1. Alice has the following income and benefits in the tax year 2016/17

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "1. Alice has the following income and benefits in the tax year 2016/17"

Transcription

1 1. Alice has the following income and benefits in the tax year 2016/17 Salary 100,000 Company car 5,000 Dividends 4,000 Income from a rental property 10,000 Employer pension contribution 60,000 (carry forward of 20,000 from a previous year being used) When considering whether she is liable to the Tapered Annual Allowance what is her Adjusted income? a. 104,000 b. 179,000 c. 119,000 d. 160, Frank has an Adjusted income of 167,000 and a Threshold income of 127,000 during the 2015/16 tax year. What is his Annual Allowance for that year? a. 23,000 b. 40,000 c. 31,500 d. 80, Which of the following lump sum benefits would trigger the Money Purchase Annual Allowance? a. PCLS where the residual amount is designated to drawdown b. Trivial Commutation Lump Sum c. Uncrystallised funds pension lump sum d. Uncrystallised funds lump sum death benefit 4. There are special rules for the pension input amount for certain hybrid arrangements where the money purchase annual allowance applies. Which of the following would not trigger the Money Purchase Annual Allowance? a. An individual has flexibly accessed their pension saving b. The defined benefit pension input amount is usually the highest c. They have at least one hybrid scheme that was set up on or after 14 October 2014 which could pay either money purchase or defined benefits d. The money purchase input sub-total is less than 10, Which of the following is not a condition that has to be met for a payment to be deemed to be an uncrystallised funds lump sum? a. It is payable from uncrystallised rights held in a money purchase arrangement b. It is payable from age 60 or earlier protected pension age or ill health c. The lump sum must be within the member s lifetime allowance d. It cannot be paid from disqualifying pension credits

2 6. Albert, who is 42, holds a small amount of benefits in his employer s defined benefit occupational pension scheme and wishes to take the benefits under the ill health rules, which of the following best describes the options that would be available to him from 6 April 2015? a. Trivial commutation lump sum b. Trivial commutation lump sum, small pots lump sum and an uncrystallised funds pension lump sum c. Trivial commutation lump sum, small pots lump sum, scheme pension with PCLS d. None of the above 7. Which of the following, regarding short-term annuity contracts, is not applicable since 6 April 2015 a. It can be purchased from capped drawdown plan b. It can be purchased from a flexi-access drawdown plan c. The member has to be given the opportunity to choose the provider that pays the annuity d. Income from a short-term annuity can go down as well as up 8. Which of the following is not true for a drawdown to drawdown transfer, from 6 April 2015? a. The member can t have been a member of the receiving scheme for 12 months or more b. The transfer must be made to a new empty arrangement c. The transfer of a capped drawdown contract is able to be converted to flexi-access on transfer d. It is possible to transfer a flexi-access drawdown contract 9. Ian has a pension input period that runs from 2 May 1 May each year. He contributes 40,000 on 2 May 2014 and a further 40,000 on 2 May Ignoring carry forward how much extra can he contribute after 8 July 2015 and before 6 April 2016? a. 40,000 b. 0 c. 80,000 d. 50, Daisy has a flexible income drawdown plan that was established on 3 September 2014, she has yet to take any income from it. What is her annual allowance for the 2015/16 tax year? a. 0 b. 40,000 c. 10,000 d. 80, Angela decides to take some of her pension benefits, which of the following will not trigger Money Purchase Annual Allowance reporting requirements on both Angela and the Scheme Administrator? a. A lifetime annuity where the amount can be decreased at Angela s discretion. b. UFPLS payment. c. payment from capped drawdown in excess of GAD limit d. small pots lump sum payment

3 12. David has a personal pension with ABC Ltd and wishes to access his pension via the pension flexibility rules. The Scheme Rules do not make any such provision. What needs to happen for David to be able to take advantage of the new rules? a. The Trustees are obliged to make an amendment to the rules b. David can insist on being allowed to take his benefits as it is allowed under the legislation. c. David will not be allowed to take the benefits as it is not in the Scheme Rules. d. None of the above. 13. As part of FCA s new compliance requirements, which government initiative do pension providers have to make members aware of? a. The Pensions Regulator b. Department for Work and Pensions c. Pensions Wise d. TPAS 14. As of 6 April 2015 a suitability report must include potential disadvantages of income withdrawal or short-term annuity. Which of these is not such a potential disadvantage? a. Capital value may be eroded b. Annuity/Scheme Pension rates may be better in future c. Income may not be sustainable d. Tax implications 15. Drawdown illustrations will still have to include certain information, which of the below is incorrect? a. Projected open market option values and the amounts of annuity available after 5 years b. Amount of income and projected value of funds at 5 yearly intervals to age 99 using lower, medium and high returns c. Assumed level of income d. Amount of annuity available currently in the market. 16. Which of the following benefits are considered to be safeguarded benefits? a. Plans that provide a guaranteed cash amount b. Plans that guarantee a minimum investment return (such as the guarantee on some with-profit funds) c. Plans with a protected tax free cash amount d. Money purchase plans with a guaranteed annuity rate 17. The construction of what type of scheme introduces a promise of some kind relating to part of the benefits available at retirement? a. Defined contribution scheme b. Defined benefit scheme c. Shared risk scheme d. Collective benefits scheme

4 18. What is the main advantage of being a member of a collective benefits scheme? a. Exposure to investment risk is reduced by the increased size of the fund. b. Any risk is transferred to the employer c. Individual members have control over the investment of their contributions d. There is the ability to take advantage of the new pension flexibilities. 19. In light of the new flexibilities members of unfunded public sector schemes only have an automatic right to transfer their benefits in which situation? a. Member has to be deferred member of the scheme b. The member must exercise the right before crystallisation c. The member s CETV in respect of their benefits is below 30,000 d. None of the above 20. The trustees must not transfer a member s safeguarded benefits until they have received a written transfer request from the member along with written confirmation, signed by the adviser of the following: a. The adviser has the relevant permissions to advise on pension b. The advice has covered the member s request to transfer all of their benefits c. The benefits are below 30,000 in value d. The adviser s FCA registration number 21. How often does a member have a right to apply for a statement of entitlement? a. Once every 12 months b. Once every 6 months c. Whenever they request it d. They do not have a right 22. Which body provides regulatory guidance on DB to DC transfers and conversions? a. HMRC b. FCA c. TPR d. TPAS 23. TPR provides a checklist of common indicators of a pension scam and gives guidance for trustees on making further enquiries when carrying out due diligence on a receiving scheme. Which of the following is NOT considered to be a potential indicator of a pension scam? a. Using overseas investments b. The member has been advised that there will be no contributions paid by themselves or the employer c. The member has been told they can t access their pension before age 55 d. the scheme is sponsored by an employer that doesn t employ the member

5 24. TPR may extend the trustees six-month payment deadline to pay the transfer payment in limited circumstances but only if the trustees make an application within what timescale? a. Six months from the end of the payment deadline b. Six months from the date of the transfer request c. Twelve months from the end of the payment deadline d. Twelve months from the date of the transfer request 25. As part of the 2014 Budget, the Chancellor announced some transitional rules surrounding block transfers for clients who have reached, or will reach normal minimum pension age on or before 5 October 2015 to allow them to make a block transfer as a single member. Which of the following was NOT part of these transitional rules? a. The transfer is made between 19 March 2014 and 6 April b. Only the member s transferred benefits under the receiving scheme must come into payment before 6 October c. All of the sums and assets that represent the member s rights under the original scheme are transferred. d. The transfer is made as a single transaction 26. Under personal pension schemes in which of the following circumstances is a refund of contributions allowed? a. The member has made personal contributions, in a tax year, in excess of their relevant UK earnings b. The member has exceeded their Annual Allowance c. The member has exceeded the Lifetime Allowance d. The member has been a member of the scheme for less than 3 months 27. Hilary is aged 50, has had to cease work due to an illness and has been advised she will not be able to return to work, she wishes to take her benefits from her money purchase pension arrangement and wants to know what options may be available. (i) UFPLS. (ii) Lifetime Annuity. (iii) Flexi-access drawdown. (iv) trivial commutation lump sum payment a. (i) and (iv) only b. (ii) and (iii) only c. (i), (ii) and (iii) only d. All four options 28. The payment of an UFPLS is an event which will trigger the MPAA. What will their annual allowance for all benefits be, from the trigger event date? a. 10,000 b. 10,000 plus carry forward of unused money purchase contributions from previous years c. 40,000 d. 10,000 for money purchase benefits and 10,000 for their defined benefits

6 29. With the introduction of flexi-access drawdown, from 6 April 2015, how often will a GAD review need to be carried out on these contracts? a. No requirement b. Every 3 years c. Every 12 months d. Every 5 years 30. Bill was in flexible income drawdown prior to the changes in April 2015, what happens to that contract on 6 April 2016? a. Bill has the option to convert it to capped drawdown b. It automatically converts to flexi-access drawdown c. Bill has the option to convert it to a flexi-access drawdown d. Nothing, it continues as a flexible income drawdown plan 31. Sally has benefits worth 25,000 in her employer s defined benefit scheme and has reached age 55, which of the following options are available to her? a. Trivial commutation lump sum b. Transfer to a defined contribution scheme on a non-advised basis c. Scheme pension d. All of the above 32. When explaining benefits of purchasing an annuity as opposed to flexi-access drawdown which of the following would be viewed as a benefit of purchasing an annuity? (i) Guaranteed income during lifetime. (ii) The level of income is set at outset and cannot normally be altered. (iii) The residual funds can be passed from generation to generation. (iv) Enhanced annuity rates a. (i) only b. (i) and (ii) only c. (ii) and (iii) only d. (i) and (iv) only 33. When discussing flexi-access drawdown which of the following statements is incorrect? a. Triggers the MPAA. b. Removes some exposure to pension fund s investment risk. c. Net amount released does not form part of member s estate d. Each payment will be taxed under PAYE in the tax year of receipt. 34. Which of the following is correct regarding a small pot lump sum? a. Taking such a lump sum payment will trigger the MPAA. b. Taking such a lump sum is a BCE and will use up some lifetime allowance c. The whole payment will be taxed under PAYE d. The minimum age to take such a lump sum is normally 55

7 35. Andrew, aged 77, died in July He nominated his son, Peter, to receive the death benefits from his uncrystallised funds, held in a self invested pension fund. Peter decides to take these benefits as a lump sum and receives the payment in August It is correct to say the tax position of these benefits will be: a. Taxed at Peter s marginal rate of tax and measured against Andrew s lifetime allowance. b. Taxed at 55% and measured against Peter s lifetime allowance c. Taxed at 45% d. Paid free of tax 36. John s wife, Mary, aged 65 died and as a result he will be entitled to a trivial commutation lump sum death benefit from her lifetime annuity. What should John be aware of? a. It must extinguish his right to any payments under that guarantee period b. It is subject to a maximum of 18,000 c. He must be over 55 to be able to be paid this lump sum d. He must be under age 75 to receive it. 37. Stephen designated funds to a capped drawdown arrangement on 1 July He is unhappy with the performance of his current provider and transfers it to another scheme on 16 August What should Stephen take into consideration? a. The drawdown plan will automatically convert to flexi-access on transfer b. It must transfer to a new empty capped drawdown arrangement c. He will be liable to the MPAA on transfer d. His next GAD review will be 16 August On 6 April 2015 Alice transferred her section 32 buy-out plan which included scheme specific tax-free cash in excess of 25% to a new self invested personal pension. How must the benefits from the SIPP be crystallised for her to keep her entitlement to the protected tax free lump sum? a. She must crystallise ALL of the benefits under the receiving scheme on, or before, 5 October 2015 b. She has lost her entitlement to the protection c. The transferred funds must be crystallised on, or before 5 October 2015 d. She must take her protected tax-free lump sum and purchase a lifetime annuity with the residual funds. 39. John has paid up benefits in two individual personal pensions valued at 15,000 and 4,000. He would like to take these benefits under the triviality rules, it is correct to say: a. He cannot take them, as the total value is in excess of 18,000 b. The commutation period of 12 months will start at the nominated date. c. John has to be at least 55 d. He cannot take them under triviality rules, as they are not held in a defined benefits scheme

8 40. Jason, died, when he was 60 with 500,000 in a capped drawdown plan. His widow, Mary, aged 65, has elected to take the death benefits by way of flexi-access drawdown, but takes no income as she is in receipt of a lifetime annuity, a scheme pension and has her own drawdown income fund. Mary has 10% of her lifetime allowance remaining. What benefits will be measured against her lifetime allowance when she reaches age 75? a. Any increase in value of both drawdown plans b. Any increase in value of her drawdown plan only c. The increase in value of both drawdown plans and the increase in her scheme pension from outset d. None of the above 41. Shaun was born on 1 July 1970, at what age will he be entitled to claim his state pension? a. 65 b. 66 c. 67 d Under the new single tier state pension what amounts are taken into consideration when calculating the foundation amount? (i) the amount payable under the current State Pension rules (ii) the amount payable if the new single-tier State pension had been in place at 5 April 2016 (iii) the amount payable if the new single-tier State pension had been in place at the start of working life a. (i) only b. (i) and (ii) only c. (ii) and (iii) only d. (i) and (iii) only 43. How many years of satisfactory NI contributions will somebody have needed to pay to receive some state pension under the single tier state pension regime? a. 35 b. 30 c. 15 d Those who reach their state pension age under the current regime will still be able to defer taking their state pension under the current regime after 6 April However, new rules have been introduced, which of the following is not included in the new rules? a. The minimum deferral period is nine weeks b. The rate of increase during deferral will be 1% for every nine weeks of deferral. c. A lump sum will not be available.

9 d. Deferred state pension cannot be inherited by a spouse or civil partner. However, up to six months arrears will be claimable by the deceased person s estate. 45. Which of the following benefits are being introduced from 1 April 2016? a. Widowed Parent s Allowance b. Bereavement Allowance c. Bereavement Support Payment d. Bereavement Payment Case study based questions: James, aged 57, is married to Angela aged 45, they have two children, Andrew and Julie, who are 15 and 17 respectively. James is still working and has uncrstyallised money purchase benefits of 1.5m and is a member of his employer s defined benefits scheme with an entitlement to a scheme pension of 50,000 pa at age 60 when the standard lifetime allowance will be 1m. 46. If James has no form of lifetime allowance protection what options would be available to him if he were to take the money purchase benefits today? a. He could take up to 25% PCLS of the money purchase benefits. b. He could take up to 25% PCLS of the amount up to 1.25m c. He could take up to 25% PCLS of the amount up to 1m of his money purchase benefits. d. He could crystallise his money purchase benefits and defer taking his PCLS until he took the defined benefits. 47. If James was to die today what would be the lump sum payment made by the money purchase arrangement provider to his beneficiary? a. 1.5m b. 1.25m c. 1m d. 2.5m 48. If James decided to take his defined benefits at age 60 and took his money purchase benefits 2 years later what, if any tax charge would he be liable for? a. 45% tax charge on the money purchase benefits, if taken as a lump sum b. 55% tax charge on the money purchase benefits if taken as a lump sum c. Marginal rate of tax on the money purchase benefits if taken as a lump sum d. None of the above 49. If James decides to take 250,000 as an UFPLS and three small lump sum payments of 10,000 each from his money purchase benefits how much will he receive as a PCLS? a. 82,500 b. 62,500 c. 92,500

10 d On James death Angela designated the money purchase benefits to nominee s flexi-access drawdown. Unfortunately, she died at the age of 55 with 1m remaining in the drawdown fund. She nominated that each of their two children should receive the benefits on a 50:50 basis. What options are not available to Andrew or Julie? a. Dependant s flexi-access drawdown b. Mix of lump sum and drawdown c. Survivor s flexi-access drawdown d. Survivor s lifetime annuity.

11 Answers Q ANSWER Q ANSWER 1 B 26 A 2 D 27 C 3 C 28 C 4 D 29 A 5 B 30 B 6 C 31 D 7 C 32 D 8 A 33 C 9 B 34 D 10 C 35 C 11 D 36 A 12 D 37 B 13 C 38 B 14 B 39 D 15 A 40 B 16 D 41 C 17 C 42 D 18 A 43 D 19 D 44 D 20 B 45 C 21 A 46 B 22 C 47 A 23 C 48 B 24 B 49 D 25 b 50 A

Pension Flexibility 2015

Pension Flexibility 2015 Pension Flexibility 2015 Who is likely to be affected? Individuals who have reached the normal minimum pension age, (normally age 55), who have money purchase pension savings in a registered pension scheme

More information

Information about tax relief, limits and your pension

Information about tax relief, limits and your pension Information about tax relief, limits and your pension Published: August 2015 Laws and tax rules have changed in 2015. The information here is based on our understanding in August 2015. Your personal circumstances

More information

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS).

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS). April 2015: Forthcoming Pension Changes Significant changes to pension regulations are being introduced on the 6 th April 2015. The legislation will be covered in the Taxation of Pensions Bill 2014 and

More information

Telegraph Investor SIPP Payment of Benefits Guidance Notes

Telegraph Investor SIPP Payment of Benefits Guidance Notes Under the HMRC pension legislation you can take your benefits from age 55, or younger on ill health grounds (see section below). Please note that you do not have to leave employment to draw your benefits

More information

Freedom and Choice in Pensions. Your guide to the changes

Freedom and Choice in Pensions. Your guide to the changes Freedom and Choice in Pensions Your guide to the changes Contents Freedom and Choice 3-5 in Pensions Buy an annuity 6-7 Remain invested - 8-9 entering drawdown Take a cash lump sum 10 Will providers offer

More information

By the end of this learning outcome you will be able to explain the following: FCA rules on transfers; Public sector transfers; Member rights to

By the end of this learning outcome you will be able to explain the following: FCA rules on transfers; Public sector transfers; Member rights to By the end of this learning outcome you will be able to explain the following: FCA rules on transfers; Public sector transfers; Member rights to transfer; Transfer where the member has protected tax free

More information

A guide to the pension changes in April 2015

A guide to the pension changes in April 2015 A guide to the pension changes in April 2015 106027837.indd 1 05/01/2015 10:00 Contents What do the changes mean for you? 3 Summary of the changes from 6 April 2015 5 What s changed in practice? 6 How

More information

By the end of this learning outcome you will be able to explain the changes to the annual allowance, explain the impact of the Taxation of Pensions

By the end of this learning outcome you will be able to explain the changes to the annual allowance, explain the impact of the Taxation of Pensions By the end of this learning outcome you will be able to explain the changes to the annual allowance, explain the impact of the Taxation of Pensions Act 2014 on Benefit Crystallisation Events, explain the

More information

THE TAXATION OF PENSIONS ACT 2014. February 2015

THE TAXATION OF PENSIONS ACT 2014. February 2015 THE TAXATION OF PENSIONS ACT 2014 February 2015 THE TAXATION OF PENSIONS ACT 2014 An Act to make provision in connection with the taxation of pensions Only four sections and two schedules 2 RESTRICTION/REDUCTION

More information

THE TAX TREATMENT OF PENSION DEATH BENEFITS

THE TAX TREATMENT OF PENSION DEATH BENEFITS THE TAX TREATMENT OF PENSION DEATH BENEFITS Recent changes to the rules for pensions have radically changed the approach of advisers with regard to pension savings. The following notes are designed to

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Spring 2015 reforms: the new DC flexibilities

Spring 2015 reforms: the new DC flexibilities Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting

More information

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways:

BENEFITS. The remainder of your fund is used to provide a pension, in one of 2 ways: BENEFITS Online links to further information are shown in underlined text below. Contents 1. Your own benefits 2. Benefits on death 3. Issues to consider 4. Other points These notes outline the benefits

More information

KEY GUIDE. Pensions freedom drawing from your pension

KEY GUIDE. Pensions freedom drawing from your pension KEY GUIDE Pensions freedom drawing from your pension Radical reform The changes revealed in the 2014 Budget were described by some retirement planning experts as a pensions revolution. The radical proposals

More information

Pensions - Tax Reliefs

Pensions - Tax Reliefs Pensions - Tax Reliefs Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Occupational schemes Personal Pension schemes.

More information

Pensions Tax Reliefs

Pensions Tax Reliefs Our Vision Pensions Tax Reliefs To become the Best Provider of Solutions for Businesses in Coventry & Warwickshire Types of pension schemes There are two broad types of pension schemes from which an individual

More information

Intelligent Pensions Guide to the Lifetime Allowance

Intelligent Pensions Guide to the Lifetime Allowance Intelligent Pensions Guide to the Lifetime Allowance June 2015 Index (click to jump to relevant sections) 1) What is the LifeTime Allowance (LTA)? 2) How are pensions measured against the LTA? 3) When

More information

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION FINANCIAL GUIDE A GUIDE TO New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.

More information

New Pensions Freedom. Giving people more confidence to save into a pension

New Pensions Freedom. Giving people more confidence to save into a pension FINANCIAL GUIDE A GUIDE TO New Pensions Freedom Giving people more confidence to save into a pension WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.

More information

Pensions Tax Reliefs. 03333 219 000 advice@bishopfleming.co.uk. www.bishopfleming.co.uk

Pensions Tax Reliefs. 03333 219 000 advice@bishopfleming.co.uk. www.bishopfleming.co.uk Pensions Tax Reliefs Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Workplace pension schemes Personal Pension

More information

A guide to pension tax

A guide to pension tax A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes

More information

REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75

REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75 PENSIONS PROFILE MARCH 2011 REMOVING THE REQUIREMENT TO ANNUITISE BY AGE 75 Summary From 6 April 2011, the requirement to buy an annuity by age 75 will be removed. Alternatively Secured Pensions (ASPs)

More information

Pension benefits with a guarantee and the advice requirement

Pension benefits with a guarantee and the advice requirement Pension benefits with a guarantee and the advice requirement January 2016 This factsheet is intended to help pension scheme providers determine: whether certain types of pension benefits which contain

More information

Budget 2008 report 12 March 2008

Budget 2008 report 12 March 2008 Budget 2008 report 12 March 2008 1 Budget report Initial analysis from AEGON Scottish Equitable This communication is directed at professional financial advisers. It should not be distributed to, or relied

More information

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT 1. Introduction: Before you proceed with your SIPP we want you to be sure that you know what the decision will mean for you; what the plan is, how it works and what the risks are. This key features document

More information

An Explanation of Pension Terms

An Explanation of Pension Terms abcdef An Explanation of Pension Terms Pension Term / Name Annual allowance Annuitant Annuity Bonuses Commutation Commutation for Smaller Pension Funds 10,000 or less Also Known or Previously Known As

More information

Planning. Income & Expenditure

Planning. Income & Expenditure Planning Retirement Cashflow Planner Once salary details and amount of net income required at retirement are input, calculator will then look at the client s assets and expected growth to retirement together

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

Pensions: Individual Protection 2014. Guidance Note 10 December 2013

Pensions: Individual Protection 2014. Guidance Note 10 December 2013 Pensions: Individual Protection 2014 Guidance Note 10 December 2013 Updated on 22 August 2014 1 Contents Page Introduction 3 Chapter 1 Overview 4 Chapter 2 Applying for IP 2014 7 Chapter 3 Valuing savings

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

More information

Pre 75 benefit options death of the member. The value of the pension fund at the date of death will be payable to the beneficiaries.

Pre 75 benefit options death of the member. The value of the pension fund at the date of death will be payable to the beneficiaries. Death benefits Guidance Notes This document is provided for use by professional advisers in conjunction with products provided by Talbot and Muir. The information in this document is based on our interpretation

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

Death Benefit Request Form

Death Benefit Request Form Death Benefit Request Form For commencing benefits to a beneficiary when a member has died. This form should be completed and signed by the nominated beneficiary. We require a separate form to be completed

More information

Close Brothers Self Directed Service Key Features and Charges

Close Brothers Self Directed Service Key Features and Charges Close Brothers Self Directed Service Key Features and Charges Contents 1) Key Features of the Close Stocks & Shares ISA and Close Cash ISA 2) Key Features of the Close Investment Account 3) Key Features

More information

Key Features of the Prudential Personal Pension Scheme

Key Features of the Prudential Personal Pension Scheme Key Features of the Prudential Personal Pension Scheme Important information you need to read The Financial Conduct Authority is the independent financial services regulator. It requires us, Prudential,

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

DECEMBER 2014 AUTUMN STATEMENT

DECEMBER 2014 AUTUMN STATEMENT DECEMBER 2014 AUTUMN STATEMENT SUMMARY The key announcements by The Chancellor providing opportunities for financial planning advice are outlined below. PENSIONS Summary of all the pension changes to apply

More information

experienceandexpertise Pensions Landscape Claire Trott Head of Technical Support

experienceandexpertise Pensions Landscape Claire Trott Head of Technical Support Pensions Landscape Claire Trott Head of Technical Support Agenda Benefits options overview Taxation issues Death of the death tax? Money purchase annual allowance rules. Benefits options overview Options

More information

Taking small pension pots as a lump sum: detailed guide

Taking small pension pots as a lump sum: detailed guide Spotlight Taking small pension pots as a lump sum: detailed guide Trivial commutation is where you may have an opportunity to take a small benefit as a lump sum. This fact sheet explains what rules you

More information

Flexible Retirement Account

Flexible Retirement Account Flexible Retirement Account Schedule of Fees and Services This document helps you understand the fees for establishing and administering a Flexible Retirement Account. It also provides you with a comprehensive

More information

Pensions Technical factsheet July 2014

Pensions Technical factsheet July 2014 Pensions Technical factsheet July 2014 For financial advisers only Small Lump Sum Payments This communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. This

More information

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options)

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) Important information Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) > Contents About this booklet 3 About our Flexible Retirement Plan 4 Who can take out a Flexible

More information

What are the tax breaks and controls on the tax breaks?

What are the tax breaks and controls on the tax breaks? Pensions - Tax Reliefs Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Workplace pension schemes Personal Pension

More information

Preparing for 6 April 2015 Are you ready for Question Time?

Preparing for 6 April 2015 Are you ready for Question Time? Are you ready for Question Time? Background The new flexible pension regime will come into effect on 6 April 2015 There is already extensive press coverage of the changes In understanding the changes it

More information

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information

Benefits guide for the AJ Bell Investcentre SIPP

Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks

More information

Pensions Tax Reliefs. Factsheets. What are the tax breaks and controls on the tax breaks? Types of pension schemes

Pensions Tax Reliefs. Factsheets. What are the tax breaks and controls on the tax breaks? Types of pension schemes Factsheets Pensions Tax Reliefs Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Occupational schemes Personal Pension

More information

Key features. For customers One Retirement

Key features. For customers One Retirement For customers One Retirement Key features Contents Its aims 02 Your commitment 02 Risks 03 Questions and answers 04 Secure retirement income (SRI) 08 Other information 11 How to contact us 12 The Financial

More information

Retirement Account. Application Form (Where no Flexible Account is required) No ID or age evidence required. For Financial Adviser completion only

Retirement Account. Application Form (Where no Flexible Account is required) No ID or age evidence required. For Financial Adviser completion only This form is only suitable when applying for two or more plans. If applying for one plan, please use the standalone form for that plan only. No ID or age evidence required Retirement Account Application

More information

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS

More information

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET O P Q RETIREMENT & DEATH BENEFITS PLAN For Employees of The OPQ Company MEMBERS' BOOKLET 2014 EDITION Reviewed January 2014 INTRODUCTION This booklet is an overview of the main benefits and conditions

More information

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

More information

Budget Statement 2016 Initial Analysis

Budget Statement 2016 Initial Analysis Budget Statement 2016 Initial Analysis 16 March 2016 The Conservative government presented its 2016 Budget today. The following summary provides an overview of the main points set out in the Budget and

More information

Member's Transfer Request Form

Member's Transfer Request Form Member's Transfer Request Form Request for Payment of Cash Equivalent Transfer Value to a Qualifying Recognised Overseas Pension Scheme (QROPS) Please complete this form if you want the value of your Local

More information

A guide to pension flexibility at retirement. In a nutshell. University of Oxford Staff Pension Scheme (OSPS) Contact us

A guide to pension flexibility at retirement. In a nutshell. University of Oxford Staff Pension Scheme (OSPS) Contact us University of Oxford Staff Pension Scheme (OSPS) A guide to pension flexibility at retirement Contact us If you have any questions about your OSPS benefits, or would like more information about the retirement

More information

Taking benefits from your pension. A guide to your options

Taking benefits from your pension. A guide to your options Taking benefits from your pension A guide to your options April 2015 Contents Introduction 3 The need for advice 3 4 The state pension 5 Options for taking your pension benefits 5 Annuity purchase 5 6

More information

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

Your options at retirement

Your options at retirement UPDATED: 6 April 2015 NEW pension freedoms Your options at retirement How to take tax-free lump sums and income, under new pension freedoms One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE

RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. INTRODUCTION THE RETIREMENT ACCOUNT

More information

Data Capture Form. for the SmartSIPP

Data Capture Form. for the SmartSIPP Data Capture Form for the SmartSIPP This form is for your internal use only. Please do not return it to us. You will need to: complete the online SmartSIPP application return the signed application form

More information

Make the most of your retirement. Retire with Friends. It s good to talk to Friends

Make the most of your retirement. Retire with Friends. It s good to talk to Friends Make the most of your retirement Retire with Friends It s good to talk to Friends You can count on Friends Retirement today looks a lot different than it did for previous generations. It s good news. There

More information

Changes relating to age 75 and flexible drawdown

Changes relating to age 75 and flexible drawdown October 2011 Registered pension schemes: Changes relating to age 75 and flexible drawdown This year s Finance Act makes a number of changes from 6 April 2011, concerning the impact that reaching age 75

More information

Freedom and Choice in Pensions A guide to the pension reforms

Freedom and Choice in Pensions A guide to the pension reforms ICAEW Freedom and Choice in Pensions A guide to the pension reforms August 2015 BUSINESS WITH CONFIDENCE icaew.com/pcc WELCOME Welcome to our updated technical guide to freedom and choice in pensions.

More information

Transferring your pension

Transferring your pension Transferring your pension TRANSFERRING YOUR PENSION From where to where? Transferring your pension is not an exercise to be undertaken lightly. If you make the wrong transfer, then you could seriously

More information

TD Direct Investing A Guide to SIPPs

TD Direct Investing A Guide to SIPPs TD Direct Investing A Guide to SIPPs Introduction If you are considering investing for retirement, there are a number of ways to approach it. One way is to embark on the do it yourself (DIY) self investment

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information

Beaumont Robinson Independent Financial Advisers. your retirement options

Beaumont Robinson Independent Financial Advisers. your retirement options your retirement options This report has been prepared by Beaumont Robinson July 2011 Introduction 2 Benefit Crystallisation Events 3 Protected Rights 4 Pension Commencement Lump Sum 5 Lifetime Annuities

More information

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

More information

Guide to Annuity Purchase

Guide to Annuity Purchase Fiducia Wealth Management Limited Guide to Annuity Purchase September 2012 For Professional Advisers Only Fiducia Wealth Management Ltd. Dedham Hall Business Centre, Brook Street, Colchester, Essex, CO7

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

Freedom and Choice in Pensions

Freedom and Choice in Pensions ICAEW Freedom and Choice in Pensions A guide to the pension reforms BUSINESS WITH CONFIDENCE icaew.com/pcc Welcome Welcome to our technical guide to Freedom and Choice in Pensions. Since George Osborne

More information

1 2 how a trust of the benefits is set up; and

1 2 how a trust of the benefits is set up; and What happens when a member dies? MEMBERS OF PERSONAL PENSION SCHEMES do not die only in retirement - they also die in service. Consequently, personal pension scheme rules have to deal with the use of the

More information

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

Limits to tax relief and tax-free benefits

Limits to tax relief and tax-free benefits TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits accrued by individuals in the UK which qualify to receive tax relief

More information

Drawdown Pensions: A technical guide

Drawdown Pensions: A technical guide For Financial Adviser use only Drawdown Pensions: A technical guide March 2013 News and information from MetLife s Technical Team In this bulletin: Drawdown has been an alternative to annuity purchase

More information

CHAPTER 25. This Chapter summarises how the provisions operate and how any tax charge is calculated. The topics covered in this Chapter are:

CHAPTER 25. This Chapter summarises how the provisions operate and how any tax charge is calculated. The topics covered in this Chapter are: Limit on Tax Relieved Pension Funds CHAPTER 25 Introduction 25.1 Chapter 2C 1 of, and Schedule 23B to, the Taxes Consolidation Act (TCA) 1997 deal with the limit on tax-relieved pension funds. These provisions,

More information

Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust

Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust ADVISER FACTSHEET Tech Talk February 2015 Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust In light of the Taxation of Pensions Act 2014, this Tech Talk

More information

WITHDRAWING MONEY PURCHASE FUNDS

WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS Pension commencement lump sum plus annuity Uncrystallised funds pension lump sum Flexi -access drawdown Small pots PRESERVE YOUR FUTURE

More information

Your options at retirement

Your options at retirement Your options at retirement How you can take your pension with us B&CE pension schemes include: The People s Pension EasyBuild Stakeholder Pension & EasyBuild S2P TUTMAN B&CE Contracted-out Pension Scheme

More information

Pensions Tax Workshop

Pensions Tax Workshop Pensions Tax Workshop Pensions Tax Workshop 2013 Basic structure 1. Background context 2. Lifetime Allowance 3. Annual Allowance 2 Pensions Tax Workshop Why are we here today? To help you To help staff

More information

An Adviser s Guide to Pensions

An Adviser s Guide to Pensions An Adviser s Guide to Pensions 1 An Adviser s Guide to Pensions Contents: Section 1: Personal Pensions 1.1 Eligibility 1.2 Maximum Benefits 1.3 Contributions & Tax Relief 1.4 Death Benefits 1.5 Retirement

More information

Accessing Your Pension

Accessing Your Pension CLIENT FACTSHEET Accessing Your Pension This fact sheet is designed to give an overview of the ways of taking benefits from your SIPP. Although this fact sheet concentrates on income drawdown and uncrystallised

More information

25 Must Ask Annuity Questions

25 Must Ask Annuity Questions 25 Must Ask Annuity Questions When Can I Buy An Annuity? Who Is The Best Annuity Provider? Why Do I Need Advice? 1. What is an Annuity? If you have a private pension when you retire you can purchase an

More information

Taxation of Pensions Act 2014

Taxation of Pensions Act 2014 Taxation of Pensions Act 2014 CHAPTER 30 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 9. 75 Taxation of Pensions Act 2014 CHAPTER 30 CONTENTS

More information

Pension tax relief Factsheet

Pension tax relief Factsheet Pension tax relief Factsheet This factsheet provides a summary of the rules in relation to pension tax relief, including recently introduced changes and information on proposals for further changes during

More information

SSAS SMALL SELF ADMINISTERED PENSION SCHEME

SSAS SMALL SELF ADMINISTERED PENSION SCHEME SSAS SMALL SELF ADMINISTERED PENSION SCHEME DEATH BENEFIT OPTIONS www.investacc.co.uk/ssas Introduction This is a basic guide to the options available on death of a member of an InvestAcc SSAS. It is not

More information

KEY GUIDE. Investing for income when you retire

KEY GUIDE. Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

More information

J.P. Morgan Self Invested Personal Pension (SIPP) & SIPP Drawdown

J.P. Morgan Self Invested Personal Pension (SIPP) & SIPP Drawdown Key Features and Terms and Conditions J.P. Morgan Self Invested Personal Pension (SIPP) & SIPP Drawdown Effective from 6 April 2015 For J.P. Morgan WealthManager + Account holders TABLE OF CONTENTS 3 KEY

More information

Taxation of Pension Schemes

Taxation of Pension Schemes 15 October 2007 Taxation of Pension Schemes Income Tax (Pensions) Bill 2007 Proposal Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.

More information

Limits to tax relief and tax-free benefits

Limits to tax relief and tax-free benefits TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK which qualify to receive tax relief

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

TRUSTEE TRANSFER PLAN Policy Document

TRUSTEE TRANSFER PLAN Policy Document TRUSTEE TRANSFER PLAN Policy Document [2] POLICY DOCUMENT TRUSTEE TRANSFER PLAN Contents 1. Introduction 4 2. Payments to us 6 3. Charges 7 4. Benefits payable under the Policy 8 5. Investments under the

More information

A Guide to Approved Retirement Funds (ARF)

A Guide to Approved Retirement Funds (ARF) & Guidance RF A Guide to Approved Retirement Funds (ARF) A Guide to Approved Retirement Funds Contents I m approaching retirement, what are my financial options? 02 What is a Financial Broker? 03 Why would

More information

Elevate. Your guide to the Elevate Pension Investment Account. I need a pension that will look after me and my family

Elevate. Your guide to the Elevate Pension Investment Account. I need a pension that will look after me and my family Elevate Your guide to the Elevate Pension Investment Account 1 I need a pension that will look after me and my family What is Elevate? 5 What is the Elevate PIA? 6 Choosing Investments 12 Your options

More information

Your Wealth. In this newsletter. november 2014. A newsletter from our personal financial planning team

Your Wealth. In this newsletter. november 2014. A newsletter from our personal financial planning team november 2014 Your Wealth A newsletter from our personal financial planning team In this newsletter 2 Freedom and choice in pensions 4 Saving for retirement Pension or NISA? 6 For peace of mind, opt for

More information

Spotlight. Defined benefit (DB) pensions and the new pension flexibilities. Have I got a defined benefit pension?

Spotlight. Defined benefit (DB) pensions and the new pension flexibilities. Have I got a defined benefit pension? This factsheet outlines how defined benefit (DB) pensions are affected by the new pension flexibilities. The Pensions Advisory Service is unable to give individual specific advice and you should seek alternative

More information