Pensions

In April 2006, pensions were allegedly simplified. Since then there have been major changes most years to both the limits that apply to pensions savings and the methods of drawing benefits from such schemes either during the life of the member or upon their deaths. This has included pensions freedom, which has unfortunately made pensions more vulnerable to being targeted by scammers more concerned with receiving a commission than helping the scheme member making the right decision.

Ian can assist with the following:

  • Explaining pensions to either a lay or professional audience, including annual allowance, tapering of annual allowance, lifetime allowance and the various forms of transitional relief available from 6 April 2006 (Primary Protection, Enhanced Protection, Scheme-Specific Protection, various forms of Individual and Fixed Protection).
  • Talking about options available at retirement for defined contribution schemes, including annuities (guaranteed or otherwise), scheme pensions and drawdowns.
  • With defined benefit schemes, explaining the consequence of early and late retirement factors on commutation rates and therefore lifetime allowance.
  • Pensions with an international element. This includes Qualifying Recognised Overseas Pensions Schemes (QROPS), which is the vehicle of choice for ex-pat scams, but can also be entirely appropriate.
  • Explaining investments held within a pension. Usually this is limited to regulated mainstream funds and quoted securities, but occasionally you might find schemes invested in unquoted shares, land, commercial property or Non-Mainstream Pooled Investments (NMPI).

Pensions are highly complex. Ian has spent a career learning about the various manifestations of the many types of scheme, and it is very rare to find a scheme he has not dealt with in one form or another already. Wherever a question is not immediately answerable, Ian is very well versed at researching using a combination of provider websites, the Pension Tax Manual and primary legislation, depending on how complex the question is.

If you have any questions about pensions, feel free to contact us. Please note that this is not an invitation to provide personal advice via Aegis Financial Consulting Ltd.