Colinstewart76
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- Colinstewart76
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Hi Adam 11 years as an employed outsourced paraplanner here, 12 years previous paraplanning experience before that in firms of various sizes. I worked in business development with a provider before making the move into paraplanning in 2002. I …
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Thanks Andy
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Ah, ok. That sort of makes sense but as the wording in it is absolutely rigid it doesn't allow for an explanation that the charges comparison is either over stated (if full transfer costs are shown) or only reflects the costs of the benefits that ar…
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Thanks Benjamin
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Although I graduated as a Civil Engineer with offshore specialism, I didn't pursue it as a career. Worked as a butcher for a while before I got a temporary job in Lloyds TSB's life and pensions call centre, followed by another position as a temp wi…
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Oh definitely!
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Ah, well this platform is playing a bit funny (as it's only useable by advisers tied to a large building society). We have no realised gain reports available at all - the functionality isn't there in the platform apparently. So we need to do that…
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Andy A D2C platform nominee account is the way to go with that I'd say. You'll be able to find a load of research at the Lang Cat - they produced this free guide last year which will give you a load of info about what's out there. https://www.l…
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It sounds like it's an offshore fund that does not have 'reporting status' and therefore income tax is payable on gains for a UK investor. This might help? https://www.ey.com/Publication/vwLUAssets/ey-uk-reporting-fund-status/$FILE/ey-uk-repor…
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Thank you Dan, that's really interesting. I doubt this client is motivated to go down the legal challenge route - they explored it a while ago I think. He's shrugged it off as more of an irritation than a problem, reading between the lines.
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Thanks both
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Difficult to work out the true cost, but it's definitely north of £150k
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@arongunningham said: EDIT: Changed my mind. I now think it depends what it says on his tax-return. How do HMRC know that he temporarily broke the rules? I think the client volunteered the information to HMRC in this case and asked for th…
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As a follow up, the adviser has told me that HMRC told the client that, even though the contribution was cancelled and refunded, he's had relevant accrual and therefore FP2012 has certainly been lost. Hmmmm.
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Hi all - good discussion. I worked on a case recently where there was concern about 'unplanned' withdrawals and financial indiscipline. Rory's attitude to transfer risk q explores a little, and ultimately it's something that has to be captured at …
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I think, provided you've got some solid research to back up your assumptions, there is no right or wrong way. Provided it's reasonable and reasoned, I think there are many ways you can skin that particular cat. In some circumstances for example a …
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https://adviser.royallondon.com/technical-central/pensions/contributions-and-tax-relief/tapering-of-annual-allowance-for-high-incomes/ This would suggest you should deduct employee contributions from db input when calculating adjusted income
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So, it's now clear that we have an issue with the compliance team. Calculation of loss of benefits from opting out is, by their own admission, outwith their training and expertise. Therefore they cannot verify that any calculations or assumptions …
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Thank you very much
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If anyone has used Selectapension since yesterday, you'll now notice a more detailed LTA section in the client's data record section. This info is now used to create a more personalised projection of the DB pension at retirement, the fund required …
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Ah thank you. I do know there have been ad-hoc contributions (they've a history of that including funding for IR max tax free cash based on past service with big one off contributions for each member on 5 April 2006), and suspect there may have b…
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Sadly, one of the downsides of being outsourced is that we raise a query and ask our adviser clients to clarify. Sometimes don't get an answer back.
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Sorry tried to edit that but it didn't work. PTS sign off only required if there are benefits in there that fall under the safeguarded definition.
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Hi @stone_h ;; My understanding is a protected retirement age is not, in itself, a safeguarded benefit and so PTS sign off shouldn't be necessary unless the scheme has guarantees that fall under the definition of safeguarded. Perhaps this will help…
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I love the bigtent - I was hunting for said GMP deferral formula and here it is - excellent timing
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Ah thanks Susan. The plot thickens....
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Thank you - we do have an immediate retirement quote from the scheme so, with a bit of fiddling on Selectapension I was able to work out that it was almost the same as S52a (there was a small variance in the projected pension vs the immediate quote …
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Thanks :-)
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Thanks @benjaminfabi - begs the question whether the provider will also refund the net excess contribution back to the member - I guess any reasonable provider would offer the opportunity but there is the problem of potential loss on that money in t…