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You searched for the term Transfers Your search returned the following 40 results...
 
  • Transfers - frequently asked questions - Royal London for advisers

    Transfers - frequently asked questions Q: Can benefits be transferred between pension schemes? A: Yes, if it's a 'recognised transfer', it will be an authorised member payment with no adverse tax consequences. PTM100010: Transfers: essential principles Q: Cheryl has just been granted a Pension...

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    Frequently asked questions

  • Transfers explained - Royal London for advisers

    Transfers It is possible to transfer your pension fund to another plan. Safeguarded benefits The Pension Schemes Act 2015 introduced the concept of safeguarded benefits from 6 April 2015. It also placed a requirement on some individuals to take financial advice before they can give up safeguarded...

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    Information and guidance

  • In specie transfers and contributions - what's the difference? - Royal London for advisers

    In specie transfers and contributions - what's the difference? 'In specie' is a Latin term meaning 'in the actual form'. Transferring an asset 'in specie' means to transfer the ownership of that asset from one person/company/entity to another person/company/entity in its current form...

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    Information and guidance

  • FCA announces further action on defined benefit transfers - Royal London for advisers

    ...that, when advising on DB transfers, advisers should start from the position that a transfer is not suitable. It is deeply concerning and disappointing to see that transfers are still being recommended at the levels we have seen. Of course, high level numbers like these can miss some of the detail...

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  • DB transfers – three things to think about - Royal London for advisers

    DB transfers – three things to think about Advisers are receiving an increasing number of requests from clients looking to transfer their pension from defined benefit schemes to personal pensions. Three things to think about Defined benefit transfers are a complicated area of advice...

  • In specie transfers - Royal London for advisers

    In specie transfers 'In specie' is a Latin term meaning 'in the actual form'. Transferring an asset 'in specie' means to transfer the ownership of that asset from one person/company/entity to another person/company/entity in its current form, i.e. without the need to convert the asset to cash. Key...

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    Information and guidance

  • Overseas transfers - Royal London for advisers

    Overseas transfers Can your client transfer their pension savings to a pension plan in another country and are there any tax implications? So what's this all about? What is a QROPS? What does overseas mean? What are the options if the customer moves overseas and has a UK registered pension scheme...

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    Information and guidance

  • Defined benefit transfers and the lifetime allowance - Royal London for advisers

    ...their beneficiaries’, circumstances. Related content show more DB transfers – three things to think about - Royal London for advisers DB transfers – three things to think about Advisers are receiving an increasing number of requests from clients looking to transfer their pension from... Defined benefit...

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  • Defined benefit (DB) transfers - Royal London for advisers

    ...we’ll support these transfers and what information we need from you. We’ll accept We may accept We’ll not accept A transfer so long as the advice has been provided or checked by a pension  transfer specialist and it's being submitted by an adviser firm that has the appropriate pension transfer and opt...

  • Helping trustees with DB transfers - Royal London for advisers

    ...if they actively facilitate transfers that result in poor outcomes for the members. Especially given that regulators presume a transfer won’t be in a member’s interests. There may be a risk that a large volume of transfers could damage the position of remaining members in the scheme, especially in light...

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  • FCA produces new rules for Pension Transfers - Royal London for advisers

    ...with this ruling, it isn’t a great leap as the FCA acknowledges most advice on transfers is already given as a personal recommendation Begin with the assumption a transfer is not suitable for the client. CP17/16 implied the FCA was ready to move to a neutral starting point for pension transfer specialists...

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    News

  • New FCA rules on pension transfer values set to shake up transfer market - Royal London for advisers

    ...performance and the impact of charges.  Source: What will the FCA’s new rules mean for DB to DC pension transfers? A policy paper from LCP and Royal London, October 2018  Related content show more Transfers explained - Royal London for advisers Transfers It is possible to transfer your pension fund...

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    Defined Benefit

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  • Is there a safe harbour in the triage storm? - Royal London for advisers

    ...didn’t see triage as being about putting people off but simply helping them to understand the process which would follow.  The latter were advisers who were generally of the view that transfers are a bad idea and who actively sought to discourage people even from taking advice about a transfer. Our view...

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  • Safeguarded benefits - Royal London for advisers

    ...an individual needs to take advice to give them up.   Key facts Advice on pension transfers generally must be provided by, or checked by, a Pension Transfer Specialist. If they are only checking the transfer they must check the entire process, not just the numerical analysis. An individual...

  • Safeguarded Rights - frequently asked questions - Royal London for advisers

    Safeguarded Rights - frequently asked questions Your questions answered 1. If an advising firm intends to transact pension transfers that only involve GARs and/or DC benefits, does it need to have the pension transfer permission? Answer Yes it does, although there would be no need for the adviser...

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    Frequently asked questions

  • Tax-free cash protection on transfer - Royal London for advisers

    ...on the same day, as long as the transfers are obviously meant to be part of the same transaction. All of the scheme benefits have to be transferred - a partial transfer doesn't protect tax-free cash. The member must not have been a member of the receiving scheme for longer than 12 months unless...

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    Information and guidance

  • Steve Webb looks back at 2018 in pensions - Royal London for advisers

    Steve Webb looks back at 2018 in pensions Steve Webb 19 December 2018 From DB transfers to Brexit: Steve Webb considers the big stories in pensions from the last 12 months. Transfers One of the dominant pension stories of 2018 was the large numbers of people taking advantage of pension freedoms...

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  • Changes to our direct offer process - Royal London for advisers

    Changes to our direct offer process - collection of customer email addresses 25 March 2020 In recognition of the current COVID-19 situation, we’ve been reviewing the way we currently process transfers. At the moment, all direct offer transfer packs are printed and posted to customers. Going forward...

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  • A closer look at consultation paper CP19/25 - Royal London for advisers

    ...by limiting firms’ ability to recommend transfers that incur unnecessarily high ongoing adviser and product charges Improve charge disclosure and implement checks on customer understanding Increase continuous professional development requirements for pension transfer specialists (PTS) Improve data...

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  • Pensions & Divorce - frequently asked questions - Royal London for advisers

    ...pension credit to his own personal pension plan but he's been told that it has to be kept in the LGPS. Can he insist on a transfer? A: No he can't. Pension schemes can deal with Pension Sharing Orders by offering external transfers, internal transfers or a choice between the two. Internal transfers...

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    Frequently asked questions

  • Latest updates from Steve Webb - Royal London for advisers

    12 months. Is there a safe harbour in the triage storm? Steve Webb looks at how advisers differ in their approach to pension transfer and whether there's a need for standardisation. Helping trustees with DB transfers Our policy paper helps pension trustees steer the right course in a world of large...

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    News

  • Pension news from 2018 - Royal London for advisers

    ...with our customers. Is there a safe harbour in the triage storm? Jul 26 2020 Steve Webb looks at how advisers differ in their approach to pension transfer and whether there's a need for standardisation. Helping trustees with DB transfers Jul 24 2020 Our policy paper helps pension trustees steer...

  • Pensions A to Z - Royal London for advisers

    ...incomes Taper trap - case study Tax-free cash protection on transfer Tax-free cash protection on transfer: some common questions Transfers - frequently asked questions Trivial lump sums for defined benefit schemes  Triviality and small pots - frequently asked questions  U Uncrystallised funds pension...

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    Pension freedom

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    Information and guidance

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  • Rysaffe Principle - Royal London for advisers

    ...for plans of £200,000 on separate days. Scenario 2 Plan 1:    £200,000 gifted into the trust on day one. Value of transfer £0 Previous chargeable lifetime transfers (CLTs) £0 Less available NRB = £0 + £0 = £0 - £325,000 £0     Plan 2:   £200,000 gifted into the trust on day two. Value of transfer  £0...

  • Our statement on consultation paper 19/25 - Royal London for advisers

    London will continue to ensure high quality CPD material, specific to pension transfers, is available to Pension Transfer Specialists to further improve the quality of advice. In upcoming editions of the Royal London adviser newsletter we will explore issues raised in the consultation paper in more...

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    News

  • Income Drawdown - frequently asked questions - Royal London for advisers

    ...capped drawdown plan since 6 April 2015 it is possible to transfer in drawdown an existing capped drawdown plan to a new provider without the plan converting to a flexi-access plan. PTM104000: Transfers: Transfer of drawdown pensions Q Guy is also concerned that transferring his existing capped...

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    Frequently asked questions

  • How inheritance tax might work on transfer (Deceased estate taxed in Scotland) - Royal London for advisers

    . Laura lives in Scotland, is divorced and terminally ill Earnings in the tax year of £150,000 She has 2 adult non-dependent children She transfers her DB pension to a DC scheme and dies 2 months later The transfer of value is £1 million Laura dies shortly after the transfer As Laura dies within 2...

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    Case studies

  • DB pension transfer advice consultation - Royal London for advisers

    DB pension transfer advice consultation Robin Nimmo 20 December 2019 Share Share We responded to the latest FCA consultation paper CP19/25 on DB pension transfer advice which closed at the end of October 2019. Here we look at what we said in our response. Banning contingent charging The most...

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    Defined Benefit

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  • How inheritance tax might work on transfer (Deceased estate taxed in England) - Royal London for advisers

    , is divorced and terminally ill Earnings in the tax year £150,000 He has 2 adult non-dependent children He transfers his DB pension to a DC scheme and dies 2 months later The transfer of value is £1 million Mark dies shortly after the transfer As Mark dies within 2 years of the transfer taking place...

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    Case studies

  • End of tax year - new business checklist and submission deadlines - Royal London for advisers

    ...form and supporting documents: I've completed the application form fully and enclosed any supporting documents. You should scan and email the form and supporting documents to your usual Royal London case manager.  We must receive this by 6pm on Friday 3 April 2020. Bank transfers: I’ve quoted my...

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    Blog

  • Why is Staveley important for advisers when it comes to transfers? - Royal London for advisers

    Why is Staveley important for advisers when it comes to transfers and switches? Clare Moffat 26 November 2018 Share Share Clare Moffat breaks down the recent Staveley case and why advisers should take note. HMRC v Staveley and Piney (2018): the background This case dates back to 2005/2006. So why...

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  • Frequently asked questions - Royal London for advisers

    Eligibility Income drawdown Investments Lifetime Allowance Overseas Pension ages Pensions and divorce Protection - primary, enhanced, fixed and individual protection Qualifying recognised overseas pension schemes (link to HMRC website) Retirement benefits Safeguarded rights Salary exchange Scheme sanction charges (link to HMRC website) Transfers Triviality and small pots...

  • HMRC Pension Schemes Newsletters - Royal London for advisers

    ...and tax changes from 1 July 2007 - transfers from registered pension schemes qualifying recognised overseas pension schemes list annual allowance test when a transfer is made from a registered pension scheme to a qualifying recognised overseas pension scheme guidance on reporting cash and non-cash...

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    Information and guidance

  • Residence nil-rate band part 2 - Royal London for advisers

    ...that are affected. Because the RNRB is tapered away by £1 for every £2 if the estate is valued at £2 million or above, this can create a tax trap where the effective rate of tax is 60%. So, planning to restrict growth above this level can be effective. Failed potentially exempt transfers or chargeable...

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    Personal

  • Helping solicitors with inheritance tax and pensions - Royal London for advisers

    ...lifetime transfers but they‘ll be subject to IHT if: The member knows they‘re ill and in the last two years they’ve increased their contributions. For example from £100 a month to £1,000 a month. This would be a transfer of value as they’re knowingly trying to move IHT-able estate to an IHT-friendly...

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  • FCA consults further on pension transfer advice - Royal London for advisers

    PTSs need to be fully aware of the current pension landscape and rules applying to transfers.   Two advice model New guidance has been proposed by the FCA to make clear its expectations where one adviser advises on the transfer and another adviser advises on the proposed investments.  They expect both...

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    Workplace pensions

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  • Value for money review - Crest - Royal London for advisers

    ...their pensions on retirement.  However, there may be an exit charge if an individual transfers out of the Crest Secure Plan while still in service, if the trustees decide to move the whole plan to another pension product, or if the trustees decide to wind up the scheme.   How Crest Growth delivers value...

  • Tax-free cash protection on transfer - some common questions - Royal London for advisers

    ...to wind-up the EPP and transfer to a s.32. Or they could transfer to a personal pension and accept that tax-free cash will drop to 25%. 3. If tax-free cash is protected on transfer, will the same happen if the member transfers again? Yes, if the block transfer conditions are met each time...

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    Information and guidance

  • With Profits funds - Royal London for advisers

    ...and bonus units are declared at least yearly. In addition a final bonus may be payable on retirement, death, transfer or a switch to other funds for all of the fund ranges. When exiting the With Profits fund a Market Value Reduction (MVR) may be applied to reduce the value of units in adverse market...

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    Fund information

  • Overseas - frequently asked questions - Royal London for advisers

    ...do not. PTM103500: transfers to a registered pension scheme from a QROPS or former QROPS PTM095410: lifetime allowance enhancement factors: The recognised overseas scheme transfer factor Note The information provided is based on our current understanding of the relevant legislation and regulations...

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    Frequently asked questions

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.