Just when the pension sector felt it could move forward, it faced a set of new Lifetime Allowance rules. In the 2023 budget, the Chancellor announced the abolition of the Lifetime Allowance (LTA). The legislation was supposed to be effective immediately, but as royal ascent wouldn’t be completed until February 2024, the pensions industry had […]
Autumn Statement 2023
The UK Chancellor makes his annual Autumn Statement every year. The purpose is to update progress from the main event, the Spring Budget. Initially, it was a relatively mundane affair where few important new policies were announced. Over the years, the Autumn Statement has morphed into a mini-Budget as more new laws and government policy […]
Abolition of the LTA in the UK Budget
No one expected the abolition of the LTA in the Budget. Rumours always abound within the industry the week before, but major structural changes rarely happen. The industry expected the limit to be restored to £1.8m, but the Chancellor went even further, with the abolition of the LTA completely. The rationale was to encourage highly […]
The truth about pension fees and charges
New disclosure regulations for investments into financial products have obliged providers to make major changes to how pension fees and charges are presented to investors. These rules apply to all investment funds, pension plans, and QROPS trustee fees. Not only must pension fees and charges be disclosed before an adviser can complete an application, but […]
Time to modernise your pensions?
From time to time, you may decide to upgrade your possessions; why not modernise your pensions? Our computer software programs are upgraded automatically (even if we’re not quite sure why). We improve our homes, cars, golf clubs and wardrobe, but how many of us check our pensions to make sure we’re maximising opportunities and minimising […]
QROPS and the Lifetime Allowance
Individuals considering the transfer of large UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS) should be aware of the impact of the Lifetime Allowance (LTA) on their pension savings. The option of applying for LTA protection should also be examined. QROPS, Lifetime Allowance and Benefit Crystallisation A transfer from a UK registered pension […]
UK pension transfers to France
With UK pension transfers to France becoming ever more popular, expats need to stay abreast of developments in the marketplace. With over 3000 providers on the official QROPS list, there are many different jurisdictions to choose from. It is necessary to be sure, however, that your UK pension transfer is being handled by a provider/jurisdiction […]