richardgough
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I have never seen a contract which allows MVR on death; this is one of the few occasions where MVR are stated to not apply.
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1. Need to establish why they haven't been paying pension - has the client advised them of deferred retirement etc previously. If appropriate pursue a claim for backdated income payments. 2. Start getting it paid - the cost of any shortfall sits wi…
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Jamie, Thank you very much. I can put my mind at rest that I'm not losing the plot! Rebeccas - glad you agree with my thoughts.
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Hi Bambi, I look after all of this for our firm. I have a series of report templates for different scenarios. These are primarily of structure in nature rather than having words in them, apart from standard introductions etc. Within these reports…
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If the scheme were not going through a consultation would the client be looking to opt out now? Probably not. In order to understand a transfer out, you need to know what you are transferring out from. If the answer to the first point is 'No' then u…
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A consultation has no impact on current scheme and is never going to be a justifiable reason for transferring, particularly for an active member. I have seen, once, a sound reason for moving out of an active scheme due to the best 3 out of 10-year …
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There is definitely no requirement for an employer to have ongoing advice; they don't need advice to set up a scheme up in the first place if they don't want it. Annual Governance Report sounds like fluff to me!!
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Hi Jona, You are correct. PETS / Gifts have no impact on RNRB. https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band#how-to-calculate-and-apply-the-additional-threshold Gifts and other transfers made during a person’s lifetime (lifet…
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I think you are correct. RNRB is linked solely to the property and nothing else. Also, whilst failed PETS do impact estate value for IHT they do not impact the estate value for assessing if over the £2m limit for scaling back RNRB.
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On the area of Capacity for Loss I am interested in what others are using to assess capacity for loss. By this I mean the event, not cash flow model, discussion etc. Are you using a one off capital loss (not recovered)? If so, when is this loss to …
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HMRC reporting requirements; scheme accounts; HMRC registration etc. Costs (obviously). A key issue may be pre-retirement death benefits - exactly how will you pay out the fund value of its a share of the property? What if someone wants to transfer …
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Could you not make use of the illustration which, depending on provider/investment product, will include all the funds and codes and amounts involved?
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I too await for 'the standard' to be published; until then everything we discuss here is conjecture but interesting none the less. A 'standard' is not a job description. It should, I guess, be seen as an indication of some (not necessarily all) of …
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The in and out of wrappers is an issue if you adopt the revised approach. For example, if at a rebalance you need to reduce your UK equity exposure and increase, say your Fixed Interest you are going to take money out of ISA and into onshore bond. Y…
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I'm not aware of any platform offering such a functionality. Probably because the consequences of such an approach would be a potential tax nightmare. You could have money moving in and out of these wrappers, possibly creating a bond chargeable gain…
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"If you read nothing else, READ THIS!"
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Agree with richallum - CETV falls post advice not to transfer is not an issue, provided the advice not to transfer was correct. Benjamin, I may be splitting hairs (sorry) but I do not see how you can say what a client's income need in retirement is…
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I'm not sure I agree with everything that has been said so far. Chances are the initial enquiry stems from the client who has probably already found out what the TV is (and a level of greed can set in). They have read enough to know what the 'trigge…
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If DOV has been direct to minors then the parents are automatically trustees of a bare trust. You do not require a written trust deed. Therefore parents invest as trustees into an appropriate portfolio. However, if DOV was done direct to minors the…
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TFC (as it was at A Day) did not require any protection if, as at A Day your TFC was in excess of 25% of the A Day fund value. This protection was, in effect, converted into an amount, so it is not the percentage figure which continues. Essentially,…
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I suspect that the reason you are getting this response is that you are talking to 'the front desk' who do not have this information (and usually don't understand the request in te first place. Put the request in writing; if still get told No refer…
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Having done the CFP (more years ago than I care to remember) as well as spending a number of years being one the assessors I would wholeheartedly support undertaking the CFP. AS a more real life test of not only your knowledge but also your ability …
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Hi Jona, The Clause 41 notes are telling and would lead me to conclude that your client is fully caught by this change - another 'retroactive' piece of tax legislation - and so liable on worldwide assets. One can see the logic of the proposed chang…
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STEP raised this in August 2015 (as this was part of the 2015 summer budget). In the STEP briefing it talks of the situation being where the underlying asset was UK based but was wrapped around an offshore excluded property trust by a non dom to avo…
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Bond: Maximising segments is a key part for this. You may want to consider investing in 3 separate bonds as this gives you more 'smaller' segments which may come in useful in the future. A concern I have with what is being proposed is a clear 'fund…
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Hi Nathan, I thought you would know re monthly annual returns etc; I mention it because when I was assessing for IFP the number of candidates who continually got that wrong was staggering. As regards the RiY then unless there are fund sized loyalty …
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HI Nathan, If I understand this thread correctly you accept that you have a correct COBS illustration provided by Aegon. It is merely the wage growth assumption which creates a 'problem'? On a mathematical note, you will rarely (if ever) get an ex…
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We use SSGA Liquidity Fund. IE0003410440
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Working on a few assumptions: SSAS allowed over 25% PCLS as A Day TFC entitlement was over 25% so TFC was protected. Uncrystallised pot is separate pension plan PP? Is this correct?
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The CFP standard requires all assumptions to be reasoned and reasonable. Many of these are standard for all clients. For example general inflation and cash deposits are economic assumptions applicable to all clients. However, personal expenditure in…