Sean_Fernyhough
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- Sean_Fernyhough
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The Scheme administrators have now brought a clearer explanation of their position. Or rather they're providing a different explanation. Referencing 22(6) of Schedule 36 of the Finance Act 2004 and the Pensions Tax Manual at 053720 they state that t…
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@les_cameron said: Never heard of it This is the best I can come up with on the PO website, Les https://www.pensions-ombudsman.org.uk/decision/2017/po-11237-po-11238-and-po-11239/hbos-final-salary-pension-scheme-po-11237-po-11238-and …
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I made this transition at the turn of the century when the advisory environment was like gunfight at the OK Corral every damned day. I'm winding down now towards retirement so my perspective is a long-term one. Firstly, being a paraplanner does n…
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You can't partially transfer funds already crystallised. I'm unaware of any necessity to use all the crystallised fund to buy an annuity. Suggest these transactions are done in sequence. If Embark (who are horrendous) cannot facilitate annuity purch…
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If the compliance people are saying it has to be in an SR and they throw a paragraph at you to insert just do it and have done. With regard to relevance remember that these were introduced for people who were entering income drawdown (typically acce…
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Solicitors are notoriously bad with pensions in this situation. Perhaps the solicitor is requesting help with how to assess the value of the spouse's pension entitlements?
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M&G website: "Where a person has Primary Protection with protected lump sum rights i.e. lump sum rights in excess of £375,000 at 5 April 2006, the MPAA will apply if they are paid a standalone lump sum." Source: https://www.mandg.com/wealth/advi…
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Never tell anyone what you actually do. It's a bit of a conversation killer anyway.
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There's is no comparison with meeting notes well-compiled by a human being. But that's not the comparison is it? However, while it may be artificial it certainly isn't intelligent. It has no idea why the client meeting is called and that the meeting…
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@Sean_Fernyhough said: @les_cameron said: Thanks HI, did they give any indication of what the procedure would be for future gains on the policy? I've directed that question to the product provider and the fi…
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@les_cameron said: Thanks HI, did they give any indication of what the procedure would be for future gains on the policy? I've directed that question to the product provider and the first time of asking it was clear the question fl…
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@Sean_Fernyhough said: Is there a danger in a life assurance company's template discretionary trust including in the list of potential beneficiaries the settlor's spouse/civil partner as opposed to the settler's widow(er)/surviving civil partner?…
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As a coda to this, I thought I'd write up what happened in this case once we applied to the HMRC in case it's of help to other people. The HMRC requested the following information: 1) full transaction history - premiums and withdrawals (includi…
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I am reminded reading the meeting notes from Saturn AI what a dog's breakfast it can produce. It is absolutely imperative that advisers read and edit the notes that the software produces. Like the software the adviser was in the meeting. Unlike the …
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Mrs' Will Trust is likely to have created a right for Mr to occupy the whole house during his lifetime. In effect creating a life tenancy in half the property to which the children are absolutely entitled upon Mr's death.
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Advised. i) Tax implications ii) Adviser may think the withdrawal best comes from elsewhere iii) Reviewing cash flow to see how it impacts objectives.
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Is it still the case that the only provider is Canada Life?
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Thank you Les.
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In a nutshell that is what Phoenix is doing. Their letter to the client makes it clear that they are not accepting the appointment of additional trustees and insist that any resignation must predate the appointment of any further trustees. Perhaps t…
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@richardgough said: @Sean_Fernyhough In my experience, Phoenix won't be much help when it comes to Trusts. I am presuming you are looking for the necessary Deed to retire and appoint a trustee - is that right? We have a properly dr…
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@richardgough said: @Sean_Fernyhough Which life office? Phoenix Life
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I think this is the usual insurance company nonsense, more clearly so when we're talking about a term assurance. 1) There's clarity about the trust's purpose and what the trust property is (will be upon successful claim). 2) There is no personal li…
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Thanks Les, I'm happy with the wording on the correspondence from the payer that it is interest. I've already Yes, the interest is over £10,000 and I have already advised the adviser that a personal return needs completing by the minor's guardians …
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Thanks Richard. The second paragraph describes the situation perfectly.
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Thanks Les. My educated guess wasn't far off.
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@les_cameron said: That life company is talking nonsense ( hop it's not us). I can't lie Les...
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Over the weekend a client obtained an online statement to Friday. It shows the effect of the McCloud remedy effect as the split between the two sections is radically different.
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I can vaguely remember a situation similar to this arising over a decade ago. I think the client renounced ownership of the asset or assigned ownership to the SIPP provider.
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That's useful. Thank you.
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There'll be no requirement to report income from FHL separately from other rental income, so it would seem so. We'll need to await legislation as it's not included in the Finance Bill.