Is there any way that I can bring the increase in the maximum forward so that my client can benefit from it immediately?
|
|
- Calvin Stewart
- 6 years ago
- Views:
Transcription
1 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 simplified pensions but, as with all changes, the devil is in the detail. With this News & Views Special we aim to summarise the main questions that have been posed by advisers since Mr Osborne dropped his bombshell, while also attempting to explain some key financial planning points that may be of relevance to your clients. Income drawdown changes from 27 March 2014 From 27 March 2014, when a client goes into drawdown for the first time, or has one of their scheduled triennial or annual reviews, the calculation of their maximum drawdown income will be based on 150% rather than 120% of the Government Actuary s Department equivalent annuity. What about those clients already in income drawdown on the 120% limit and who aren t due for a scheduled review at the start of their next pension year? The maximum income of clients already in income drawdown will automatically increase from the 120% figure to the 150% figure at the start of their next pension year. Is there any way that I can bring the increase in the maximum forward so that my client can benefit from it immediately? No. The earliest that the income will increase from 120% to 150% is the start of the next pension year. If a client moves additional funds into drawdown this will force an immediate review but it will take place at 120%. If the client transfers to another SIPP provider this will not force an immediate review, the existing limits will just carry over to the new scheme and remain in place until the start of the next pension year. How long will the new 150% maximum limit apply? The Government has announced that it is planning to scrap the maximum income with effect from 6 April It is expected that, from that date, rather than from the start of the next pension year after that date, all income limits will be removed from clients who are in, or subsequently move into, drawdown.
2 My client has only recently moved into drawdown. Can anything at all be done to move from the 120% limit to the 150% limit? All clients going into income drawdown for the first time have the right to cancel this decision within 30 days of the day on which they receive our confirmation that their pension benefits have been set up. If your client is still in the cancellation period and they wish to cancel their application for benefits and re-submit it on or after 27 March 2014 this can be done. If the pension commencement lump sum has been paid, it must be returned to us. HMRC has confirmed to us that, if cancellation rights are exercised in accordance with FCA regulations and the lump sum is repaid, they would not regard a Benefit Crystallisation Event as having taken place and no test against the lifetime allowance will have taken place. We will not need a new benefit form to be submitted for the new crystallisation but will require a letter signed by the client asking us to rely on the original benefit form for the purposes of the new calculation. When the post 27 March 2014 calculation takes place, the amount of the pension commencement lump sum paid to the client will change if the value of the underlying assets has changed. If we have yet to process the benefit case and you would like us to delay this until 27 March 2014 simply contact us now to let us know. Are there any other important implications or tax planning considerations as a result of the increase of the maximum income drawdown limit? Any clients who only hold a combination of pre A-Day benefits and uncrystallised benefits may need to take urgent action. This is because, when the uncrystallised benefits are eventually crystallised, the pre A-Day benefits will reduce the client s available lifetime allowance by a factor based on the client s maximum drawdown pension at that date. As the maximum drawdown pension available from the client s pre A-Day benefits is likely to increase significantly between 27 March 2014 and 26 March 2015 then it may be worth crystallising a small amount of the uncrystallised benefits now to force the calculation of the reduction of the lifetime allowance. Looking at an example: Your client has pre A-Day drawdown benefits offering a maximum pension of 30,000 based on the current 120% limit. They also have uncrystallised benefits. If the client decided to take the uncrystallised benefits today, their pre A-Day benefits would reduce their available lifetime allowance by 50%. The calculation looks like this: 30,000 x 25 = 750, ,000 / 1,500,000 (current lifetime allowance) = 50% If the client delayed taking the uncrystallised benefits until their maximum pension was based on the 150% factor AND the lifetime allowance had reduced to 1,250,000 the calculation would look like this: 37,500 (their increased maximum pension) x 25 = 937, ,500 / 1,250,000 (lifetime allowance from 6 April 2014) = 75% If the client crystallises a small amount now to force the reduction in the lifetime allowance, the client will still have 50% of their lifetime allowance left. If they wait, they will only have 25% of their lifetime allowance left because of the increase in maximum pension and drop in lifetime allowance. Andy Bell s News & Views Special 2
3 Flexible drawdown changes Clients looking to enter flexible drawdown will no longer need a secure annual pension income of 20,000 to qualify. The Minimum Income Requirement will fall to 12,000 from 27 March What types of income qualify for the Minimum Income Requirement? Only income that the Government considers to be a secure pension qualifies. This includes: Social Security Pensions paid by the state. Lifetime annuities paid from registered pension schemes. Scheme pensions paid from certain registered pension schemes. Payments under the Financial Assistance Scheme that are payable until death. Payments from overseas pension schemes or social security pensions that are substantially similar in characteristics to any of the first three options above. Does my client s drawdown income count towards the Minimum Income Requirement? No. The Government doesn t view drawdown as being a secure pension income, so it doesn t qualify. Does my client s income from non-pension investments count towards the Minimum Income Requirement? No. Only secure pension income qualifies. Are there any other important requirements that apply? In order to apply for flexible drawdown your client is not allowed to have made any contributions to a pension, or accrued benefits in a final salary scheme, in the current tax year. If they have done this the flexible drawdown declaration will be invalid and your client will face tax charges if they receive income above the capped drawdown limits (until 6 April 2015 when the maximum income will be removed). It is also important to remember that the Minimum Income Requirement is tested against income due to be received in that tax year, not just the entitlement. So, if an annuity of 12,000 has been purchased during the current tax year, only the income actually paid in this tax year will qualify. Finally, anyone accessing flexible drawdown who subsequently makes a pension contribution, or accrues additional benefits in a final salary scheme, will be subject to an annual allowance charge on the value of the contribution or accrual. This may fall away when the new pension flexibility comes into force from 6 April 2015 but this has not been confirmed. My client qualifies for flexible drawdown. How do they apply? Your client simply needs to complete and submit our Flexible Drawdown Declaration. They will need to supply documentary evidence of the secure pension income they are receiving. Trivial commutation changes The trivial commutation option allows clients aged 60 or over to take all of the funds in their pensions if the combined value of all of their pensions is below a limit. This limit is increasing from 18,000 to 30,000 with effect from 27 March Is the trivial commutation lump sum paid to my client subject to tax? Yes. The tax position varies depending on whether the trivial commutation lump sum is paid from uncrystallised or crystallised funds. Andy Bell s News & Views Special 3
4 If the trivial commutation lump sum is paid from uncrystallised funds 25% can be paid tax-free with the balance being subject to Income Tax. If the trivial commutation lump sum is paid from crystallised funds the whole lump sum is subject to Income Tax. If we do not hold details of the client s tax code, as provided by HM Revenue & Customs, the taxable element of the trivial commutation lump sum will normally be taxed on a BR Month 1 basis. My client qualifies for a trivial commutation lump sum. How do they apply? They simply need to complete our trivial commutation member declaration and submit this to us. Will the increase to the trivial commutation limit apply to defined benefit schemes as well as defined contribution schemes? Yes. The change in the limit applies to all registered pension schemes. Small lump sums The small lump sum option allows clients aged 60 or over to take all of the funds in a specific pension arrangement if the value of that arrangement is less than 2,000. Under current rules only two small lump sums may be paid to any individual, regardless of how many individual pension arrangements they hold that qualify. From 27 March 2014 the 2,000 limit will increase to 10,000 and the maximum number of small pot lump sums that a client can receive will increase from two to three. Is the small lump sum paid to my client subject to tax? Yes. The tax position varies depending on whether the small lump sum is paid from uncrystallised or crystallised funds. If the small lump sum is paid from uncrystallised funds 25% can be paid tax-free with the balance being subject to Income Tax. If the small lump sum is paid from crystallised funds the whole lump sum is subject to Income Tax. If we do not hold details of the client s tax code, as provided by HM Revenue & Customs, the taxable element of the small lump sum will normally be taxed on a BR Month 1 basis. My client qualifies for the payment of one or more small lump sums? How do they apply? Simply tell us that they wish to receive a small lump sum and we will issue the relevant paperwork. Is it possible to use the small lump sum rule in conjunction with the trivial commutation lump sum rules to give my client access to up to 60,000? Yes. The trivial commutation lump sum rules look at the total value of all pension funds, but it is possible for someone to reduce this amount to less than the new 30,000 limit by taking small lump sums. So, if your client has three separate pension arrangements each worth less than 10,000 and their other pension benefits are worth less than 30,000 they will be able to take small lump sums from each of the three sub- 10,000 pensions and then apply for trivial commutation. Andy Bell s News & Views Special 4
5 Pension changes coming into effect from 6 April 2015 From age 55, your clients will be able to take the whole of their SIPP fund as a lump sum. This can be taken partly as a tax-free lump sum, typically 25%, with the remainder as a lump sum taxed at their marginal rate of Income Tax. They will be able to continue receiving a pension, as is currently available under income drawdown rules, but there will be no limit on how much they can take as a taxable pension. These new rules will apply, regardless of whether the SIPP is already in drawdown. Will any changes to the lifetime allowance be made when the limits on taking funds from pensions come into effect? There has been no indication that the lifetime allowance will be scrapped or that there will be any further changes to its level. The lifetime allowance will still drop from 1.5 million to 1.25 million on 6 April Benefit crystallisation events will still occur when clients take their pension commencement lump sum and put funds into income withdrawal. Breaches of the lifetime allowance will still attract tax charges of 55% (if the excess is taken as a lump sum) or 25% (if the excess is left in the pension to be taken as taxable income). My client is due for a review of their maximum capped drawdown before 6 April Bearing in mind the impending removal of all limits, does this still need to take place? Our current understanding is that it does. If no review is completed and a client takes any pension from their fund HMRC is likely to view this as an unauthorised payment. We have asked HMRC what the tax implications would be, if any, where a review is not carried out and a client does not receive any income before all limits are removed. Will Sippcentre be making any changes to its charges for SIPPs in drawdown when the new rules come into force? We anticipate that the new rules will mean that most providers will be able to simplify their charges for clients in drawdown. Once the precise detail of the new rules has been confirmed we will provide more information regarding any changes to Sippcentre s charges. All statements concerning the tax treatment of products and their benefits are based on our understanding of the current law and HM Revenue & Customs (HMRC) practice and are for general guidance only. Whilst every effort has been made to ensure accuracy, no liabilities can be accepted for any errors or omissions. Levels and bases of, and reliefs from, taxation are subject to change. This document must not be copied or reproduced, in part or whole, without permission. Whilst efforts have been made to ensure the accuracy, neither the author nor his employer accept any responsibility or liability whatsoever in relation to the contents of this document. AJ Bell includes AJ Bell Holdings Limited and its wholly owned subsidiaries. AJ Bell Management Limited and AJ Bell Securities Limited are authorised and regulated by the Financial Services Authority. All companies are registered in England and Wales at Trafford House, Chester Road, Manchester M32 0RS Follow Andy Bell
Flexible drawdown guide. IWeb Share Dealing Self Invested Personal Pension
Flexible drawdown guide IWeb Share Dealing Self Invested Personal Pension Flexible Drawdown Guide What is fl exible drawdown? Flexible drawdown gives pension scheme members the ability to ignore the maximum
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 informationFlexible Drawdown Declaration. Bank of Scotland Share Dealing Self Invested Personal Pension
Flexible Drawdown Declaration Bank of Scotland Share Dealing Self Invested Personal Pension Flexible Drawdown Declaration Important Notes THIS DECLARATION MUST BE COMPLETED TO DECLARE YOURSELF ELIGIBLE
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 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 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 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 informationAnnual allowance tapering
Annual allowance tapering Contents Overview Outline of the new tapering rules Defi nition of adjusted income, with fl owchart showing how it is calculated Threshold income Defi nition of threshold income,
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 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 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 informationREMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75
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)
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 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 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 informationSIPP a guide to accessing your pension
SIPP a guide to accessing your pension The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information
More informationKey features Hornbuckle Mitchell SIPP
Key features Mitchell SIPP Introduction The Financial Conduct Authority is the independent financial services regulator. It requires us,, to give you this important information to help you to decide whether
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 informationBenefit Form income drawdown and lump sum payments. Bank of Scotland Share Dealing Self Invested Personal Pension
Benefit Form income drawdown and lump sum payments Bank of Scotland Share Dealing Self Invested Personal Pension Benefit Form Important tes Please complete this form if you wish to: a) Take benefits from
More informationDrawdown Key Features: The Xafinity SIPP and SimplySIPP
Drawdown Key Features: The Xafinity SIPP and SimplySIPP If you require this document in another format for ease of reading, please let us know. Making Sense of Pensions Key Features of the Xafinity SIPP
More informationBenefits guide. Halifax Share Dealing Self Invested Personal Pension. the people who give you extra
Benefits guide 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 informationHalifax Share Dealing SIPP
Halifax Share Dealing SIPP Benefit form - income drawdown and lump sum payments Please complete this form if you wish to: a) Take benefits from your SIPP as a tax free lump sum (pension commencement lump
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 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 informationSelf Invested Personal Pension. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS)
Self Invested Personal Pension Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Important notes This benefit form must be completed if you wish to: Take a single UFPLS payment from your SIPP.
More information2.1 Income drawdown and taxable lump sums the commitments and risks Annuity purchase - the commitments and risks
SIPP ISA Dealing Junior ISA SIPP 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 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 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 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 informationKey Features of The Lifetime SIPP
Key Features of The Lifetime SIPP The Financial Conduct Authority is a financial services regulator. It requires us, Hartley Pensions Limited, to give you this important information. You should read this
More informationSIPP ISA GIA Platform charges and rates Wrapper charges These charges are applied depending on the wrapper used and the amount invested using the Funds & Shares Service. SIPP Charge Notes Initial setup
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 informationMaximising benefit flexibility on death
Maximising benefit flexibility on death Our nomination form has been updated following changes to how benefits can be paid on death. In many circumstances it will be beneficial to complete a new form,
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 informationRepayment of fund (Triviality) application Taking all of your pension as a lump sum
Pensions Repayment of fund (Triviality) application Taking all of your pension as a lump sum Notes Section Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must
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 informationNew 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 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 informationBenefits guide for the AJ Bell Investcentre SIPP
Benefits guide for the AJ Bell Investcentre SIPP The Financial Conduct Authority is the independent fi nancial services regulator. It requires us, AJ Bell Management Limited, to give you this important
More informationPENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES
PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES IMPORTANT INFORMATION Please read this section carefully before completing this application form. This form can only be used where you are taking
More informationSelf Invested Personal Pension Key Features
Self Invested Personal Pension Key Features (Version 02/16) The Financial Conduct Authority is a financial services regulator. It requires us, GPC SIPP Ltd to give you this important information to help
More informationNew Pensions Freedom. Giving people more confidence to save into a pension
FINANCIAL GUIDE A GUIDE TO New Pensions Freedom Giving people more confidence to save into a pension WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.
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 informationSo, in developing my blueprint, I set myself certain constraints and decided that the alternative rules must:
October 2012 News and Views Special AJ Bell proposes blueprint for new income drawdown rules What is a record, dad? my twelve-year-old son asked when I told him I was in danger of sounding like a broken
More informationSIPP Benefit Payment Form
SIPP Benefit Payment Form If you wish to take a lump sum and/or income from your SIPP, please complete this form as fully as possible and mark 6 in the box where applicable. If you wish to purchase an
More informationTHE STM INTERNATIONAL PENSION PLAN
THE STM INTERNATIONAL PENSION PLAN KEY FEATURES L ONDON & C OLONIAL I NNOVATION I N P ENSIONS PART OF THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, LONDON & COLONIAL
More informationGETTING THE MOST FROM YOUR PENSION SAVINGS
GETTING THE MOST FROM YOUR PENSION SAVINGS 2 Getting the most from your pension savings CONTENTS 04 Two types of pension 05 Tax and your pension An overview 05 Who can pay into a pension? 05 How does tax
More informationTransitional protection and insufficient lifetime allowance form. Bank of Scotland Share Dealing Self Invested Personal Pension
Transitional protection and insufficient lifetime allowance form Bank of Scotland Share Dealing Self Invested Personal Pension Benefit Form You only need to complete this form if you are taking benefits
More informationWho can receive a trivial commutation lump sum or small pot payment
PM370/August 18 Trivial commutation and small pot payment of your British Transport Police Force Superannuation Fund benefits If you have a small amount of benefits in the British Transport Police Force
More informationBenefit Request Form (Flexible Options)
Self-Invested Personal Pension Benefit Request Form (Flexible Options) www.investaccpensions.co.uk Taking Withdrawals from your SIPP If you wish to take benefits from your SIPP, please obtain advice before
More informationActive Money Self Invested Personal Pension
Active Money Self Invested Personal Pension Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is an independent financial services
More informationKey Features Document
Key Features Document Transact Personal Pension Plan IntegraLife UK Limited A firm authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation
More informationAccessing your pension savings
Accessing your pension savings 2 Accessing your pension savings CONTENTS 03 About this guide 04 An important note 06 A few basics to start 06 Your options in summary 07 Tax-free cash 10 Flexible retirement
More informationActive Money Self Invested Personal Pension Key Features
Active Money Self Invested Personal Pension Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is an independent financial services
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 informationYorsipp Limited. SIPP Key Features. Introduction & Contact Details. Aims of the SIPP. Your Commitment. Risk Factors
Yorsipp Limited SIPP Key Features Introduction & Contact Details This document summarises the key features of the Yorsipp Registered Pension Scheme. The scheme has been established under a master trust
More informationCapped drawdown payment form
Capped drawdown payment form This form should be used to designate some or all of your fund into capped drawdown and must be completed each time you wish to designate further funds into capped drawdown.
More informationPREMIER SIPP KEY FEATURES
PREMIER SIPP KEY FEATURES JLT PREMIER PENSIONS Your questions answered 1 JLT PREMIER PENSIONS SIPP KEY FEATURES CONTENTS ABOUT US 02 Key Features of The Premier SIPP 02 QUESTIONS AND ANSWERS 04 Contributions
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 informationYour essential guide to the Pension Freedoms. ArmstrongWatson. Financial Planning & Wealth Management
Your essential guide to the Pension Freedoms ArmstrongWatson Financial Planning & Wealth Management The new pension reforms came into effect on 6 April 2015 and offer pension savers aged 55 and over significantly
More informationKey Features SAPPP.
Key Features SAPPP www.ebspensions.co.uk Key features of the EBS SIPP The Financial Conduct Authority is the independent financial services regulator. It requires us, EBS Pensions Limited (EBS), to give
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 informationPENSION BENEFITS GUIDE HOW YOU CAN USE YOUR PENSION POT TO SUIT YOUR NEEDS
PENSION BENEFITS GUIDE HOW YOU CAN USE YOUR PENSION POT TO SUIT YOUR NEEDS With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for you and your
More informationPlatform charges and rates (effective from 1 February 2018)
Platform charges and rates (effective from 1 February 2018) Wrapper charges These charges are applied depending on the wrapper used and the amount invested using the Funds & Shares Service. Initial setup
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 informationExplaining how pension withdrawals are taxed
The Government says that tax doesn t have to be taxing, but when it comes to pensions, it can feel like hard work. Because you get tax relief when you put money in, you usually have to pay income tax when
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 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 informationPREMIER SIPP KEY FEATURES JLT PREMIER PENSIONS
PREMIER SIPP KEY FEATURES JLT PREMIER PENSIONS CONTENTS ABOUT US 3 KEY FEATURES OF THE PREMIER SIPP 4 QUESTIONS AND ANSWERS 5 CONTRIBUTIONS 5 TRANSFERS 5 THE LIFETIME ALLOWANCE 6 DRAWING BENEFITS FROM
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 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 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 informationINTERNATIONAL RETIREMENT SOLUTIONS. Helping you plan for a comfortable retirement overseas
INTERNATIONAL RETIREMENT SOLUTIONS Helping you plan for a comfortable retirement overseas Choosing the most appropriate way to invest or manage your money can help you enjoy the retirement you ve always
More informationTAX AND YOUR PENSION
TAX AND YOUR PENSION This leaflet explains different tax situations that could apply to you as a member of the Retirement Wealth Account, Family Suntrust, The Personal Pension, The Executive Pension and
More informationKey Features of the SIPP
Key Features of the SIPP Copyright Notice This document is the property of Investment Funds Direct Limited and cannot be copied, modified, or stored on a computer system without the company s consent.
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 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 informationUnderstanding the annual allowance charge
Understanding the annual allowance charge SCHEME PAYS LET S TALK HOW Understanding the annual allowance charge LET S TALK HOW The annual allowance is the maximum amount that can be built up in your personal
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 informationKey Features > > > BARNETT WADDINGHAM SELF INVESTED PERSONAL PENSION
> > > BARNETT WADDINGHAM SELF INVESTED PERSONAL PENSION This is an important document that provides a summary of the. You should read it carefully before deciding whether to invest in the. This document
More informationInvesting for income when you retire
KEY GUIDE Investing for income when you retire 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
More informationSelf Invested Personal Pension. Transfer Form
Self Invested Personal Pension Transfer Form Transferring member instructions This form is your authority to transfer benefi ts from another registered pension scheme into the Self Invested Personal Pension
More information30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: ENHANCED PROTECTION
30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: ENHANCED PROTECTION PART II ENHANCED PROTECTION THE INTRODUCTION OF THE LIFETIME ALLOWANCE ON 6TH APRIL 2006 LED TO A RANGE OF COMPLEX TRANSITIONAL
More informationKey Features GM Self-Invested Pension Scheme
Key Features GM Self-Invested Pension Scheme The Financial Conduct Authority is a financial services regulator. It requires us, Guinness Mahon Trust Corporation, to give you this important information
More informationPension Portfolio J26372_LF10207_0318.indd 1 05/03/18 6:39 am
Pension Portfolio could be the perfect home for your pension. It allows you to take full advantage of the pension freedoms. Pension Portfolio has two options - Core and Choice - which are designed to meet
More informationThis Benefit Form must be completed if you wish to start drawing or amend any benefits from your SSAS.
Small Self-Administered Scheme Benefit Form Before you start This Benefit Form must be completed if you wish to start drawing or amend any benefits from your SSAS. Please ensure you complete all relevant
More informationTel: Web:
Tel: 0161 940 9000 Email: mail@arctrustees.co.uk Web: www.arctrustees.co.uk 1 Introduction... 3 What is a SSAS?... 3 Why choose a SSAS?... 3 How is a SSAS set up?... 4 What are the Tax Benefits of a SSAS?...
More informationFlexi-access Drawdown
Flexi-access Drawdown What is it? Drawdown pension is a method of withdrawing benefits from your pension fund without purchasing a lifetime annuity. Holders of money purchase pension plans can defer taking
More informationDrawdown Key Features: The Xafinity SIPP and SimplySIPP
www.xafinitysipp.com Drawdown Key Features: The Xafinity SIPP and SimplySIPP If you require this document in another format for ease of reading, please let us know. Making Sense of Pensions www.xafinitysipp.com
More informationAF7 Pension Transfers 2018/19 Part 1 DB schemes and Flexible Benefits
AF7 Pension Transfers 2018/19 Part 1 DB schemes and Flexible Benefits Anyone who wants to give advice on transferring safeguarded benefits must pass a recognised qualification. AF7 was introduced in October
More informationFlexible Transitions Account
Flexible Transitions Account Key features of the Flexible Transitions Account The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information
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 informationKey Features of the Stakeholder Pension. For plans started on or after 1 February Retirement Investments Insurance Health
Key Features of the Stakeholder Pension For plans started on or after 1 February 2008 Retirement Investments Insurance Health Key Features of the Stakeholder Pension The Financial Conduct Authority is
More informationGUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT
GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT FINANCIAL GUIDE Green Financial Advice is authorised and regulated by the Financial
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 informationMember s booklet. WorkSave Pension Plan. This booklet will give you all the information you need about your pension with us.
Member s booklet WorkSave Pension Plan This booklet will give you all the information you need about your pension with us. This is an important document so make sure you keep it somewhere safe. 1 Introduction
More informationRETIREMENT ACCOUNT YOUR GUIDE. Supporting you to and through retirement
RETIREMENT ACCOUNT YOUR GUIDE Supporting you to and through retirement PAGE 3 CHOOSING SCOTTISH WIDOWS PAGE 4 CHOOSING RETIREMENT ACCOUNT PAGE 5 OVERVIEW RETIREMENT ACCOUNT AND FEATURES PAGE 6 WHAT MAKES
More informationSmall Self Administered Scheme. Benefit Form Flexi-access and Capped Drawdown
Small Self Administered Scheme Benefit Form Flexi-access and Capped Drawdown Important notes Taking benefits from your pension is an important decision. We recommend that you take advice from a regulated
More informationSchedule of Fees and Services. Annual fee overview. The Talbot and Muir SIPP Schedule of Fees and Services 1 / 8
Schedule of Fees and Services This document helps you understand the fees for establishing and administering The Talbot and Muir SIPP (T&M SIPP). It also provides you with a comprehensive guide to all
More information