les_cameron
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You need to ask the people paying but I would imagine it will almost certainly be interest. And if so personal allowance, starting rate and personal savings allowance all in play so no tax probably. If it is over £10k interest technically the …
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The niche stuff can be a bit but the majority it's all far simpler
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That's my conclusion too (haven't checked your sums though but your theory is solid)
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The formula has a circular loop - you need to know the amount of tax free cash to be able to calculate the tax free cash. I explained it in or SSPTFC page. https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/lump-sum-options/scheme-…
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@Wildparaplanner said: 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? Yes - as you…
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@Wildparaplanner said: 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 (w…
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https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/pension-transfers/pension-scheme-transfer#transfers-when-pension-is-in-payment see drawdown bit
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But transfer is always used when talking about the above.
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Hi Pedantry incoming. You can never do a partial drawdown transfer the law requires all the arrangement to be transferred and it all to end up in a new arrangement. Pension sharing order - technically you're discharging the order not transf…
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Generally, no, they need a special power of attorney. If the trustee has lost capacity you would be best getting them removed. Have a read at this https://www.mandg.com/wealth/adviser-services/tech-matters/iht-and-estate-planning/trustees/trus…
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What @Wildparaplanner said! Standard PCLS is lowest of of 25% of fund, LSA and LSDBA.
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@Sean_Fernyhough said: Thanks Les. My educated guess wasn't far off. Very close!
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HI https://www.mandg.com/dam/pru/shared/documents/en/pruag02068.pdf See bottom of page 40.
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Was a bit messy in 2006 and 2014 too. We were still getting rules in 2009/2010 to fix stuff that was wrong from 2004. The SSPTFC you will just need to have a £1 of LSA, fairly sure of that, the only bit of ambiguity at present is whether you ne…
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@les_cameron said: @benjaminfabi Just had confirmation from HMRC that there's no TTFA benefit for pre 2006 pensions they will use 25% of the deemed BCE as the transitional tax free amount on a certificate (which is what is in the amending …
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@benjaminfabi Just had confirmation from HMRC that there's no TTFA benefit for pre 2006 pensions they will use 25% of the deemed BCE as the transitional tax free amount on a certificate (which is what is in the amending regulations). Which wil…
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Hi HMRC in a muddle. They have stated in meetings and in pervious newsletters that it will be the actual amount of TFC paid. This bit on pre 06 pensions was in the new regs they published and was a bolt from the blue. I'm waiting on an an…
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They will have a starting allowance of £375,000. But will be deemed to have used all of it up. No more LSA. LSDBA is base o the value of their fund tomorrow.
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£30,982.00 25 £774,550.00 £193,637.50 The pension will use up this amount of LSA. Leaving plenty of standard LSA to be able to pay 25% of the SIPP. If they took a small BCE before April the pension would get tested under the LTA regime…
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If they have no LSA remaining they are not getting any scheme specific protected tax free cash (or any tax free for that matter). All benefits will be taxable
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Standalone lump sums do not require LSA to be payable they only need LSDBA.
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Yip. With SSPTFC there is a requirement to have available lump sum allowance (hence the £1 remaining) to pay it but once you are over that hurdle there is no tax free limit, you get the calculated amount.
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Only if they take it when there is £1 of LSA available. They can get £268,274 from the big scheme then their full PTFC from the reassure - the reassure would need to be taken last.
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I knew it would be! I think there maybe crossed wires. You may have spoken to someone who thought you actually wanted to amend the trust deed. You can't amend the actual trust as it's in force. That's true (and it gets asked more than you thin…
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That life company is talking nonsense ( hop it's not us).
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I think it would yes - earnings from self employment
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Is scheme B a Scheme specific protected tax free cash or is it a standalone lump sum? They are two different things.
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It might work - or they could just give it away and hope they survive 7 years! Unless using an exemption to give it away. And they have to tell HMRC on death if they made contributions in the 2 years before death
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Hi Yes that wasn't clear enough in hindsight, the point being made was there is no permitted maximum. There's two things at play here. Yes you need a £1 to be able to pay it. But the lump sum does not have a limit - there's no permitted max…
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You'll not find it explicitly. So you have to decide what the law says the contribution amount is generally. FA 2004 192 Relief at source (1) Where an individual is entitled to be given relief in accordance with this section in respect of the pa…