les_cameron
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The guarantee continues in payment I think not a lump sum. If they become entitled to the pension before 6 April 2024 then you are correct the PPLSDB would be exempt. Unless my arithmetic fails me they are not going over 100% so not sure why the…
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everyone is assumed to have had full tfc on pre commencement pensions - that's why you multiply by 25 and not 20.
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Lower of applicable amount or 25% of available LTA. PCP is valued at 25 x pension immediately prior to your BCE. If that's £800k then they have 450k of LTA left. So pre April TFC is the same. Post April That PCP is valued at 800k - 25% of th…
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It's a grey area - you can argue both ways. https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm143200 It depends on how you read "related to" . If all pension policies are included in the advice then I think you can stretch relate…
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Yes, the 3 month window is for getting guaranteed values at the guaranteed level. You are giving advice on an estimated value as they are no longer entitled to a guaranteed value. You'll need to be careful around what the actual value is going…
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Yes - you can;t cherry pick. You are just proving you have had less in total than the default calculation. Full disclosure will be required. The rules say the transitional tax free amount is the sum of all PCLS and non taxable part of UFPLS.
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LOL - bad formatting too!
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I'm on just about every day! LSA spot on. LSDBA not quite right (you take off a 1/4 of amount of LTA used, or 100% for that part that relates to a serious ill health lump sum) See below LTA £1,073,100.00 LTA remaining £274,713.60 LSA £…
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The law of insurable interest is 250 yrs old this year and doesn't deal with joint life applications. So it is a grey area - would half the contract be OK if one of the life's assured had insurable interest? There have been several attempts to m…
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That's how it's working. The new rules have a few too good to be trues in them! Those with SSPTFC and significant funds should definitely be considering taking it last. PS the new SSPTFC formula doesn't work - there is a circular reference in…
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You are turning something you have 100% tax free into something that will be 100% taxed?
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@benjaminfabi said: Ah thanks. I don't do social media so not available to me then 😢
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Hi That was the Q&A would be up within a day. Our LTA pages we still need to do - they'll be up this side of Xmas hopefully. The Q&A is in the M&G Wealth Technical Group on LInkedIn - https://www.linkedin.com/groups/12749123/
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A FTA is usually a very restricted drawdown plan. So what you are doing is a drawdown to drawdown transfer and that has no LTA implications.
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@amelia1983 said: @les_cameron said: LTA webinar next Thursday! I think at a high level it's fairly straightforward... Your LSA and LSDBA get reduced based on LTA usage. As an example 50% LTA usage w…
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@benjaminfabi said: Prior to April 2024 includes all pre-commencement pensions though, eh? Everything pre-2006 was also pre-2024. Not convinced yet, might just be 06-24 by the looks of it. BUT pre 2006 affects LSDBA which affects P…
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@benjaminfabi said: Prior to April 2024 includes all pre-commencement pensions though, eh? Everything pre-2006 was also pre-2024. Aye, but there is meant to be a new valuation methodology for those - not got to that bit yet!
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@les_cameron said: LTA webinar next Thursday! I think at a high level it's fairly straightforward... Your LSA and LSDBA get reduced based on LTA usage. As an example 50% LTA usage would result in you deducting £134,137.50 fro…
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The original question. As they have used 100% of LTA the starting point is a 100% reduction in LSA to £0. But if they can get a certificate proving they have only had £225,000 they will get that as a deduction instead - so £150,000 will become…
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LTA webinar next Thursday! I think at a high level it's fairly straightforward... Your LSA and LSDBA get reduced based on LTA usage. As an example 50% LTA usage would result in you deducting £134,137.50 from your lump sum allowance. What…
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@Redawg31 said: thanks, are you THE Les Cameron? Entirely possible ;-)
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All having the extra life assured does is mean the bond will continue when the owner dies ( assuming they predecease). So really only consideration I can think of is the owner will not be liable for any chargeable event taxation if he dies when t…
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There are no rules to interpret yet as the Finance Bill with the transitional rules has not been issued (perhaps today). My understanding is though because they have used 100% of their personal LTA they will have no lump sum allowance going forw…
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It should be the value of sums and assets available for the purchase of benefits. So the transfer value. Best check the scheme agrees.
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Yes. You can check the sums on the protected tfc tool on pruadviser
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This year they get the full amount subject to having adequate LTA - https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/primary-protection-tax-free Not sure if @TimMatthias is referring to next years rules as referencing an e…
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Should have read this instead :-) https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/lifetime-allowance-abolition-from-2024 The policy statement did in fact say that - last para in detailed proposals section Ministers hav…
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There is a list of all the SIPPs that allow it as an investment on page 4 here - https://www.mandg.com/dam/pru/shared/documents/en/genm100404400.pdf Haven't a scooby which of those are platforms mind you - not really my bag!
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The permitted maximum next year is usually the lower of 25% of fund, lump sum allowance and lump sum and death benefit allowance. But when you have SSPTFC it appears from the draft regs the maximum is basically the calculated amount with no refer…
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@TomLloyd_Read said: Having just sat through the fabulous (in case Les is reading!) M&G presentation, I don't think there will be a difference. If they had protection of some sort then under the proposed rules, they'd be better off waiting un…