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You searched for the term money laundering Your search returned the following 40 results...
 
  • We’re changing our money laundering process for commercial bank accounts - Royal London for advisers

    We’re changing our money laundering process for company bank accounts 20 August 2021 Share Share We're making a change to our money laundering process when you submit any application where regular contributions are being made from a company bank account. We told you earlier this year that we were...

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  • Anti-money laundering - we’ve made some changes to our identity verification checks for workplace pensions - Royal London for advisers

    Anti-money laundering - we’ve made some changes to our identity verification checks for workplace pensions 2 April 2020 We’ve improved our identity checking process for new workplace schemes. We’ve removed the need for you to complete our money laundering form, and instead we’ll be carrying out...

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  • Additional money laundering checks - Royal London for advisers

    Additional money laundering checks for ongoing servicing to workplace pensions 12 February 2021 We’re adding some additional checks to our ongoing servicing of workplace pension schemes. This will further tighten our money laundering controls needed to comply with the Fourth Anti-Money Laundering...

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  • HMRC Pension Schemes Newsletters - Royal London for advisers

    ...about pension tax charges on the SA100 tax return Appendix 1 - guidance on receiving your Notification of Residency Status Report Newsletter 110 – May 2019 This includes information on the following: Relief at source Consultation on the transposition of the Fifth Money Laundering Directive Managing...

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    Information and guidance

  • Money purchase annual allowance case studies - Royal London for advisers

    Money purchase annual allowance – case studies Accessing flexible benefits will result in triggering the money purchase annual allowance but how does it work in practice? Example one - triggering the money purchase annual allowance mid year  Meera is a member of a defined benefit scheme...

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    Pension freedom

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    Case studies

  • Independent Governance Committee (IGC) annual report - Royal London for advisers

    Independent Governance Committee (IGC) annual report 26 August 2021 Our IGC has published its annual report which sets out the committees’ views on the value for money that we provide our workplace pension customers The committee found that Royal London continues to provide value for money overall...

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  • Contracting-Out Of The State Second Pension - Royal London for advisers

    Contracting-out of the State Second Pension It is no longer possible to contract-out of the State Second Pension (S2P) Important note Since 6 April 2012, it has not been possible to contract out of S2P using a money purchase or appropriate personal pension/ stakeholder plan, meaning it was only...

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    Information and guidance

  • Carry forward - Royal London for advisers

    ...in a pension arrangement in an earlier year to have unused annual allowance to carry forward, although you don't have to have contributed. You can still use carry forward if the tapered annual allowance applies. If the money purchase annual allowance applies you cannot carry forward unused annual...

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    Information and guidance

  • 2009 Budget - Treasury amendment - Royal London for advisers

    ...profits are known at the end of the financial year. Infrequent money purchase contributions The amendment allows payments which have been made within one tax year less frequently than quarterly to count as infrequent money purchase contribution amounts. Where the amount of the infrequent money purchase...

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    Information and guidance

  • Annual allowance - Royal London for advisers

    ...with tax years. Annual allowance is currently £40,000. Any contributions over the annual allowance available attract a tax charge. A reduced annual allowance could apply if the money purchase annual allowance or tapered annual allowance has been triggered. Case study PTM051000:Annual allowance What...

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  • Financial wellbeing hub article - Royal London for advisers

    ...that they have the money they need to be able to make choices that let them enjoy life. Many people can feel unsure when it comes to everyday finances, financial planning and coping with important financial decisions or life’s big changes. With this uncertainty and the ongoing impact of Covid-19 and Brexit...

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  • Pension contributions - All you need to know - Royal London for advisers

    ...paid by a third party, for example a grandparent. The annual allowance is currently £40,000. If the money purchase annual allowance has been triggered, an annual allowance charge will apply if pension contributions exceed £4,000 in a year. Individual, employer and third party contributions all count...

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    Information and guidance

  • Taking action together for positive outcomes - Royal London for advisers

    Taking action together for positive outcomes 28 October 2021 Share Share By investing with Royal London, your clients are not only putting their money in reliable hands, but responsible ones too. We know your clients want a good financial return on their investments, but they also want their money...

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  • Pensions liberation fraud - Royal London for advisers

    ...be similarly difficult. Unsurprisingly, it is also very difficult for the individual to cash in their investments or get their money out of the scheme. The “investment fund” if it ever existed will be depleted by charges and fees until it is valueless. Most importantly for the scammer the amount...

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  • Protection of scheme specific tax-free lump sum - Royal London for advisers

    ...on 5 April 2006) under the scheme on the same day. The actual formula is the same for money purchase and defined benefits schemes but how it is applied in practice is different. The different calculations are explained below. Money purchase schemes This is calculated in 2 parts, the pre-6 April 2006...

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    Information and guidance

  • Autumn Statement 2022 - Royal London for advisers

    Statement 2022 - Policy Costings The lifetime allowance remains at £1,073,100 for 2023/24. Annual allowance Page 64 HM Treasury Autumn Statement 2022 - Policy Costings The annual allowance remains at £40,000 for 2023/24. Money purchase annual allowance Page 64 HM Treasury Autumn Statement 2022 - Policy...

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  • 2017 Spring Budget Summary - Royal London for advisers

    ...to 17% in 2020. This will have a marginal impact on the cost for companies providing relevant life cover for employees but the relative cost of the cover remains unchanged. This will also apply to other expenses such as pension contributions. Pensions Money purchase annual allowance (MPAA) Policy paper...

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  • Small lump sums - Royal London for advisers

    ...pots held in a provider's personal pension scheme as they are separate arrangements. A payment made under these rules is not actually a trivial commutation lump sum but it is treated as a trivial payment for taxation purposes. This means that if the payment is made from uncrystallised money, 25...

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    Information and guidance

  • Pension saving statements - Royal London for advisers

    ...the standard annual allowance or if the members flexibly access their pension savings, the money purchase annual allowance, and so in line with this, there are two types of PSS, logically a standard pension savings statement and the Money purchase pension savings Statement. Ryan: So, what about...

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  • Investment rules - Royal London for advisers

    ...of pension scheme. Any investment held before 6 April 2006 is still subject to the rules in force when it was entered into and is not affected by the post-6 April 2006 new rules unless there's a change to the original terms. Trustee's borrowings Trustees of pension schemes can borrow money, provided...

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    Information and guidance

  • Pensions A to Z - Royal London for advisers

    ...relief on pension contributions (Scotland) 3rd party contributions - Saving for future generations Pt I 3rd party contributions - Saving for future generations Pt II A An explanation of the money purchase annual allowance Annual allowance Annual allowance - is paying a tax charge such a bad thing...

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    Pension freedom

    Auto enrolment

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  • Coronavirus scams - how to spot and avoid them - Royal London for advisers

    ...their pension before age 55. Clients could incur massive tax charges of 55% of their pension savings in addition to the scammers’ fees, which could be up to 30% of the value of your client's savings. And in some cases, clients could lose all their money. Clients should also watch out for offers of free...

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  • Retirement Outcomes Review phase 3 – a reminder of what’s coming up in February 2021 - Royal London for advisers

    ...pathways From 1 February 2021, pension providers must offer ‘investment pathways’ to non-advised drawdown customers who move all or part of their pension savings into drawdown or transfer money already in drawdown to a new drawdown plan. These customers must also be offered the choice to stay...

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  • Pension case studies - Royal London for advisers

    ...benefits are tested Lifetime allowance - opt in or out of an employer's pension scheme Lifetime allowance at age 75 case study Lifetime allowance charge Lifetime allowance charge - designated money in drawdown at age 75 Lifetime allowance charge - excess taken as income Lifetime allowance charge...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • Budgets and Acts - Royal London for advisers

    National Insurance Corporation tax Inheritance tax State pension Lifetime allowance Annual allowance Money purchase annual allowance Tapered annual allowance ISA 2022 Growth Plan Statement 2022 Growth Plan statement Income tax National Insurance Corporation tax Stamp duty land tax Regulatory charge...

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    Information and guidance

  • The Taxation of pension death benefits - Royal London for advisers

    ...at the recipient’s marginal rate of tax.  So if a lump sum is taken then this could have major tax implications but remember income tax is only paid when drawdown funds are withdrawn so if the money isn’t touched – or kept within the personal allowance then there won’t be an income tax charge...

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  • Scheme pays deadline - Royal London for advisers

    ...is reduced because of tapering or the money purchase annual allowance is triggered? If the individual has a reduced annual allowance due to the money purchase annual allowance applying or their annual allowance is tapered due to having higher earnings, this does not affect the conditions above...

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  • Passing on death benefits - Royal London for advisers

    ...nominated by the member or the scheme administrator. The beneficiary accepts the benefits then decides what they would like – lump sum, annuity or drawdown or potentially a mixture. If the beneficiary takes lump sum or annuity then that money leaves the pensions system. It can only be passed on after that B...

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  • 2016 Budget Summary - Royal London for advisers

    ...will be made with the individual’s own cash. This additional bonus will be payable up to a maximum of £1,000 for each year between the ages of 18 and 50. The money in a Lifetime ISA can be used to:  Supplement retirement income from age 60, unlike a pension where it is age 55, or accessed before...

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  • What is flexi-access drawdown? - Royal London for advisers

    ...available from plans that allow drawdown. There is no limit to the amount of income that can be taken. The money purchase annual allowance limits the amount of future pension savings that can be made. Who can use flexi-access drawdown?  FAD is only available from plans or arrangements if the scheme...

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  • Death benefits pre 6 April 2015 overview - Royal London for advisers

    Defined benefit schemes could only offer a dependant's scheme pension. Also, money purchase schemes had to offer an open market option if income was to be secured by an annuity. Dependant's scheme pension A scheme pension may be provided under both a defined benefit or a money purchase scheme...

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  • Member contributions - tax relief and annual allowance - Royal London for advisers

    ...input periods are aligned with tax years. Tax relief is limited to contributions up to the higher of £3,600 per tax year or 100% of earnings. Annual allowance is £40,000 unless the money purchase annual allowance or tapered annual allowance apply. Member contributions are unrestricted although a tax...

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  • Taking benefits - Royal London for advisers

    ...the requirements of the PAYE regulations. It is only available from uncrystallised funds, so it isn't possible to pay an UFPLS from drawdown funds. Taking this option will trigger the money purchase annual allowance . 75% of the value of the UFPLS will be added to the individual's taxable income...

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  • Primary and enhanced protection - Royal London for advisers

    ...to the lifetime allowance. Anyone who selected enhanced protection had to stop paying into any money purchase scheme (excluding any on-going contracted-out payments to an existing scheme) prior to 6 April 2006. Members of defined benefit schemes or cash balance arrangement can only build up limited benefits...

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  • Auto enrolment - Royal London for advisers

    ...of the questions we are asked most often.  Auto enrolment -  our top five questions Frequently asked questions Pensions Regulator guidance The Pensions Regulator has produced a number of useful documents on auto enrolment Auto enrolment: detailed guidance Auto enrolment: guidance on certifying money...

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    Auto enrolment

    Information and guidance

  • Pension input periods and pension input amounts - Pre 2015 Rules - Royal London for advisers

    ? section below When does the first pension input period start? For plans that became registered pension schemes on 6 April 2006 the first pension input period began: For a money purchase scheme (other than a cash balance scheme) when the first contribution was paid after 6 April 2006, whether...

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  • Could you use a pension to offset ISA losses? - Royal London for advisers

    , but here’s a suggestion which you can use to boost clients' assets at any time. Case study Let's consider a client who has money in an ISA and how they can increase their assets by switching it to their pension.   Meet Graham In April 2019: Graham was aged 55 he was employed, had a pension fund...

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  • Trivial lump sums - Royal London for advisers

    2028), or earlier if they meet the ill health condition or have a protected pension age, if the combined value of all of their registered pension scheme benefits is not more than £30,000, they can take all their defined benefits and any in-payment money purchase in-house scheme pension as a lump sum...

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  • Advising through the Ukraine crisis - Royal London for advisers

    ...their money into cash or suspend payments into their pension altogether. It’s important to highlight the benefit of investing more now to benefit from compounding over the long-term. Remember that the golden rule of investing is, there's only one rule, and that's ‘buy low’.  Clients...

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  • 2015 Budget Summary - Royal London for advisers

    . Alternatively, the pensioner will be allowed to swap their annuity for a flexi-access drawdown plan from which they can withdraw money without limit or a flexible annuity. Selling an annuity whether for a lump sum, flexi-access drawdown plan or flexible annuity will trigger the Money Purchase...

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This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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.