One step forwards, two steps back

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TUE, 27 NOV 2018

With outsourcing retaining its popularity in the growing platform market, there are just a few platforms using their own technology. Indeed, The Lang Cat, recently predicted that the number of platforms using proprietary technology will drop to just 15 per cent by 2020. Paul Bagley, Director of Distribution & Adviser Marketing at James Hay, explains …

Charity Lump Sum Death Benefit: the three golden rules

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WED, 24 OCT 2018

I had an enquiry lately where the member of a SIPP died in his late 70’s. He had a substantial pension fund but had left no nomination and had no family. In his will he left his estate to a charity and based on this the scheme trustees made the decision to pay the lump …

The Great British Break Off – stepping into the pension income unknown

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THU, 04 OCT 2018

I am sure I am not alone in having the feeling that Brexit is sucking the life out of me. Without getting into the politics, we appear to be in a position where there is so much conflicting information as to what will or will not happen if there is a “no deal” Brexit, it …

With flat rate tax relief back on the agenda more complexity awaits

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MON, 20 AUG 2018

It’s probably over two years since the subject of flat rate tax relief on pension contributions seriously reared its head, but the Treasury Select Committee has put the topic very much back on the agenda in its report on Household Finances, published on 26 July 2018. A change to tax relief is portrayed as a …

Is the abolition of inheritance tax on its way?

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TUE, 24 JUL 2018

When the Chancellor wrote to the Office of Tax Simplification (OTS) in January asking them to review inheritance tax (IHT), one had to wonder what the outcome would be. On 27 April the OTS published a call for evidence. On examination of the questions it asked, it is clear that nothing appears to be safe …

When a lifetime allowance charge is the lesser of two evils

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FRI, 08 JUN 2018

Earlier this month it was revealed that the amount received by HM Revenue & Customs in respect of the lifetime allowance (LTA) charge has almost trebled in just three years from £40m in 2014/15 to £110m in 2016/17. The number of individuals who breached the allowance has more than doubled over the same period from …

Thanks for re-platforming, now do it again

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TUE, 08 MAY 2018

It’s hard to remember that the platform market is a relatively new industry given how it has established itself as the dominant route for retail investors to access investments. The trend shows no sign of abating as the AUA sitting on platforms topped over half a trillion by the end of 2017 with year on …

The cost of control

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THU, 03 MAY 2018

One of my pet hates at the moment is when someone refers to an expression of wish as a “Pension will”. Such a title, in my opinion, is misleading and gives the impression that an expression of wish can achieve far more than is possible. A will specifies where and to whom your assets are …

DB & DC – the AA anomaly

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MON, 26 MAR 2018

I am often asked for a comment about defined benefit to defined contribution scheme transfers, however, there is little in the way of pension tax legislation that directly impacts on this type of transaction. On the contrary, the vast majority of principles impacting on such transfers are those set out by the Financial Conduct Authority …

Stand-out Q – unquoted shares

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SAT, 24 MAR 2018

Our Technical Hub provides access to a wide range of pension tax and trust technical resources. Every now and then we post tweets covering stand out questions from our technical content and our answers in case others might also find them helpful. As Twitter’s character restrictions only allow for the bare bones of the Q&A …