Wildparaplanner
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Just watched the assembly link. Good stuff. Few questions I've got and hopefully the guests will come back: Jonny - what do advisers do in face to face meetings, are they taking a voice recorder in to the meeting with them? I take it the softw…
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thanks both, will take a look
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How are those AI programs helping you work?
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think it's random and based on marker capacity. When I submitted assignment 1 just before Christmas 2021, i had a mark back in 2 weeks, the other assignments in early to mid 2022 took the full 8-9 weeks.
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Assuming the scheme will in fact annuitise half of the drawdown pot. Once that lifetime annuity is established, could you then fully transfer the remaining drawdown pot to a fixed term annuity contract?
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Thanks - I did read this as well From the practical point of view then - The client we are looking at has a Royal London flexi-access drawdown fund - we want to use half of this fund to purchase a lifetime annuity (which when comparing at the tim…
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Sorry, for some reason my mind completely phased over this part! No it would just be 25% of the amount crystallised (i.e. £125,000 if they crystallise in full) - which is still better than £0!
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My understanding is this is correct, and they would also have £1,250,000 LSDBA available also. However my word has less weight than others on here!
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@benjaminfabi said: @Wildparaplanner anyone who had a pre-commencement pension and no BCE between 04/2006 and 04/2024 won't have a TTFA, as there were no transitional events that would need to be included. When they have an RBCE now, the p…
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Does this mean that anyone with a pre-2006 pension in payment who didn't do a BCE between 2006-2024 will now have a new deemed BCE within the TTFAC or only those that did a BCE in that time period?
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Sorry to hijack the thread, but if a client has no LSA remaining, what happens with regards to accessing a scheme which has scheme-specific tax-free cash? How does the tax treatment of accessing the benefits work?
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Thanks Les, that clears that up. In this case, we have an ex-military pilot who went on to be a commercial pilot and accumulated a big DC pot in that time but is looking to retire later this year.
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Thanks Les, have been watching some techy thursday stuff on the matter this morning (01/02/24 around 30-35 min mark) As it's a pre-commencement pension and there was no such thing as PCLS/UFPLS at that time in 2001, is the tax-free cash (£21,000)…
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Thanks Les. Assuming the TFC was £21,000, they can prove it, do a BCE and then get a TTFAC, I take it there is no kind of revaluation calculation and this amount is what would come off their LSA post April 2024? LSA = £268,275 - £21,000 = £247…
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perfect, thanks Les as always
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Thanks les, would a large personal contributions of say £120,000 to utilise carry forward count to reduce this issue or would only the relevant part that uses this years annual allowance count?
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If you're a member of the cii, you can login and download any study text: https://www.cii.co.uk/learning/support/cii-study-texts/
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Ah that clears that up, thanks Les. As per the other post, who really cares about the LSDBA when you just use beneficiary drawdown to bypass it anyways!!
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so on the assumption the scheme can pay death benefits using beneficiary drawdown, if benefits are over £1,073,100, why would anyone ever proceed with a lump sum when you can just bypass any tax via FAD?
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so in other words, as far as tax-free cash is concerned, to benefit from more PCLS in the future, they need to crystallise this plan before 5th April 2024?
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This article came up recently. I wonder if this was an unintended consequence? https://archive.ph/ps6zt
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I'd like to see pensions opened up further as a potential "your life and family fund". It can then be accessed at all ages depending on the purpose: - First time buyers can access it (perhaps with maximum limits) to put towards first home with …
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I understand the quirks between a client with some form of "fixed/individual/primary/enhanced" protection and a client with no protection. My query is in relation to the tax-free cash element specifically. They will have a LSA of £268,275 from…
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In this particular case, there is no IHT issue, we are merely looking at the avoidance of the tax that would be due on the chargeable event gain which would be taxable on him if it remains joint.
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Both PCLS and LTA events fall under the BCE legislation. I don't think the tax-free element of a small pots payment is technically classified as being "PCLS" given the fact it doesn't classify as a BCE. In other words, it's an isolated event whic…
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Anyone have any feedback on the i4c cashflow integration with the intelligent office back office system?
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Thanks all
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That's what I thought - normal expenditure would work for now. I think we will go for an annual premium, as at least the admin for the client would be much simpler if they happened to gift before the premium date in the tax year and would give so…
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I think their term for "exemplar" is somewhat misleading - if you look at their "exemplar" example for assignment 3 and then read the examiner notes, it actually calls it a "fail" from memory.
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Thank you. Any idea how it compares to Synaptic?