benjaminfabi
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Andy, I've PM'd you the wording I used in a similar situation. More generally, my approach to this is: * What is the requirement for the capital? Is it something that needs to be spent? In my case, the clients were disabled (in receipt of ES…
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I like the Intelligent Partnership guide to estate planning - free download from their site, (along with a lot of other useful guides, btw). The combination of 'elderly clients' and DGT immediately gives me concern. As the transfer for IHT is bas…
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Hi all... I've deleted the attachment from Aron's previous post as it breaks forum rules on sharing licensed material. I tend to agree with the general comments of all in this thread. Although I don't like threesixty's product technical sheets…
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One typical approach is: The scheme commutes the pension (or pension plus cash if it's a cash in addition) needed to fund the AA charge. That pension 'debit' is revalued to NRA along with the rest of the pension benefits. The DB pension in paym…
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Value of 1 segment in 2 years at 6% is: £627,265.18 * 1.06^2 = £704,795.16 Assuming no more withdrawals or CEs: (704,795 + 459,000) - (500,000 + 47,000) = £616,795
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Colin Calculate 1 segment as a bond in its own right from the start. Remembering that when the number of segments falls, any ongoing fixed withdrawal amounts/chargeable events will be higher per remaining segment.
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Hi Paul, My personal opinion is that you're better off doubling up into an exam like J10 and/or J12 as part of your work with R02. These will have more practical value in most paraplanning settings and if you decide to move into advising in the f…
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@Rcaisley I have always been more productive wfh in the evenings. I tried to force it out of me, but now I've accepted it! I typically work anywhere from 2 to 5 hours after 7pm,depending on what I've got on. During the day I will typically do les…
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Great idea Richard, please count me in
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@rwooffatst said: Scrap that - I have found the answer I need. Not sure how to delete it sorry! Hi, Rather than delete the post, would you mind posting the outcome for others in the future? Thanks
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Here is a very good technical article from Prudential. https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/primary-protection-tax-free/
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Hi Kris It's 25% of the available LTA. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm063230
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Hi Jona, What is your query? If added years payments are made monthly via payroll then they receive full tax relief at source in exactly the same way as main scheme contributions via the net pay arrangement.
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No worries, Colin. The more complete answer (it was late when I saw this first time) is that all funds designated into drawdown via BCE1 are tested again at age 75 through BCE5a. The impact of having exhausted the LTA on the first event is tha…
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Hi As there is no LTA remaining, the charge at age 75 will only capture the growth. As none of the growth has previously been taxed, because it didn't exist at the first bce, it is all fair game.
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Alex, Glad you got a good outcome. Just be careful on those marginal tax rates. The effective tax charges on a post LTA tax charge fund are: BRT - 40% HRT - 55% ART - 58.75% This is because the 20%, 40% and 45% rates respectively are char…
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Although I do have a specific calculator to answer the question 'should i pay an AA charge or not?' for very high earners, I've always defaulted to the 75% of something being better than 100% of nothing outcome for LTA, when the pension isn't going …
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Hi Andy, I use it as you are thinking about... Client - my client , the entity I'm invoicing (but I don't use Harvest for invoicing). Project - their client and a code identifier eg SR (suitability report), AR YYYY (annual review and year). …
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I agree with @arongunningham and @SianDaviesCole Given that you can't find any reference to it, I'd be asking the person who informed you for a link to the source reference.
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Adding a bit more to this... A life/pension office will create an insured 'mirror' fund so that it can deliver the returns of the fund but apply its own pricing structure within a particular product. So you will often see multiple series numbers as …
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Hi Conor I have found this to be one of the most challenging aspects of the job. It is so difficult to establish how and when benefit entitlements can be impacted by advice on withdrawals. I tread very carefully and in previous employed roles h…
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Your second scenario is the technically correct one. I don't focus on the percentages. Provide the difference in monetary terms and separate the mifid transaction costs in the Elevate plan. "based on a constant value of £xx over a full ye…
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I agree with @Clare_Weight I mainly bespoke the wording on investment experience. It can be useful to include a checklist in the rpq for the client to fill in. I have a couple of advisers use this. Asking if they've ever invested in the …
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Ultimately, if you don't have unit costs, then the total investment amount (usually more easily established) and the current value is how you're going to account for the tax and @richardgough is right to suggest adding up the book costs. @arongun…
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Second vote for Bridget at Wards. She knows what we do and although my ToB is heavier than I'd ideally like, I've never had a challenge on it and I'm confident in the security it gives me. I also don't have PI, but I do understand the position o…
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My view on this is (fairly) straightforward: * I agree that the outcome of negative trading costs is unrealistic and arises from the calculation methodology. * But the aggregated costs (OCF plus TCs plus Incidentals) are very rarely negative o…
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I agree with Nathan on this. I have had a few cases. It's always client specific ie there isn't a golden rule, and ultimately it can take a lot of work to calculate the different outcomes, all of which tend to do little more than move the tax liabil…
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Here's the PTM page to support Aron's reply. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm063230 Note that the scheme has to be able to facilitate the payment post 75 and this isn't a given.
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You are correct @Charplan @dommytayla please refer to the sticky threads at the top of the discussion board homepage for information on licensed materials, thanks
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https://thebigtent.paraplannerspowwow.co.uk/discussion/1021/pi-insurance-to-have-or-not-to-have#latest No provider recommendations here but a useful thread on general opinion of having PI.