Client Situation £1,400,000 No spouse, 2 children Age 55 Has other deposit based savings of £350,000 Has no debt Outgoing of £40,000 per annum Plans to work until 65 with an income of £80,000 Are you in a similar situation? Request a consultation Learn more about transferring assets here I reviewed a client who had…
The lifetime allowance (LTA) used to be out of reach for most but is now being factored in more and more with those looking to transfer out of a defined benefit scheme. Before April 2024, the Lifetime Allowance was the maximum allowable to be saved into a pension without paying an additional tax charge. The…
I welcome the move from the Financial Conduct Authority (FCA) to publish a video helping those considering transferring out of Defined Benefit/Final Salary Pension Schemes. The video highlights the process which financial advisers should follow when providing advice on your pension. It provides a guide to the information an adviser should provide you with and…
Since the dawn of pension freedoms and theability for those in defined benefit schemes to transfer their funds into adefined contribution arrangement, a record number of transfers have occurred. Taking the decision to move out of a guaranteedincome scheme to one which is reliant on stock market performance isn’t adecision to be taken lightly. However,…
Guaranteed Minimum Pensions (GMP) came about when employeesopted their employers out of the State Earnings Related Pensions Scheme (SERPS)between 1978 and 1997. The common pension vehicle for this was Defined Benefit/FinalSalary Schemes, where benefits were built up alongside employee benefits. In 1990, it became law that all UK pension schemes shouldallow an equal retirement date…
Client Situation £435,000 Married Aged 55 Outgoing of £1600 per month No loans or mortgage debt Good Health 3 Children but not dependent Are you in a similar situation? Request a consultation I received a contact request through this website for a man who had just received his transfer value. He was surprised at the…
We are currently in a period where defined benefit schemes are being transferred in record numbers. Low long term gilt yields are fueling an unprecedented demand to forego the safeguarded benefits within such schemes for more flexible access to a pension pot. Just last week, one of the largest pension administrators, JLT Employee Benefits, said…
Client Situation £140,000 Age 62 Married, no dependents Current Pension & Investment income £20,000 Outgoings £18,000 Buy to Let Property with £45,000 mortgage Residential mortgage with £40,000 mortgage Cashout Option Request a Consultation I was approached by a client who had a Defined Benefit Scheme from employment many years ago. The scheme had written to…
Billions of pounds worth of pension assets are changing hands today in the UK. Several factors are behind the change including regulatory changes and new demands from investors. What do these changes mean for you and your financial future? Pension Transfers In The News What exactly is happening when it comes to pension fund transfers?…
The FCA is considering the revision of the calculation of redress an entity has to pay in case of unsuitable advice given to a client regarding joining a private pension scheme. According to the officials at the Financial Conduct Authority (FCA), the current methodology that is used to calculate the redress does not provide the…