Spring 2015 reforms: the new DC flexibilities

Size: px
Start display at page:

Download "Spring 2015 reforms: the new DC flexibilities"

Transcription

1 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 certain requirements. (For these purposes, DC pots and DC benefits include money purchase and cash balance pots and benefits.) The requirement to annuitise DC benefits has been removed. In addition, the drawdown restrictions and some of the annuity restrictions have been removed. y Trustees have a statutory power to offer a number of new options in relation to DC benefits at retirement including: flexi-access drawdown; uncrystallised funds pension lump sums; and pension commencement lump sums where a member takes flexi-access drawdown. y Trustees do not have a statutory duty to offer any of these flexibilities. Trustees can amend their rules (with employer consent) to charge members for exercising these options. y In addition to the new options, trustees are still able to offer annuitisation, standard pension commencement lump sums and small pot ( de minimis ) commutation payments of up to 10,000 if their scheme rules provide for them. y However, trustees are no longer able to pay trivial commutation lump sums from small DC pots (i.e. where the member s benefits across all registered pension schemes are valued at under 30,000). Trivial commutation of small DB pots is still available. y Where a member accesses a drawdown fund in any scheme or takes an uncrystallised funds pension lump sum, a new money purchase-only annual allowance has been introduced across all registered pension schemes that the member belongs to. y DC members have a right to free guidance at retirement. Schemes are subject to a range of new disclosure and provision of information obligations. y These changes apply to money purchase AVCs, and other DC pots held in DB schemes, not just to benefits held in pure money purchase or cash balance schemes. y Changes have also been made to the tax treatment of benefits paid on a member s death (both DB and DC), and of serious ill-health lump sums paid to members who have less than 12 months to live. This Update provides a summary of some key points, but is not comprehensive. If you need legal advice or assistance in connection with any of the issues covered, please speak to your usual Mayer Brown contact.

2 TYPES OF PAYMENTS THAT DC SCHEMES CAN MAKE FROM APRIL 2015 Flexi-access drawdown What is flexi-access drawdown? If a member designates a part of his or her DC pot as available for flexi-access drawdown, the member can then leave it invested in the scheme and draw it in the form of one or more lump sums as and when the member wishes, rather as if it was a bank account (subject to any restrictions that the scheme applies). Pre-April 2015 tax rules allowed two forms of drawdown, but there was a cap on the amount of cash that could be withdrawn unless the member had at least 12,000 of additional pension income from other sources. These restrictions do not apply to flexi-access drawdown. Can members still take a pension commencement lump sum? Where members designate funds as available for flexi-access drawdown, they can take an additional tax-free pension commencement lump sum out of the remainder of their DC pot, equal to up to 1/3 rd of the amount they have designated. So if they have designated 60,000 for flexiaccess drawdown, they can take up to a further 20,000 tax-free from the rest of their pot, payable up to six months before or up to 12 months after the time of designation. How is drawdown taxed? Withdrawals from flexi-access drawdown funds are taxed at the member s marginal rate as if they were income. Schemes proposing to offer a drawdown option will therefore need to deduct PAYE as and when funds are withdrawn. Not all DC schemes or administrators are authorised to do this: in the past they may only have needed to pay tax-free pension commencement lump sums or to transfer members pots to annuity providers. Can the member still buy an annuity? Designating funds for flexi-access drawdown will not prevent the member from later using those funds to buy an annuity outside the scheme. However, no additional tax-free cash will be payable if a member later uses some of the designated funds to buy an annuity. What are the annual allowance implications? A member who accesses drawdown funds will face a reduced annual allowance for future pension saving see the Money purchase annual allowance section below. Merely designating sums as available for drawdown, and taking a pension commencement lump sum when the sums are designated, will not affect the annual allowance. Can cash balance benefits be used for flexi-access drawdown? Where a member holds cash balance benefits, these must be converted into money purchase form in order to be designated for flexi-access drawdown. Regulations provide that this type of conversion will not breach the rules under s67 Pensions Act 1995 that restrict amendments which may adversely affect benefits that members have built up. The regulations also give trustees a power to amend their scheme rules by resolution (but subject to employer consent) to allow for this type of conversion. Uncrystallised funds pension lump sums What is an uncrystallised funds pension lump sum? An uncrystallised funds pension lump sum (also known as an UFPLS ) is a new type of authorised lump sum payment. A member can take all or part of his or her DC benefits as an UFPLS if the scheme allows. A member can take multiple UFPLSs or can withdraw all his or her DC benefits in a single payment. However, an UFPLS cannot be taken from funds designated for flexi-access drawdown. How is an UFPLS taxed? 25% of each UFPLS is tax-free, with the remainder being taxed at the member s marginal rate. As with drawdown, schemes proposing to pay an UFPLS should check that they or their administrators are authorised to deduct PAYE. What are the annual allowance implications? As with drawdown, a member who takes an UFPLS will face a reduced annual allowance for future pension saving. Commutation When can benefits be exchanged for cash under the small lump sum rules? From 6 April 2015, the age from which small DB or DC pensions can be exchanged for cash of up to 10,000 under the small lump sum rules has been lowered from 60 to 55. (The limit of 10,000 was increased from the previous limit of 2,000 in March 2014.) When can benefits be exchanged for cash under the trivial commutation rules? It is no longer possible to exchange DC benefits for a trivial commutation lump sum (i.e. where the aggregate of the member s benefits across all registered pension schemes is valued at less than 30,000). Trivial commutation of DB benefits is still possible and, from April 2015, the age at which DB pensions can be commuted for a trivial commutation lump sum has gone down from 60 to 55. (The trivial commutation limit was raised from 18,000 to 30,000 in March 2014.) Also, from April 2015, the limit for a trivial commutation lump sum death benefit (where a dependant s benefits under a scheme are exchanged for a lump sum) has been increased from 18,000 to 30,000. Are commutation exercises incentive exercises? The Incentive Exercises Monitoring Group has published a statement that, in its view, one-off trivial and small pot commutation exercises may fall within the scope of the Code of Practice on Incentive Exercises. 2 mayer brown

3 Annuities What were the pre-april 2015 annuity rules? Under the pre-april 2015 regime, in order for the purchase of an annuity to be an authorised payment: y the annuity had to be purchased from an insurance company; y the member had to be given the opportunity to select the insurance company; and y the annuity could not decrease once in payment. What s changed? From April 2015, there is no longer a tax law requirement to give the member the opportunity to select the insurance company, and annuities can decrease in payment. Can scheme pensions still be offered? It is still possible to use DC pots in occupational pension schemes to provide a scheme pension instead of an annuity. However, a scheme pension can only be offered if the member has had the opportunity to take an annuity first. Statutory override Do trustees have to amend their scheme rules to offer these new flexibilities? The Taxation of Pensions Act 2014 includes a statutory override under which trustees have the power (but do not have a statutory duty) to offer certain payments connected with the new flexibilities irrespective of their scheme rules. The payments that trustees can make using the override include: y a payment of drawdown pension; y an UFPLS; y a sum to purchase a short term annuity; and y a pension commencement lump sum in connection with income withdrawal. Trustees do not need employer consent to offer these options under the override. What about employer consent and charging members? The override does not itself allow trustees to recover the costs of offering the new flexibilities from members. If trustees are interested in offering any of the more complex flexibilities but are concerned about the cost implications, they may therefore want to amend their rules to give members a scheme option to take these benefits, by introducing a new rule that allows the trustees to pass administration costs on to members who choose that option. This is likely to require employer consent. In addition to the statutory override under the Taxation of Pensions Act 2014, regulations give trustees a power to amend their rules by resolution to offer flexi-access drawdown and/or UFPLSs and to convert cash balance benefits into money purchase benefits so that those benefits can be designated as flexi-access drawdown funds. This power also allows trustees to include conditions on the exercise of retirement options added to the scheme using the power, including a requirement for members wishing to exercise one of the new options to pay a fee. The exercise of this amendment power is subject to employer consent. What should trustees be doing (if they have not already)? DC schemes (including schemes offering DC AVCs): Trustees should consider whether they wish to offer any of the new flexibilities. The employer s views on this should be sought. They should also consider whether to review the scheme s investment fund range and in particular any default option, to reflect the fact that the age at which, and the form in which, members take their benefits may differ widely. Member communications should be reviewed and updated to reflect the changes. Trustees should consider whether a special member communication is required. Trustees should also consider whether to offer small pot commutation to any members and/or trivial commutation to any dependants who have become eligible as a result of the changes to the benefit value and age limits for commutation. DB schemes: Member communications should be reviewed and updated to reflect the changes. Trustees should consider whether a special member communication is required. Trustees should review the scheme s commutation factors in light of the changes to the benefit value and age limits for commutation, and should consider whether to offer trivial/ small pot commutation to any members/dependants who have become eligible as a result of the changes to the benefit value and age limits. Trustees should also review the scheme s investments to ensure that there is sufficient liquidity to cope with any potential increase in commutations or transfer requests. mayer brown 3

4 MONEY PURCHASE ANNUAL ALLOWANCE From April 2015, a new money purchase-only annual allowance ( MPAA ) of 10,000 applies for future DC savings once a member flexibly accesses his or her DC benefits. What s meant by flexibly accessing benefits? For these purposes, the following count as flexibly accessing DC benefits: y receiving an UFPLS; y making a withdrawal from flexi-access drawdown funds; and y certain other limited circumstances. For the avoidance of doubt, the MPAA will not be triggered by the following: y merely designating funds as available for flexi-access drawdown (as opposed to actually drawing on those funds); y taking a pension commencement lump sum (even in connection with designating funds for drawdown); y receiving a lump sum under the trivial commutation or small pot rules; y receiving a scheme pension (provided at least 11 other individuals are in receipt of either a scheme pension or dependant s scheme pension from the scheme); and y receiving a lifetime annuity (provided it cannot be decreased other than in prescribed circumstances). How does the MPAA fit in with the standard annual allowance? There are relatively complicated rules on how the MPAA interacts with the standard 40,000 annual allowance where the member accrues DB benefits after flexibly accessing DC benefits. Essentially, if a member has become subject to the MPAA, he or she can make combined DC and DB savings of up to 40,000 in a tax year, provided his or her DC savings in that tax year are less than 10,000. However, if the member s DC savings exceed 10,000, he or she will face an annual allowance charge on the excess DC savings, and will only be able to make DB savings in that tax year of up to 30,000 (plus any unused standard annual allowance carried forward from the previous three tax years there is no carry forward facility for unused MPAA). Do schemes have new provision of information obligations? To enable the MPAA to operate, regulations impose important new information requirements when a member first flexibly access DC benefits under a scheme. (Remember that this includes taking an UFPLS.) The trustees or other provider have 31 days in which to send the member a statement that: y tells the member that he or she has flexibly accessed benefits; y explains the implications for the member of being subject to the MPAA; y tells the member that he or she has 91 days to tell all other registered pension schemes of which he or she is an active member that he or she has flexibly accessed DC benefits under another scheme; and y tells the member that if he or she becomes an active member of any other registered pension scheme in future, the member must notify that scheme s administrator that he or she has flexibly accessed benefits under another scheme. This statement need only be provided when the member first flexibly accesses his or her DC benefits under the scheme. In addition, the existing requirements about the provision of pension saving statements and reporting to HMRC have been extended. They require scheme administrators to: y provide a pension savings statement to any member whom they believe has flexibly accessed DC benefits (whether held in that scheme or another registered pension scheme) and who has new DC savings in excess of 10,000 in that scheme; and y report the provision of any such pension saving statements to HMRC in an event report. What should trustees be doing (if they have not already)? All schemes: Administration processes should be updated to reflect the new money purchase annual allowance requirements. Member communications should be updated to reflect the introduction of the money purchase annual allowance, and trustees should consider whether a special member communication is required. What about hybrid arrangements? There are even more complicated rules on how the MPAA operates where a member accrues future benefits under a hybrid arrangement (where the benefit promise is the greater of a money purchase/cash balance benefit or a defined benefit). Generally speaking, however, if the hybrid arrangement was in place prior to 14 October 2014, accruals under it will be valued in the same way as for the standard annual allowance. 4 mayer brown

5 THE GUIDANCE GUARANTEE AND NEW DISCLOSURE OBLIGATIONS To help members make the right decision on what to do with their DC benefits, a new guidance service has been established and schemes are subject to new disclosure obligations in relation to members with DC benefits. What s the guidance guarantee? Members with DC benefits have a right to receive free at retirement guidance from an independent guidance service known as Pension wise. The guidance is designed and tailored to help individuals understand their options, but does not recommend specific products. A website for the service has been set up. The initial guidance providers are the Citizens Advice Bureau (which provides face to face guidance) and the Pensions Advisory Service (which provides telephone guidance). The Treasury has power to designate other organisations as guidance providers and to revoke a provider s designation. The Financial Conduct Authority (the FCA ) has set standards for the guidance and will monitor the providers compliance with those standards. The service will be funded by a levy on FCA-authorised firms. What are the new disclosure obligations? Where a member has an opportunity to transfer DC benefits, trustees must provide certain prescribed information at specified trigger points. These trigger points are where: y the member asks for information on his or her options in relation to those benefits or tells the trustees he or she is considering or has decided what to do with those benefits; or y the trustees otherwise communicate with the member about his or her options in relation to those benefits, and the member: y is less than four months from normal minimum pension age; y has reached normal minimum pension age; or Are there any other changes to the disclosure rules? Changes have also been made to: y the basic scheme information that must be provided to members; y the information that trustees must provide to members as they approach retirement and on retirement; and y the information that trustees must provide when a member dies and a person may be entitled to exercise rights or options in relation to DC benefits under the scheme as a result of that death. What s the second line of defence? In addition to the guidance guarantee, there is a second line of defence when DC members retire involving the provision of risk warnings by schemes. The requirements for trust-based schemes are set out in the Pensions Regulator s guide on communicating with members about the new flexibilities. This states that trustees should give members generic risk warnings on the four main ways in which DC benefits can now be taken (i.e. as an annuity, via flexi-access drawdown, as multiple UFPLSs or as a single UFPLS). The guide recommends that trustees should avoid giving specific risk warnings based on members individual circumstances. Providers of contract-based schemes are subject to more stringent requirements under FCA rules. What should trustees be doing (if they have not already)? DC schemes (including schemes offering DC AVCs): Administration and retirement processes and member communications should be updated to reflect the new disclosure requirements. Retirement processes should also be updated to reflect the new recommendation to give members relevant risk warnings. Trustees should also discuss with the employer whether to offer members access to independent financial advice that goes further than the guidance guarantee and whether this would be at the members cost. y satisfies the statutory ill-health condition. The information to be provided varies depending on the trigger point, but includes (among other things) information on the member s right to use the Pension wise guidance service and on how the member can access the service. The Pensions Regulator has published a guide for trustees on communicating with members about the new flexibilities. mayer brown 5

6 DEATH AND SERIOUS ILL-HEALTH BENEFITS Death benefits Prior to April 2015, when the death benefits (whether DB or DC) payable in respect of a member were paid in lump sum form, the recipient of the lump sum had to pay tax on them at a rate of 55%, unless (where DB benefits were concerned) the member died before age 75. What s changed in relation to DC death benefits? From April 2015, members with DC benefits can nominate one or more beneficiaries to receive any unused drawdown funds and/or uncrystallised DC benefits on their death. If the member dies before age 75, the beneficiary will generally receive the funds tax-free whether they are paid in lump sum form or via drawdown. If the member dies after age 75, the beneficiary will pay tax at his or her marginal rate if the funds are paid via drawdown or at 45% (rather than 55%) if the funds are paid as a lump sum. The Government intends to reduce this 45% rate to the beneficiary s marginal rate from the 2016/17 tax year. Serious ill-health benefits Members can commute their DB or DC benefits in full on the grounds that they have less than 12 months to live. Prior to April 2015, if they did so after the age of 75, a tax charge of 55% applied to the lump sum. From April 2015, this tax charge has been reduced to 45%. This change applies to payments made on or after 6 April What should trustees be doing (if they have not already)? All schemes: Trustees should review their scheme s death benefit provisions to ensure (if desired) that they enable the trustees to pay death benefits in the most tax-efficient way. Administration processes should be updated to reflect the new tax rates for death and serious ill-health benefits. Member communications should be updated to reflect the changes. Beneficiaries of a member s unused drawdown funds and/or uncrystallised DC benefits will also be able to nominate a successor to receive any unused inherited funds in the event of the beneficiary s death. Regulations give trustees a power to amend their scheme rules by resolution (but subject to employer consent) to allow for nomination of a nominee or successor and to allow unused drawdown funds to be paid in lump sum form following the death of the member/dependant/nominee/ successor. What s changed in relation to DB death benefits? From April 2015, if a member with DB benefits dies, the scheme can (as before) to pay any death benefits in lump sum form or in the form of a dependant s scheme pension. If the member dies before age 75, the lump sum will be tax-free while the recipient of a dependant s scheme pension will pay tax at his or her marginal rate. If the member dies after age 75, the lump sum will be taxed at 45% (rather than 55% and reducing to the recipient s marginal rate from the 2016/17 tax year), and the recipient of a dependant s scheme pension will pay tax at his or her marginal rate. When did these changes take effect? These changes apply to payments made on or after 6 April 2015 (as opposed to payments made in relation to deaths occurring on or after 6 April 2015). Payments must still be made within two years of the individual s death to qualify as authorised payments. 6 mayer brown

7 About Mayer Brown Mayer Brown is a global legal services provider advising clients across the Americas, Asia and Europe. Our geographic strength means we can offer local market knowledge combined with global reach. We are noted for our commitment to client service and our ability to assist clients with their most complex and demanding legal and business challenges worldwide. We serve many of the world s largest companies, including a significant proportion of the Fortune 100, FTSE 100, DAX and Hang Seng Index companies and more than half of the world s largest banks. We provide legal services in areas such as banking and finance; corporate and securities; litigation and dispute resolution; antitrust and competition; US Supreme Court and appellate matters; employment and benefits; environmental; financial services regulatory and enforcement; government and global trade; intellectual property; real estate; tax; restructuring, bankruptcy and insolvency; and wealth management. Please visit for comprehensive contact information for all Mayer Brown offices. Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the Mayer Brown Practices ). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC ); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. Mayer Brown and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions The Mayer Brown Practices. All rights reserved.

8 Americas Asia Europe 0411pen May 2015

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

Pension Scheme Funding in Germany. Private Investment Funds Practice Discussion Papers

Pension Scheme Funding in Germany. Private Investment Funds Practice Discussion Papers Pension Scheme Funding has become a must for corporates in the German marketplace. The need to optimize investment of pension assets means there are far-reaching opportunities for financial institutions.

More information

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

Perspectives on Cybersecurity and Its Legal Implications

Perspectives on Cybersecurity and Its Legal Implications Survey Results 2015 Perspectives on Cybersecurity and Its Legal Implications a 2015 survey of corporate executives The National Institute of Standards and Technology (NIST), a non-regulatory agency of

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

TERMINATION PAYMENTS AND INTERNATIONALLY MOBILE EMPLOYEES

TERMINATION PAYMENTS AND INTERNATIONALLY MOBILE EMPLOYEES Article A similar version of this article first appeared in tax Journal, 18 November 2013 TERMINATION PAYMENTS AND INTERNATIONALLY By James Hill Speed Read: The taxation of termination payments paid to

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

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

Protecting Americans from Tax Hikes Act of 2015: Effects on Taxation of Investment in US Real Estate

Protecting Americans from Tax Hikes Act of 2015: Effects on Taxation of Investment in US Real Estate Legal Update December 21, 2015 Protecting Americans from Tax Hikes Act of 2015: Effects on Taxation of Investment in On December 18, 2015, Congress passed and President Obama signed into law the Protecting

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

Major Changes Introduced by the New Companies Ordinance Companies Limited by Guarantee 1

Major Changes Introduced by the New Companies Ordinance Companies Limited by Guarantee 1 Major s Introduced by the New Companies Ordinance Companies Limited by Guarantee 1 1. Abolition of Memorandum of Association Memorandum of Association is abolished for all local companies. Current provisions

More information

Out-of-the-Money: The IRS Designates Basket Options as Listed Transactions and Transactions of Interest

Out-of-the-Money: The IRS Designates Basket Options as Listed Transactions and Transactions of Interest Legal Update July 24, 2015 Out-of-the-Money: The IRS Designates Basket Options as Listed Transactions and It s been a long hard road for barrier options. In 2010, the Internal Revenue Service (the IRS

More information

Major Changes Introduced by the New Companies Ordinance Private and Public Companies 1

Major Changes Introduced by the New Companies Ordinance Private and Public Companies 1 Major s Introduced by the New Companies Ordinance Private and Public Companies 1 1. Abolition of Memorandum of Association Memorandum of Association is abolished for all local companies. Current provisions

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

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

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

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

IRS Issues Revised Guidance on Form W-2 Reporting Requirements for Costs of Employer Group Health Coverage

IRS Issues Revised Guidance on Form W-2 Reporting Requirements for Costs of Employer Group Health Coverage Legal Update January 23, 2012 IRS Issues Revised Guidance on Form W-2 Reporting Requirements for The Patient Protection and Affordable Care Act of 2010 (PPACA) requires employers to report the aggregate

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

Information Disclosure on the Securities Market

Information Disclosure on the Securities Market 3 Legal Update Banking & Finance Construction & Engineering Corporate & Securities Vietnam 06 July 2012 Information Disclosure on the Securities Market Summary On 5 April 2012, the Ministry of Finance

More information

IRS Provides Guidance on Beginning of Construction for Renewable Energy Projects

IRS Provides Guidance on Beginning of Construction for Renewable Energy Projects Legal Update April 16, 2013 IRS Provides Guidance on Beginning of Construction for Renewable Energy Projects On April 15, 2013, the US Internal Revenue Service (the IRS) released Notice 2013-29 1 (the

More information

Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements

Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements Legal Update January 9, 2014 Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements In Michigan State Housing Development

More information

Section 546(e) a Key Protection. Legal Update December 11, 2014

Section 546(e) a Key Protection. Legal Update December 11, 2014 Legal Update December 11, 2014 United States Court of Appeals for Second Circuit Holds that Section 546(e) Safe Harbor Protects from Avoidance Transfers of Fictitious Profits in Connection with Madoff

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

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

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

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

Long-Expected Omnibus HIPAA Rule Implements Significant Privacy and Security Regulations for Entities and Business Associates

Long-Expected Omnibus HIPAA Rule Implements Significant Privacy and Security Regulations for Entities and Business Associates Legal Update February 11, 2013 Long-Expected Omnibus HIPAA Rule Implements Significant Privacy and Security Regulations for Entities and Business Associates On January 17, 2013, the Department of Health

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

Addressing UBTI Concerns in Capital Call Subscription Credit Facilities

Addressing UBTI Concerns in Capital Call Subscription Credit Facilities Legal Update November 2012 Addressing UBTI Concerns in Capital Call Subscription Credit Facilities A subscription credit facility (a Facility), also frequently referred to as a capital call facility, is

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

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

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

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

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

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

SIPP benefit form income drawdown and lump sum payments

SIPP benefit form income drawdown and lump sum payments SIPP ISA Dealing Junior ISA SIPP benefit form income drawdown and lump sum payments Please complete this form if you want to access your pension and take income as lump sums or income drawdown. If you

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

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

Our guide to the Pension Schemes Act 2015

Our guide to the Pension Schemes Act 2015 LCP GUIDE MARCH 2015 Our guide to the Pension Schemes Act 2015 IN THIS GUIDE: p2 An overview of the changes p2 Flexible benefits and safeguarded benefits The Pension Schemes Act 2015 offers up the prospect

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

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

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

Welplan Pensions. Flexibility for members from 6 April 2016. Spotlight on flexibility:

Welplan Pensions. Flexibility for members from 6 April 2016. Spotlight on flexibility: Welplan Pensions Flexibility for members from 6 April 2016 Spotlight on flexibility: Pension freedom is great news for members Changes in the law mean that from 6 April 2015 many members of pension schemes

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

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

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

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

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

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

SIPP benefit form drawdown and lump sum payments

SIPP benefit form drawdown and lump sum payments Stockbrokers SIPP benefit form drawdown and lump sum payments Please complete this form if you want to access your pension and take benefits as a lump sum or income drawdown. If you want to take an annuity

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

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

Small Self Administered Scheme. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS)

Small Self Administered Scheme. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Small Self Administered Scheme Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Important notes Taking benefi ts from your pension is an important decision. We recommend that you take advice

More information

Halifax Share Dealing SIPP

Halifax Share Dealing SIPP Halifax Share Dealing SIPP Benefit form - income drawdown and lump sum payments Please complete this form if you want to access your pension and take benefits as a lump sum or income drawdown. If you want

More information

SIPP benefit form drawdown and lump sum payments

SIPP benefit form drawdown and lump sum payments TD Direct Investing SIPP benefit form drawdown and lump sum payments SIPP benefit form drawdown and lump sum payments Please complete this form if you want to access your pension and take benefits as a

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

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

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

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

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

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

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

Financial Conduct Authority Retirement Income Market Data

Financial Conduct Authority Retirement Income Market Data Financial Conduct Authority Retirement Income Market Data July September 2015 Contents Introduction 1 1 Executive summary 2 2 Our sample 5 3 Consumer choices 6 4 Withdrawals 12 5 Use of regulated advisers

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

THE SIT SIPP. Self Invested Personal Pension. Benefit Form drawdown and lump sum payments

THE SIT SIPP. Self Invested Personal Pension. Benefit Form drawdown and lump sum payments THE SIT SIPP Self Invested Personal Pension Benefit Form drawdown and lump sum payments The SIT SIPP Benefit Form - drawdown and lump sum payments Please complete this form if you want to access your pension

More information

Benefi t Form Income Drawdown and Lump Sum Payments. IWeb Share Dealing Self Invested Personal Pension

Benefi t Form Income Drawdown and Lump Sum Payments. IWeb Share Dealing Self Invested Personal Pension Benefi t Form Income Drawdown and Lump Sum Payments IWeb Share Dealing Self Invested Personal Pension Benefi t Form Important tes Please complete this form if you want to access your pension and take benefits

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

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

Giving Third Parties Contractual Rights The New Rules

Giving Third Parties Contractual Rights The New Rules Legal Update Hong Kong 3 June 2015 Giving Third Parties Contractual Rights The New Rules Hong Kong s Contracts (Rights of Third Parties) Ordinance No.17 of 2014 (the Ordinance ) was passed in December

More information

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account The Personal Range Key Features of the Individual Personal Pension Transfer Value Account Reference MPEN11/F 07.15 The Financial Conduct Authority is a financial services regulator. It requires us, Friends

More information

Accessing DC savings: The new rules. www.allenovery.com

Accessing DC savings: The new rules. www.allenovery.com Accessing DC savings: The new rules www.allenovery.com 2 2 DCHQ Freedom and choice series: briefing 2 In addition to existing options such as cashing out a small lump sum, buying an annuity or going into

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

Options available when deciding to take pension benefits

Options available when deciding to take pension benefits Options available when deciding to take pension benefits You can now use the money that has built up in your pension fund to provide you with an income in retirement. An income can be provided in any of

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

Crossing Borders New Guidance on the Transfer of Personal Data outside Hong Kong

Crossing Borders New Guidance on the Transfer of Personal Data outside Hong Kong Legal Update Privacy & Security Hong Kong 20 January 2015 Crossing Borders New Guidance on the Transfer of Personal Data outside Hong Kong Section 33 of the Hong Kong Personal Data (Privacy) Ordinance

More information

Your choices at retirement and the Open Market Option (OMO)

Your choices at retirement and the Open Market Option (OMO) CLIENT FACTSHEET Your choices at retirement and the Open Market Option (OMO) This fact sheet focuses on how you can use your SIPP fund to buy an annuity in the open market to provide an income in retirement

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

PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES

PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES IMPORTANT INFORMATION Please read this section carefully before completing this application form. This form can only be used where you are taking

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

A Quick Start Guide to EMIR: What you need to do and when

A Quick Start Guide to EMIR: What you need to do and when Legal Update January 2013 A Quick Start Guide to EMIR: What you need to do and when On 19 December 2012 the Commission adopted the majority of the subordinate legislation necessary to implement Regulation

More information

Provide for your loved ones. A guide to death benefits from your pension plan

Provide for your loved ones. A guide to death benefits from your pension plan Provide for your loved ones A guide to death benefits from your pension plan This guide covers the death benefits from the following plans: Self Invested Personal Pension Group Self Invested Personal Pension

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

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

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

Beaufort Self Invested Personal Pension. Key Features Document

Beaufort Self Invested Personal Pension. Key Features Document Beaufort Self Invested Personal Pension Key Features Document Introduction The purpose of this document is to provide important information to help you to decide whether our SIPP is right for you. You

More information

Lump sum death benefits: Tax issues

Lump sum death benefits: Tax issues September 2013 Occupational pension schemes: Lump sum death benefits: Tax issues Here we look at the main tax issues which arise in relation to lump sum death benefit payments. We shall start with tax-registered

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

A Guide to the Local Government Pension Scheme for Councillors in Scotland

A Guide to the Local Government Pension Scheme for Councillors in Scotland A Guide to the Local Government Pension Scheme for Councillors in Scotland April 2016 Index 1. About this Booklet pg 4 2. About the Local Government Pension Scheme (LGPS) pg 5 Who runs the LGPS? LGPS rules

More information

Guaranteed Annuity. Policy Terms & Conditions

Guaranteed Annuity. Policy Terms & Conditions Guaranteed Annuity Policy Terms & Conditions Your Guaranteed Annuity Policy The Guaranteed Annuity is a contract of insurance between you and us formed by: your signed application this policy booklet,

More information

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP)

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) 2 INTRODUCTION The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL

More information

Self Invested Personal Pension. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS)

Self Invested Personal Pension. Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Self Invested Personal Pension Benefit Form Uncrystallised Funds Pension Lump Sum (UFPLS) Important notes Taking benefi ts from your pension is an important decision. We recommend that you take advice

More information

The Retirement Account

The Retirement Account The Retirement Account Key Features This is an important document and you should read it before deciding whether to buy your Retirement Account from us Purpose of this document This Key Features booklet

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

KEY FEATURES OF THE CAREY PENSION SCHEME SIPP

KEY FEATURES OF THE CAREY PENSION SCHEME SIPP KEY FEATURES OF THE CAREY PENSION SCHEME SIPP The Financial Conduct Authority is a financial services regulator. It requires us, Carey Pensions UK, to give you this important information to help you decide

More information

Self Directed Personal Retirement Bond. Personal Retirement Benefits Brochure

Self Directed Personal Retirement Bond. Personal Retirement Benefits Brochure Self Directed Personal Retirement Bond Personal Retirement Benefits Brochure Contents Section 1: What is a Personal Retirement Bond? 2 Section 2: Definitions 3 Section 3: Contributions 4 Section 4: Charges

More information

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions PASSING ON YOUR PENSION A guide to death benefits from income drawdown Retirement Solutions It s now easier than ever to pass any remaining money in your pension to the people you love when you die. New

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

Key Features of the Universities Superannuation Scheme Money Purchase AVC Facility

Key Features of the Universities Superannuation Scheme Money Purchase AVC Facility Key Features of the Universities Superannuation Scheme Money Purchase AVC Facility Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires

More information