For High net worth individuals with Primary, Enhanced, FP12, FP14/16 or IP14/16 making decisions is complicated enough without having to worry about how you may lose transitional protection. Checking the DB Annual Allowance is critical and ensuring that excess tax is paid on time.
Ensuring that that your pension doesn’t exceed the Lifetime Allowance and incurring a maximum tax charge of 55% can be avoided.
Similarly, Registered Tax Free Cash and Scheme Specific Tax Fee Cash protection is a separate minefield to navigate. Recent pension changes will allow for Flexible benefits to taken. In the majority of cases , how you access Flexi Access Drawdown will require Independent Financial Advice. Whether it be FAD or Uncrystallised Fund Pension Lump Sum (UFPLS), Flexible annuity or Scheme pension – we can help.
Those of you wishing to taken benefits and continue paying into a registered pension scheme will be aware of the annual allowance (AA) and how the money purchase annual allowance (MPAA) may affect your tax situation. If you are an employer wishing to fund for the key personnel through a SSAS or an individual wishing to purchase property through a SIPP we have the expertise to facilitate.
Those affected by Work Place pensions through auto enrolment have additional burdens to face – but we can make it easier.
Those with private scheme pensions that could be underfunded or defaulting will need advice on the Pension Protection Fund.
Transferring form a Defined Benefit Scheme or a Money Purchase arrangement will require analysis of a CETV and or a TVAS.
The recent changes to State Pensions will affect us all, and none more so than those reaching state pension age before 6th April 2016 – you have key decisions to make and limited options from 5th October 2015.
Death benefits of all the above have also changed, and these require constant review, whether you are a dependent , a nominee or a successor, the tax changes are far more beneficial.
In short, whatever the situation regarding your pension you need specific independent financial advice which we can provide for you.