SA96
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- SA96
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Based on HMRC's newsletters, if your client has enhanced protection and you transfer a pension to another scheme, your client's lump sum goes to nil. In the newsletter, they are talking about resolving this. But what a complete and utter shambles.
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@benjaminfabi said: @SA96 where is that reference? I haven't seen that age 75 affects LSA availability. https://www.quilter.com/help-and-support/technical-insights/technical-insights-articles/transitional-tax-free-amount-certificate-ttfac…
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The news that over 75s who haven't taken their tax-free cash are going to be worse off does not make sense to me. Why is the age 75 test suddenly a factor in determining a client's Lump Sum Allowance (LSA)? HMRC have really messed up here. If a c…
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I think you will struggle to find a pension provider that allows over 75s to contribute into a pension. Pension providers introduced a ban on over 75s contributing as it was a clear tactic to dodge inheritance tax.
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@les_cameron said: 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 …
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@les_cameron said: No - both now and in the future it will use £130,000 of LSA. SSPTFC only uses LSA of 25% of the amount crystallised. The difference after April is it would use £196,000 of LSDBA but before April it would only use £130,000. …
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@les_cameron said: I don't believe tax relief is the test. The main test is were they started prior to April 2006 and have remained unchanged. And if so it's OK. Thanks again, your help is appreciated.
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@les_cameron said: It depends - see here - https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm093510 Thanks, I have spent a bit of time reading the manual and it appears that "protected policies" are the ones that cause the i…
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@les_cameron said: Simply, the criteria for getting a certificate is you have had a BCE and ask for it with evidence before your first RBCE. If your tax free amounts of PCLS and UFPLS are less than 25% x LTA used x £1,073,100 you'll get mo…
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Does anyone know if these transitional rules benefit individuals who previously transferred benefits out of the UK via a QROPS transfer? My client transferred a pension to Malta and then took a PCLS from his Malta scheme. As he used all of his LT…
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We charge VAT for our ongoing advice fees.
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Not a lot of options, Metro Bank is probably the easiest one to open. I probably wouldn't keep more than £85,000 in the account though!
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Congratulations on the new role. A lot of this depends on the new firm and their advice model, but I would expect there to be a lot more structure and for roles to be clearly designated. During my time at a smaller IFA, I often found myself doing…
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You are in the right, it would breach HMRC's rules regarding adviser charging for pensions. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm143200#IDANGJMD "Also unauthorised member payments would be created if the payment was …
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Chartered with 4 years of Paraplanning experience. The salary is £50,000, London-based though, but I am able to work from home 3 days a week.
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Not really. The majority of business financial planning is normally left to accountants and that's why I think the demand for AF2 was so low. What didn't help AF2 was that it was such a difficult exam, lots of people chose the easier coursework rout…
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Hi Dale, Below is from the CII's Chartered application form. Five years professional experience must include at least three years employed full-time in the industry. For the purposes of this application, employment can include self-employm…
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Some companies do expect too much from you, I've been in similar instances and I'm also not the kind of person who wants to deliver a second rate report to clients. The labour market is running very hot at the moment, a Paraplanner shouldn't have…
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@Sam_T said: Ha, ha...so if it sounded fancier it would be worth it? I just think the title Chartered Financial Planner is more respected. It's the same with the LIBF, the term 'Chartered ALIBF' does not sound as respectable as 'Chartered…
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Chartered Fellow (Financial Planning) does not sound as prestigious as Chartered Financial Planner.
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I would also add that discretionary spending and non-discretionary spending plays a huge part. If a client has a defined benefit pension that covers all essential expenditure, their capacity for loss could be deemed as high.
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APFS requires hard work and dedication. AF1, AF4 and AF7 are all difficult papers.
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I used Brand for my recent exam, they were very helpful with the formulas.
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Probably AF7, it gives you the title of Pension Transfer Specialist. Even if your company doesn't do DB transfers, it's still handy for dealing with clients who have guaranteed benefits. AF4 and AF1 would then be next on my list. In my opinion…
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I believe WAY Investment Services offer a Flexible Inheritor plan, I think they're the only one outside Canada Life and Quilter. However, I think they offer an FRT based on a collective investment, not an offshore bond. Persoanlly, I would stick …
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No. If the pension gets paid out to a discretionary trust after 75, income tax at 45% would be payable.
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My understanding is below, if somebody else wishes to correct me, please do so. * Trust property belongs to the beneficiary(ies) (grandchildren), this would not be included in the client's estate. The value of the trust is irrelevant. * The …
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Absolutely fine, a lot of people do the same. R02, R03, R04 & R05 are the exams that really matter, as they provide you with the technical knowledge.
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Thank you for that, you learn something new every day!