USING SMALL POTS LEGISLATION

Transcription

1 USING SMALL POTS LEGISLATION

2 IF CUSTOMERS WANT TO WITHDRAW THEIR MONEY IN A TAX EFFICIENT WAY Using the Small Pots legislation allows customers who are 60 or older to access income without crystallising their money and removing tax on their remaining pension pot. 2

3 WHAT IS THE BENEFIT OF THE SMALL POT LEGISLATION? If your customers need immediate capital from their pension savings, then using up to 30k under small pots is the efficient way to do so. WHY They ll use less savings to provide the required income They can avoid 55% tax rate, maximising death benefit value They will protect their Lifetime Allowance They can receive their money quicker. YOUR CUSTOMERS CAN SAVE AND PROTECT THEIR PENSION BENEFITS 3

4 WHAT IS THE BEST WAY TO ACHIEVE THIS? THE COLLECTIVE RETIREMENT ACCOUNT (CRA) We have a purpose-built application process for small pots AT NO EXTRA COST We can separate small pots within one CRA Payments made in full within 15 working days of accepting small pots application Immediate investment and tax relief credits no clearing period Simple, transparent price ONE platform charge We are the only company offering this THE CRA IS FIT FOR CUSTOMERS TODAY AND POST APRIL

5 WHO IS THIS NOT FOR? THE SMALL POT OPPORTUNITY IS NOT FOR Your clients who are 59 or younger (if applying before April 2015) Your clients registered for Enhanced Protection, Fixed Protection 2012 and 2014 Where fund has protected tax free cash - small pots cash limited to 25% Existing drawdown pots of more than 10,000 OMWLA customers they would need to move to CRA. THIS IS NOT FOR EVERYONE IDENTIFY YOUR CUSTOMERS WHO COULD BENEFIT 5

6 YOUR CLIENTS CAN BENEFIT by saving and protecting their pension benefits by quickly accessing their money through a simple 4 step process by using a pension that is fit for your clients today and in the future YOUR CLIENTS SUSTAINABLE TOMORROW IS MET BY MAXIMISING WHAT IS LEFT WHILST MEETING TODAY S INCOME NEEDS 6

7 NEXT STEPS: IDENTIFY YOUR CUSTOMERS 60 YEARS AND OLDER WHO WANT TO WITHDRAW UP TO 30K TODAY 7

8 Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). The WealthSelect Managed Portfolio Service is provided by Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited. (Optional include for WealthSelect material only) Old Mutual Wealth Life Assurance Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England & Wales under numbers , and respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Life Assurance Limited and Old Mutual Wealth Life & Pensions Limited are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are and respectively. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority with register number VAT number for all above companies is Old Mutual Global Investors is a trading name for Old Mutual Global Investors (UK) Limited and Old Mutual Investment Management Limited both of which are authorised and regulated by the Financial Conduct Authority. Their Financial Services register numbers are and respectively. Old Mutual Global Investors is registered in England & Wales under number and its registered office is 2 Lambeth Hill London EC4P 4WR.Old Mutual Investment Management is registered in England & Wales under number and its registered office at Millennium Bridge House, 2 Lambeth Hill, London, EC4V 4AJ. VAT number for all above companies is