Oswestry Shropshire SY10 9AF 7/4/2015 SUITABILITY REPORT Introduction and Basis of
More informationKey Features. of the AJ Bell Investcentre SIPP
Key Features of the AJ Bell Investcentre SIPP The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationMEMBER S POLICY BOOKLET.
STAKEHOLDER PENSION SCHEME MEMBER S POLICY BOOKLET. Stakeholder Pension Plan including the Group Stakeholder Pension Plan. This is an important document. Please keep it safe for future reference. 2 STAKEHOLDER
More informationGuidelines on Retirement and Death
Guidelines on Retirement and Death These guidelines have been produced to assist scheme Members and their Advisers with the options available for payment of benefits on retirement and death from the pension
More informationKey Features. IWeb Share Dealing Self Invested Personal Pension
Key Features IWeb Share Dealing Self Invested Personal Pension The Financial Conduct Authority is the independent financial services regulator. It requires us, A J Bell Management Limited, to give you
More informationKey Features. Halifax Share Dealing Self Invested Personal Pension. the people who give you extra
Key Features Halifax Share Dealing Self Invested Personal Pension the people who give you extra The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell
More informationFLEXIBLE DRAWDOWN UNDER THE COLLECTIVE RETIREMENT ACCOUNT
FLEXIBLE DRAWDOWN UNDER THE COLLECTIVE RETIREMENT ACCOUNT FOR FINANCIAL ADVISERS ONLY Q1. Can flexible drawdown apply to all Collective Retirement Accounts (CRAs) or only those effective from the introduction
More informationA Guide to Retirement Options
A guide to retirement options April 2017 A Guide to Retirement Options ECS Financial Services Ltd April 2017 ECS Financial Services Ltd is authorised and regulated by the Financial Conduct Authority Page
More informationKEY FEATURES of the Premier Trust Single Investment SIPP (The Premier Trust SI SIPP)
THE PREMIER TRUST SINGLE INVESTMENT KEY FEATURES of the Premier Trust Single Investment SIPP (The Premier Trust SI SIPP) This document provides a summary of the key points of the Premier Trust Single Investment
More informationGeneral Rules for Small Self-Administered Schemes
General Rules for Small Self-Administered Schemes The following Rules numbered 1A to 13 inclusive are the General Rules referred to in the Trust Deed governing the Scheme. Code: SAS71 April 2015 PAGE 1
More informationWhat is it? Aims of Drawdown Pension
Capped Drawdown What is it? Capped drawdown is a type of income drawdown which allows you to withdraw income, within limits from your pension fund without purchasing a lifetime annuity. Prior to 6th April
More informationGuide on Retirement Options
Astute Pensions April 2016 Contents Introduction... 2 Questions about you for you to think about... 2 Current Options, including the changes since April 2015... 4 1. Uncrystallised funds pension lump sum
More informationIntelligent Pensions Guide to the Lifetime Allowance
Intelligent Pensions Guide to the Lifetime Allowance Index (click to jump to relevant sections) 1) What is the LifeTime Allowance (LTA)? 2) How are pensions measured against the LTA? 3) When are pensions
More informationPensions: Reduction of the lifetime allowance
Pensions: Reduction of the lifetime allowance Draft Guidance 9 December 2010 This guidance is based on draft legislation which may be amended as it goes through the Parliamentary process. The guidance
More informationPension Flexibility: Transitional issues associated with the pension changes that came into force on 27 March 2014
Pension Flexibility: Transitional issues associated with the pension changes that came into force on 27 March 2014 Draft Guidance Note 17 July 2014 1 Index Summary...3 1. Individual who has not yet received
More informationInvestment Advice Through The Ages. Kevin Holloway Adviser Development Manager
Investment Advice Through The Ages Kevin Holloway Adviser Development Manager Our Objective To maximise investment advice opportunities from recent changes in the at retirement market This presentation
More informationPrivate Client Service. Key Features and Terms and Conditions of the Wealthtime Private Client Service, Funds List and the individual Products
Private Client Service Key Features and Terms and Conditions of the Wealthtime Private Client Service, Funds List and the individual Products The Financial Conduct Authority is a financial services regulator.
More informationYour Retirement Options Explained 2017/2018
Your Retirement Options Explained 2017/2018 Quick guide 2 Lifetime Annuity 3 With Profit Annuity 5 Unit Linked Annuity 6 Enhanced/Special Situations Annuity 7 Scheme Pension 8 Phased Retirement 9 Drawdown
More informationKey Features. CanRetire. Pension Investment Plan
Key Features CanRetire Pension Investment Plan The CanRetire Pension Investment Plan The Financial Conduct Authority is a financial services regulator. It requires us, Canada Life, to give you this important
More informationImportant document please read. Self Invested Personal Pension Plan
Important document please read Self Invested Personal Pension Plan Key Features of the Self Invested Personal Pension Plan The Financial Services Authority is the independent financial services regulator.
More informationADDING TO YOUR PLAN ABOUT THIS DOCUMENT. WHAT IS THE PLAN? MANAGING YOUR PLAN. PERSONAL PENSION 2000 PLAN
PERSONAL PENSION 2000 PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions or transferring the value of other pension
More informationACCESSING YOUR PENSION POT.
BUY OUT PLAN ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You should think about this information
More informationSpring 2015 reforms: the new DC flexibilities
Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Under current rules, members usually face serious tax penalties if they do not spend at least 75% of their DC pots on an annuity
More informationSTAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN
STAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN 2 STAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions
More informationAssociation of Anaesthetists of Great Britain and Ireland
Association of Anaesthetists of Great Britain and Ireland 37 th Annual Linkman Conference Your Pension Arrangements Andrea Sproates Head of BMA Services Who are BMA Services Service provided by AWD Chase
More informationFinancial Planning Report
{{TOC}} Financial Planning Report Prepared for: ABC Company Prepared by: Mr PPOL REMOTE DEMO Independent Financial Adviser PPOL 25/11/2014 SUITABILITY REPORT Introduction and Basis of Advice I am authorised
More informationScheme Rules. S/RO6 rules booklet
Scheme Rules S/RO6 rules booklet Contents Rule Page 1. Scheme status, definitions and interpretation 4 1.1 Scheme status 4 1.2 Contracted-out Scheme 4 1.3 Definitions 4 1.4 Interpretation 5 1.5 Transitional
More informationTaking income at retirement FINANCIAL
Taking income at retirement FINANCIAL KEY GUIDE January 2019 Taking an income at retirement 2 Introduction PLANNING THE LONGEST HOLIDAY OF YOUR LIFE There comes a time when you stop working for your money
More informationTerms and Conditions FOR THE COLLECTIVE RETIREMENT ACCOUNT
Terms and Conditions FOR THE COLLECTIVE RETIREMENT ACCOUNT These terms and conditions only apply to Collective Retirement Accounts that are on Charge Basis 3. If your account is on Charge Basis 1 or 2,
More informationKEY GUIDE. Taking income at retirement
KEY GUIDE Taking income at retirement Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that is retirement.
More informationA guide to pension tax
A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes
More informationFor financial adviser use only. Not approved for use with customers. Aviva Pension Portfolio Trust. Adviser guide
For financial adviser use only. Not approved for use with customers. Aviva Pension Portfolio Trust Adviser guide What is the Aviva Pension Portfolio Trust? The is an integrated pension trust which places
More informationKey Features of your Small Self Administered Scheme
Key Features of your Small Self Administered Scheme This document is based on our understanding of current legislation and HM Revenue & Customs practice and should not be relied upon for detailed advice
More informationBROCHURE. SSAS Practitioner.com Small Self-Administered Scheme
BROCHURE SSAS Practitioner.com Small Self-Administered Scheme Page 1 CONTENTS Introduction 3 Outline of a SSAS 3 SSAS Practitioner.com SSAS 3 Membership of the scheme 4 Contribution to a SSAS 4 Making
More informationYOUR RETIREMENT OPTIONS EXPLAINED
A Pensions Technical Guide to: YOUR RETIREMENT OPTIONS EXPLAINED Pensions Technical 6 th April 2012 1 QUICK GUIDE... 3 LIFETIME ANNUITY... 5 WITH PROFIT ANNUITY... 7 UNIT LINKED ANNUITY... 9 ENHANCED LIFE
More informationIncome Drawdown Plan (Pre 75) Member s explanatory guide
Income Drawdown Plan (Pre 75) Member s explanatory guide Contents Introduction General information About your plan Eligibility Transferring your pension funds into your plan If you have not yet designated
More informationPru Flexible Retirement Plan
For Adviser use only not approved for use with clients Adviser Guide Pru Flexible Retirement Plan Fast Facts Personal Pension and Drawdown with SIPP Options Prudential offers a personal pension and drawdown
More informationThe Retirement Account Policy Terms & Conditions
The Retirement Account Policy Terms & Conditions Your Retirement Account Welcome to your Retirement Account. These terms and conditions explain how your Retirement Account works. The meaning of words that
More informationTaking income at retirement
KEY GUIDE Taking income at retirement Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that is retirement.
More informationTransferring Scheme Information (Personal Pension, Drawdown with SIPP Option)
Pru Flexible Retirement Transfer Plan Transferring Scheme Information (Personal Pension, Drawdown with SIPP Option) Please use black ink and write in CAPITAL LETTERS or tick 4 as appropriate. Any corrections
More informationADDING TO YOUR PLAN ABOUT THIS DOCUMENT. WHAT IS THE PLAN? MANAGING YOUR PLAN. PERSONAL PENSION NO.1 PLAN AND GROUP PERSONAL PENSION NO.
PERSONAL PENSION NO.1 PLAN AND GROUP PERSONAL PENSION NO.1 PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions
More informationACCESSING YOUR PENSION POT.
PERSONAL PENSION NO.1 GROUP PERSONAL PENSION NO.1 ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You
More informationA GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY
A GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY TABLE OF CONTENTS INTRODUCTION... 3 WHAT IS A RETIREMENT ANNUITY TRUST SCHEME?... 3 THE TRUSTEES... 4 APPROVAL... 4 CONTRIBUTIONS BY MEMBERS...
More informationThe Retirement Account. Policy Terms & Conditions
The Retirement Account Policy Terms & Conditions Your Retirement Account Welcome to your Retirement Account. These terms and conditions explain how your Retirement Account works. The meaning of words that
More informationBenefits Guide. Self Invested Personal Pension
Self Invested Personal Pension Benefits Guide The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationCollective Retirement Account
Key features of the Collective Retirement Account The Financial Conduct Authority is a financial services regulator. It requires us, Old Mutual Wealth, to give you this important information to help you
More informationSSAS: KEY FEATURES OF THE HARTLEY SMALL SELF ADMINISTERED SCHEME
SSAS: KEY FEATURES OF THE HARTLEY SMALL SELF ADMINISTERED SCHEME The Financial Conduct Authority is the independent financial services and pensions industry regulator. Hartley Pensions SSAS Trustees Limited
More informationSSAS. Small Self-Administered Scheme Member s Guide
SSAS Small Self-Administered Scheme Member s Guide This document provides a summary of the key points of the D A Phillips & Co Ltd SSAS. This is an important document. You should keep it safe for future
More informationKey Features of the Flexible Retirement Transfer Plan (Personal Pension and Drawdown with SIPP options)
Key Features of the Flexible Retirement Transfer Plan (Personal Pension and Drawdown with SIPP options) Please read this document along with your personal illustration (if you have one) before you decide
More informationTechnical Guide. Including Terms and Conditions Pru Flexible Retirement Plan Drawdown Option (FRPT10364)
Technical Guide Including Terms and Conditions Pru Flexible Retirement Plan Drawdown Option (FRPT10364) Contents 1. Introduction page 10 1.1 Definitions and interpretation 1.2 The Pru Flexible Retirement
More informationKEY FEATURES OF THE ASTUTE SSAS SERVICE
KEY FEATURES OF THE ASTUTE SSAS SERVICE This important document will help you decide whether the Astute SSAS Service is right for you. You should read this document carefully so that you understand what
More informationKey Features. Barnett Waddingham Self Invested Personal Pension. Important - please read
Key Features Barnett Waddingham Self Invested Personal Pension Important - please read This is an important document that provides a summary of the Barnett Waddingham Self Invested Personal Pension. The
More informationFinancial Planning Report
{{TOC}} Financial Planning Report Prepared for: ABC Limited Prepared by: Independent Financial Adviser PPOL Penylan Mill Coed-y-Go Oswestry Shropshire SY10 9AF 06/04/2016 SUITABILITY REPORT Different Introductions
More informationThe FundsNetwork Pension
This document is for Investment Professionals only and should not be relied upon by private investors. The FundsNetwork Pension Product Specification The FundsNetwork TM Pension Scheme structure The FundsNetwork
More informationA GUIDE TO PENSION WITHDRAWAL TAKING BENEFITS UNDER NEW PENSION FREEDOM RULES
A GUIDE TO PENSION WITHDRAWAL TAKING BENEFITS UNDER NEW PENSION FREEDOM RULES OPTIONS AND CONSIDERATIONS FOR ACCESSING PENSION BENEFITS The aim of this guide is to provide a basic overview of the options
More informationThinking about retirement?
UPDATED AUG 2010 UPDATED APRIL 2011 Thinking about retirement? Contents Update on the recent changes [2-3] Key Considerations [3-4] Options [4-5] Lifetime Annuity [5-7] Investment Linked Annuity [7-8]
More informationGeneral Rules for UK Discretionary Schemes
Discretionary Scheme General Rules for UK Discretionary Schemes The following Rules numbered 1A to 13 inclusive are the General Rules referred to in the Trust Deed governing the Scheme. Code: PEN44 March
More informationSELF INVESTMENT OPTION ADVISER OVERVIEW
SELF INVESTMENT OPTION ADVISER OVERVIEW This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. WHAT IS THE SELF INVESTMENT OPTION? Our
More informationYour Pension Arrangements
Your Pension Arrangements Who are BMA Services Independent financial advice only for BMA members Service provided by Chase de Vere - ALL welcome to attend seminars and briefings - Personal advice only
More informationKey Features of the MetLife Retirement Portfolio
Key Features of the MetLife Retirement Portfolio Key Features of the MetLife Retirement Portfolio 1 Key Features of the MetLife Retirement Portfolio The Financial Conduct Authority is the independent
More informationSelf Invested Personal Pension for Wrap
Self Invested Personal Pension for Wrap Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is an independent financial services regulator.
More informationGroup Protection. Helping you understand Excepted Group Life Policies (EGLP)
Group Protection Helping you understand Excepted Group Life Policies (EGLP) Group Protection a helpful guide to excepted group life policies 2 Contents 3 Introduction 4 The different types of group life
More informationGROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP).
GROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP). 2 CONTENTS. 3 INTRODUCTION. This document gives you information about EGLP and answers the following questions: What is an EGLP?
More informationFLYING COLOURS SIPP - KEY FEATURES DOCUMENT
FLYING COLOURS SIPP - KEY FEATURES DOCUMENT The Financial Conduct Authority is a financial services regulator. It requires us, Liberty SIPP Ltd, to give you this important information to help you to decide
More informationPENSIONS POLICY INSTITUTE
The Pensions Primer: A guide to the UK pensions system Third-Tier Provision Updated as at July 2013 The Pensions Primer: a guide to the UK pensions system Overview of private pension provision 1 Employer-sponsored
More informationSIPP Information Booklet Member Benefits
SIPP Information Booklet Member Benefits About your Benefit Options This booklet provides general information on the benefits available to our SIPP clients. It covers: When and how benefits can be taken
More informationPROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK.
PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK. Technical Guide Survivor s Discretionary Trust Deed 2 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK INTRODUCTION. This guide has
More informationPension Income Drawdown
Pension Income Drawdown Module Pension Income Drawdown (PID) Module This module is a core part of any Pension exam syllabus for 2017/18. Especially, if you are planning to sit the R08 exam then this module
More informationKEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP)
KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) 2 INTRODUCTION The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you
More informationThe Local Government Pension Scheme (England and Wales) Trivial Commutation. Lump sums paid on or after 1 April 2008
The Local Government Pension Scheme (England and Wales) Trivial Commutation Lump sums paid on or after 1 April 2008 Date: 21 February 2008 Author: Ian Boonin Table of Contents 1 Introduction and Legislative
More informationA GUIDE TO YOUR LEGAL & GENERAL PENSION AND LIFE ASSURANCE SCHEME. EMPLOYEE BENEFIT: PENSION AND LIFE ASSURANCE
A GUIDE TO YOUR LEGAL & GENERAL PENSION AND LIFE ASSURANCE SCHEME. EMPLOYEE BENEFIT: PENSION AND LIFE ASSURANCE 2 INTRODUCTION. As an employee of Legal & General you are able to become a member of our
More informationPROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK.
PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK. Technical Guide Flexible Trust Deed 2 PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK INTRODUCTION This guide has been written to explain what a Flexible Trust is,
More informationMANAGING THE SCHEME INVESTING THE SCHEME FUNDS REPORTING TO HM REVENUE & CUSTOMS REPORTING TO THE PENSIONS REGULATOR CONTRIBUTING TO THE SCHEME
MANAGING YOUR SSAS This material is for use by UK financial advisers and trustees of the scheme only. It is not intended for onward transmission to private customers and should not be relied upon by any
More informationPension Freedoms Briefing Note Death Benefits
Professional Adviser Use Only The information contained in this document is based on our understanding of HM Revenue & Customs (HMRC) rules & practice. It is provided as a summary only; Readers should
More informationKEY FEATURES. RDR. This is an important document that you should read and keep in a safe place. You may need to read it in the future.
RDR PORTFOLIO PLUS PENSION KEY FEATURES portfolio plus pension 1 KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in the future. 2 PORTFOLIO
More informationDeath Benefits. > The effect of legislation on the payment of death benefits
Death Benefits This leaflet explains > The effect of legislation on the payment of death benefits > Possible tax liability for anyone receiving death benefits (whether paid as a lump sum or used to provide
More information