benjaminfabi
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- benjaminfabi
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I have had conversations with a couple of other providers about this but I don't know if it is public so I won't name them. My view is that these are reinventions of the same products we've had going right back to Canada Life's Annuity Growth Acc…
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Hi, 'Safe' withdrawal rate is to be avoided at all costs. There is nothing inherently 'safe' about it, and your earlier use of the word sustainable is much preferred. Monte Carlo can be bolted into a cashflow model. It's a model that will run …
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I am already a member of both. I gave up my Chartered designation for a couple of years a few years ago because I didn't (and still don't) feel that it's fit for purpose. But I decided that I worked too hard for my FPFS to not be able to display it,…
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The study material has been available to members for a very long time. It was never well known though. I agree with @Wildparaplanner and for me this is a big reduction in membership value. It's not like 'Perks' is offering anything that a thousand o…
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I don't think it matters what he has taken if the scheme now paying tax-free cash is relying on the LTA percentage declaration from another scheme. 400000/1073100 = 0.3727 = 37.27% 1073100 * 37.27% * 25% = 99986.09 If they're taking the £30,0…
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@Wildparaplanner said: Yes I noticed it a few weeks ago and made a formal complaint. I'm not sure how people are gaining qualifications without having to enroll though. To be able to take the exam of the module you downloaded, you have to enroll.…
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I can't see any other practical reason for tightening up the guidance? There has to be a monetary incentive for HMRC to do it, and stopping an exploit to bypass the LSDBA is my logical conclusion based on thoughts above.
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Yes, I agree UFPLS is a far simpler mechanism. So here is my cynical take... Previous guidance was loose in relation to how a member can designate into drawdown. In essence, a member could request that funds be designated and then, without needin…
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Yes I understand that was always the case. The question I was asking was more about the ability to give ufpls in the first place requiring the same augmentation as the one they use for a drawdown. It's all a mess just now, as I guess it always …
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Doesn't UFPLS require either a rule change to the scheme or the use of the permissive override? And if they've implemented the former into the scheme to avoid using the latter, why wouldn't they have also implemented blink of an eye FAD at the same …
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Okay thanks both. Does this mean that contracts that had used the permissive override (i.e. didn't implement a blink of the eye drawdown, or actual drawdown, in pre-a-day schemes are now going to be prevented from offering any retirement benefits…
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You will need to search the Decision Makers' Guidance and the associated Memos on the Gov site to see if there have been any entries relating to this issue. From experience, it's hard going! I'm not sure the age 55/57 issue is relevant for a bene…
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Tough to decide if this is good or bad. If what they’re looking to do is create an AI agent to replace the human who’s ticking the boxes in ATEB’s compiler, fair enough. But: * Risk of negative feedback loop is massive. Generally, as an enti…
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Hi Amy, I'm not entirely sure what the query is... I think you're asking if a client will get cancellation rights on the transfer of assets into an existing ISA to use the APS? The APS is separate to the assets in the ISA. A client with an ISA…
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* Yes if it goes from his pension to his bank and to his kids, it can't be from anyone other than him. But 'not necessarily' if it goes from his pension to joint bank account and then to his kids, as it legally (although not necessarily for IHT scru…
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Automatic/mechanical rebalancing of an advisory portfolio is perfectly fine without DIM permissions so long as it is carried out according to the strict methodologies set out by the firm in its original suitability report.
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Hi Obviously there's the online assemblies in this website. Financial Assess is the paid for corporate CPD solution of the CII/PFS. If you want supervision and development plans for each member of staff this is a good tool, also links directly…
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@les_cameron tell them they don't need it as they won't have an IHT problem at that point?
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Surely that are going to run out of money before they run into IHT? Hold the capital in their name and buy a WoL plan in trust with a £3k annual premium.
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It sounds like the sort of thing that wouldn't be okay, but the GAAR guidance said this was acceptable, which is odd but there you go...
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10/10 for the Trust section on that service. Very clear for due dil. But no Android app means it doesn't pass my friction test 😢
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Different options depending on where I am and what it's for... * when out and about I record into Samsung voice recorder on my phone. This gives me a transcription. I copy the transcription to chatgpt app then give it the communication type and…
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@Nath said: @Gustavo_Fring I haven't spoke to them on this yet. We are early adopters but keeping a close eye on developments via the Saturn community feed that we have a login for. If its up to scratch we would consider this but I feel it could …
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The car is a capital purchase. If there is enough capital within investments /cash to buy the car, it doesn't use any surplus income.
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I would be tempted to build this in excel and create a chart from the output. It shouldn't be too difficult. I'm not aware of any calculators that will model this, as most will assume phased DD is using 100% of what's taken from the accrual pot.
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Nice, thank you. Hadn't noticed that slip into the rules.
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It's a classic CFP 'reasoned and reasonable' approach to the estimate. HMRC will want to see that meaningful efforts have been made. When we've done these previously it's a case of tracking back as far as possible. I always assume that HMRC must …
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@SA96 thanks, I tend to agree. Problem with GAAR is that it really isn't a simple test, and it comes down to whether it's abusive and this devilish 'double reasonableness' test. For me, it's not worth the risk to save a few hundred quid in tax wh…
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No, as is often the case.
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Making a £60k gross pension contribution means that Step 1 is £60,000 (salary) and Step 2 is minus £60,000 (gross relievable pension contribution). Steps 3-7 are redundant once you make a member pension contribution (to any type of scheme) that i…