benjaminfabi
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Hi Sean, I'm also a bit confused. If he is becoming a new client then I'd treat him as such, and one of his assets is an inherited pension. If he wants money from it now, or the wrapper isn't suitable/portfolio needs changing, or whatever it is y…
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I bet the client is more anti-tax than anti-bond @parawhat GIA in a discretionary loan trust is a nightmare for everyone except the taxman
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here you go
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Agree with Aron, you don't need a critical yield for drawdown, but it is still best practice if you think that the client might buy an annuity in the future. You should be explaining why unsecured income routes are more suitable for the client's nee…
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That example isn't helpful in explaining that the charges of 2.74% are constantly applied to a fluctuating fund value, hence 2.36 effect. Parmenion has opted to disclose only monetary figures for the effect of charges element of the calculation, …
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I'm thinking the same as you there Aron. It's a much easier way to comply. @richallum those are some chunky service charges on that example!
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Hi Tony First off, I would advise against phasing. You're basically just trying to time the market, with all the unknowns of it. The only reason I'd expect to see used to justify it in the first place is in response to a client concern/desire tha…
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Hi Tony, Simple answer is no. I don't use any software for switching comparisons. The retirement modeller, which I did like when I used it, was the bit that made the O&M switching tool the preferred option when I was using software for that p…
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I've also found a good question asked elsewhere: https://www.taxation.co.uk/Articles/2017/02/21/336053/readers-forum-who-pays I'm now off to have a word with myself about how to use google effectively *adds to CPD development plan!
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Thanks guys. Apportionment of the NRB makes sense. Will do some more looking
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If they've used up all the annual allowance and then saved enough on top to still have a tax charge so large that they can't settle outright, then what are they spending it all on!
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The test is BCE4 and is based on the value of the assets used to purchase the annuity. The test will be done prior to the annuity purchase and the scheme administrator and member are jointly liable. In reality, the scheme pays the charge before the …
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Cobs 19.1.6G (3) A firm should only consider a transfer, conversion or opt-out to be suitable if it can clearly demonstrate, on contemporary evidence, that the transfer, conversion or opt-out is in the retail client’s best interests. (4) To de…
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Peer review of reports, graded on errors in words and figures. Eg, if a report is proof read and requires no changes it is green, if minor errors are found (typos, bad formatting) it's amber, if major errors are found (eg charges not totalled correc…
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No and if you're still studying why would you? But I've done all those exams and this seems to be a very effective way of satisfying a large amount of my annual CPD across the entire level 4 syllabus. At the moment I take regular online p…
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yeah but you can get them all wrong and still pass!
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I disagree. COBS 19.1 Annex 4B references normal retirement age under the rules of the scheme. If you enter the NRA into selectapension, and the desired age as earlier, it will produce a single TVC in the report.
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I work with one firm where we use two standard 'alternative market scenarios' * A risk profile weighted crash, with a recovery over three years, that takes place immediately before PCLS and income begin. * A 1.5% reduction to the risk profile …
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_ it's 33% of the increase in adjusted income _ This is correct. My previous expansion wasn't worded well!! TAA is a horrible thing! Here's a full example. Client has £150,000 adjusted income, with no existing pension contributions and n…
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£2+£1 = £3 £1/£3 = 33.33% EDIT - just to expand on this a bit. The amount of the increased salary and the amount of the reduced contribution have to sum to 100% of what they are. They can't not. The way that the second of those two figures is de…
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Because the employer contribution also tapers the AA
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https://www.financial-ombudsman.org.uk/publications/technical_notes/execution-only.htm I'd ask your compliance service provider what it has, or knock something up based on the guidelines in the link above.
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Completely agree with these two responses. My experience of using Genovo was one of frustration. Ultimately I found it took longer than simply producing my own report and keeping the relevant sections as my own standard text for future use.
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This is a paragraph taken from https://www.taxation.co.uk/Articles/2017/05/09/336381/inheritance-tax-transfer-pension-plans Section 3(3) The other matter the tribunal had to deal with was the omission to exercise a right. Before looking at the a…
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Which provider?
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Is that the only fee though? I'm sure they'll have additional ongoing admin fees? Most offshore bonds have at least 3 different charging structures to 'choose' from (read ' be confused by'!) and they nearly always include a quarterly £ fee and …
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Hi Jamie Although it seems like recently, I sat J10 in May/June last year. Best advice is to stick to the weightings in the syllabus as the exams tend to stay tight to the expectations. I'd recommend the Brand resources, and I'd also suggest t…
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Thanks Richard, and I apologise for doing it again but I have it in my head that the 'omission to act' situation is no longer available to hmrc. I'll have a look later and provide a better reference than my dim recollection of a case I did earlier i…
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The spouse's exemption doesn't apply. It is a transfer to a pension scheme with discretionary power over who can benefit. Therefore, it will eat into the NRB and potentially create a retrospective tax charge if the value of the loss to the estate (w…
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Hi, There is a really good article on this at Pru adviser: https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/enhanced-protection/#section-7