benjaminfabi
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As someone who has previously recruited into paraplanning teams, I like this test. It gives you insight into the grasp of essential skills of maths and English, plus you can see how good they are at formatting and structuring documents. It also i…
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@les_cameron said: An OMO is not a transfer so transfer rules should not apply - I'd check with your PI. At the end of the day the high risk is you are giving up guaranteed benefits for unknown future benefits. If you are annuitising you are giv…
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An annuity purchased through the OMO process isn't a flexible benefit and it isn't a safeguarded benefit under a non-occupational pension scheme. Let's say you have a £100k fund and £90k is needed to fund the GMP. The provider doesn't offer annui…
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Yes but they can be waived on death either through the Will or letter of wishes or amendment to the loan docs.
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If it is a loan, and identifiable as such, then it's a PET on the date it's waived. If the Will or loan agreement doesn't expressly cover what happens to the loan on death of the lender, it's an asset of the estate on death and technically needs to …
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@les_cameron said: I'm too busty to check the DB policy statements but I seem to remember transfer for IVPP was not PTS required as long as it was at scheme NRD. PI rules though anyway regardless of what the regs say! IIRC this was…
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Pension transfer is defined by the FCA as: a transaction, resulting from the decision of a retail client who is an individual, to require a transfer payment in respect of any safeguarded benefits: (a) from any pension scheme with a view to obt…
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In the COBS rules (15 Annex 1 1.5R), there is a specific requirement about adding a time period to replace the lack of cancellation rights. But if a firm does this, they simply hold the application form for that period, and it wouldn't have resu…
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Transitional period is in place for a couple of years
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@smith yes you can realise £3k of gains between now and 5 April 2025 and use the AEA against those gains, with the pre 30 October 2024 gains then being charged, at the lower rate. AF1 test this opportunity occasionally, typically using residentia…
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@les_cameron and co are literally doing a webinar as I type. I'm sure the link will be up later and his write up will have all the content.
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Last week's budget introduced changes in the kind of technical things that get tested in AF1 for high marks (like residency and domicile). If I were you I would want to pass AF1 before those changes feed into the testing regime if you've already got…
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Yes. I did the training several years ago and it was very helpful and good value for the cost at the time, which was either £125 or £150, I can't recall now. The exam was straightforward and the practical application f what had been learnt. An…
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Yes Les I am in complete agreement. There is no need to create this outcome via a direct plug in to the IHT regime. It is needlessly complicated and doesn't actually reverse what 2015 did. But this proposed way does give us knock-ons that raise m…
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Okay I see there is now a consultation: https://www.gov.uk/government/consultations/inheritance-tax-on-pensions-liability-reporting-and-payment/technical-consultation-inheritance-tax-on-pensions-liability-reporting-and-payment This is way too …
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Thanks, appreciate the response.
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Hi @les_cameron Latest pension scheme newsletter contained this statement: for scheme specific lump sums, changes that will: provide for a charge to tax where the payment exceeds an individual’s allowances Given that it also says these ame…
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By negative affirmation do you mean you will write the above personalised document to all the clients and move them en masse, assuming a lack of response is to be treated as an instruction to act? If so, I think this is a bad idea. Unless your fi…
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COBS 19.2.2R RP When a firm prepares a suitability report it must: (1) (in the case of a personal pension scheme), explain why it considers the personal pension scheme to be at least as suitable as a stakeholder pension scheme; (2) (in the c…
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I haven't read the output in detail, but I made the attached with Claude.ai (professional plan) in about 2 minutes using this prompt: Here is a forum question: We currently charge a per case basis for paraplanning work and a new client has ask…
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Hi Sam, It's the same from me. Drawdown is more complex. In terms of wording, I would be very tempted to reply with a question on why they think it should cost the same!! But if you're not that way inclined, you can discuss issues around the F…
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I don't think you'd need to worry about that last point. Most accumulated family wealth doesn't last beyond three generations anyway, because it gets diluted and spent by future beneficiaries, thereby finding its way back into the economy. I thin…
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@SA96 said: The people who die under 75 are predominantly poorer and less likely to have sizeable pension pots. This is not accurate information and I want to take a moment to give the proper context to who owns pension wealth. The ONS…
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There is a huge potential to tax pension on death. We had it at 55% / 25% above LTA for nearly 20 years. Eliminating that to marginal rate above LSDBA has surely made a negative contribution to future revenue? The average pension fund for people …
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Hi Qualifying IIP means: Income belongs to the life tenant. If mandated to the life tenant directly it is taxed in their hands - no tax return for trustees. Growth belongs to the remaindermen. Capital gains are taxed on the trustees. If you…
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fireflies.ai
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I think the plan is to appoint to the child, via the assignment of segments, who then surrenders the policy and provides the trustees with the amount needed for the tax liability. That way each beneficiary pays their own way with taxes due. [edit…
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Hi At a high level, you should be aware of any expected withdrawals in a review cycle (and arguably already have identified where that cash will come from ahead of the date it's needed), and there should be an emergency fund in place for anything…
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Is that a CII specimen question or a third party training provider?
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@Wildparaplanner I see no issue with a parent trustee moving capital from a child's bank account to a JISA. The only minor sticking point is the loss of access. In all other aspects it is materially the same as the bare trust, with the benefits of h…