Pensions Tweet Chat – Q&As
Here are the questions and answers from our live pensions tweet chat hosted by John Dunn, Technical Manager at James Hay, on 25th May at 10am – 11am:
Q: Got any advice on how pension tax relief works for Scottish employees of English companies?
A (John): The changes to the bands will be reflected by the Scottish resident’s tax code. This blog might help
Q: If I have an OccMP with GMP/Reference Scheme Test underpin do I need to do TVAS/PTS? Is it same if taking PCLS?
A (John): This is a compliance issue and would be best to check the FCA handbook (COBS 19.1 – Pension Transfers, Conversions and Opt-Outs) for the up to date rules on transfers when taking benefits. -John
Q: Is making additional personal contributions in a tax year where tapering of the annual allowance applies advisable?
A (John): Perhaps, as additional personal contributions may lessen the extent of tapering. Our Tech Talk explains more
Q: Is the MPAA today £10k or £4k and what will it be on 05/04/18?
A (John): The MPAA reduction was dropped so the MPAA is still £10k. To be on the safe side clients may want to restrict money purchase savings to £4k until the issue is clarified after the election.
Thanks for sending your questions through. Keep an eye on our Twitter account – @JHPartnership – for news on our next live tweet chat and how to get involvedthe