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You searched for the term pension transfer advice Your search returned the following 40 results...
 
  • 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 (PTS). If the PTS is only checking the transfer they must check the entire process, not just the numerical analysis. A PTS is not needed...

  • 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

  • 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

  • Pensions and divorce explained - Royal London for advisers

    ...not in a civil partnership. When giving advice on a pension credit coming from a DB scheme where the only option is a transfer out, are the pension transfer permissions required? As the ex-spouse/civil partner is not giving up any benefits in the DB scheme, the pension transfer permissions...

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    Information and guidance

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

    ...a dependant’s pension of £20,000. If he remained in the scheme then his annual pension would be £42,000. Taking that pension a benefit crystallisation event and he would’ve used 20 x £42,000 = £840,000. So within the current LTA of £1,030,000. However, Mark has taken advice and decided to transfer his...

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    News

    Blog

  • Pensions on divorce - Royal London for advisers

    transfer Trustees of funded occupational pension schemes are more likely to offer an external transfer. This may be paid to any approved pension arrangement, including a personal or stakeholder pension or another employer's scheme. Any advice regarding the most suitable receiving vehicle must of course...

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    Information and guidance

  • 2015 Budget Summary - Royal London for advisers

    ...of conversions and transfers of pension scheme benefits The Pension Schemes Act 2015 requires someone who is transferring from a defined benefit to a defined contribution pension scheme to get appropriate independent advice if the value of their pension is £30,000 or more. Employers who sponsor a pension scheme...

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    Information and guidance

  • HMRC Pension Schemes Newsletters - Royal London for advisers

    ...consultation on the future of pension trusteeship and governance Qualifying Recognised Overseas Pension Schemes transfer statistics Newsletter 111 – June 2019 This includes information on the following: Relief at source Master Trusts supervision Managing Pension Schemes service Guaranteed Minimum...

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    Information and guidance

  • 3rd Party Contributions - Saving for future generations pt I - Royal London for advisers

    ...of the exemptions apply but Lucy survives for at least 7 years after making a contribution, that contribution would be IHT free via the potentially exempt transfer route.  You can read part two of our look at third party contributions here. 1 Money Advice Service: paid monthly in arrears, single life, no annual...

  • Stakeholder pensions - technical summary - Royal London for advisers

    Stakeholder pensions - technical summary Stakeholder pension schemes were introduced on the 6 April 2001. Key facts Stakeholder pension schemes could be set up from 6 April 2001 Unless exempt, it was compulsory to designate a scheme from 8 October 2001 The requirement to designate a stakeholder...

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    Information and guidance

  • 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 - some common questions - Royal London for advisers

    ? It's a tricky subject, so we've summarised the conditions where tax-free cash of more than 25% will survive a transfer and set out the answers to some of the more common questions we receive. Some common questions 1. The member is already in a s.32, can they block transfer to a personal pension...

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    Information and guidance

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

    Tax-free cash protection on transfer Some members of occupational pension schemes, section 32 buy-out policies or deferred annuity contracts have an entitlement to more than 25% of their pre 6 April 2006 (A-Day) benefits value as tax-free cash. This can be lost on transfer. Key facts Tax-free cash...

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    Information and guidance

  • 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

  • In specie transfers - Royal London for advisers

    ...facts In specie transfers can involve shares, property or funds Ownership is transferred from one pension scheme to another No dealing costs are involved but either or both of the ceding and receiving schemes could charge for the work involved in the transfer As they are transfers, they don't get...

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    Information and guidance

  • Pension protection - Royal London for advisers

    Pension protection Lifetime allowance protection It is currently possible to protect benefits from a lifetime allowance charge as a result of the lifetime allowance being reduced (which the Government like to do quite often). This protection has the effect of locking the lifetime allowance...

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    Information and guidance

  • Overseas - frequently asked questions - Royal London for advisers

    ...an expense for the company. Q: Leah is a member of a UK personal pension plan. She's been living in France for the past 2 years and has been paying contributions of £3,600 p.a. gross to the plan. Can she transfer the personal pension to another provider and continue the contributions? A: When you leave...

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    Frequently asked questions

  • Pensions sharing on divorce - Royal London for advisers

    There are slightly different rules for pension sharing orders in Scotland than there is in England and Wales There are two ways in which a spouse can receive a pension share: - become a member of their ex-spouse's/civil partner's scheme in their own right, or - transfer to another pension arrangement...

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    Information and guidance

  • Finance Act 2007 - Royal London for advisers

    ...that was available from A-Day was the payment of a lump sum death benefit to other members of the same registered pension scheme, known as a transfer lump sum death benefit (TLSDB). Since April 2007 this TLSDB is no longer an authorised payment which means that tax of up to 70% plus inheritance tax will apply...

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    Information and guidance

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

    ...tax-free cash (TFC) from his existing provider and transfer the remainder to pay income drawdown? A: This is only possible if the ceding scheme is an income drawdown plan. If the client is not entitled to take income withdrawal from the existing drawdown pension plan, then funds have not been made...

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    Frequently asked questions

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

    ...benefits). This is called a 'disqualifying pension credit'. Q: Jenny and Peter are getting divorced. As part of the settlement, her pension rights in the Local Government Pension Scheme (LGPS) have been made subject to a Pension Sharing Order. Peter thought he'd be able to transfer his resulting...

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    Frequently asked questions

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

    , that is without the need to convert the asset to cash. Key facts In specie transfers involve a transfer of assets between two pension schemes. In specie contributions involve the transfer of assets from an individual or company to a pension scheme. Assets involved need to be properly valued and assessed...

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    Information and guidance

  • Death benefits: discretion or direction? - Royal London for advisers

    ...an IHT advantage. If someone transfers from one pension scheme to another at a time when they know they are in ill-health, HMRC will treat this as a transfer of value and so potentially subject to IHT, even if they opt for discretion under the receiving scheme. Only if they survive for at least 2...

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    Information and guidance

  • In specie contributions - Royal London for advisers

    ...personally owned shares, fund holdings and property in the place of the promised monetary contribution. Other types of assets may also be considered by the pension scheme. Tax relief and costs involved Because the transfer is in effect a contribution, it's entitled to tax relief in the normal way. So...

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    Information and guidance

  • Fixed protection - Royal London for advisers

    ...to apply for fixed protection. Can you lose fixed protection? Fixed protection can be lost by: starting a new arrangement other than to accept a transfer of existing pension rights making further contributions (money purchase) having further benefit accrual (defined benefit)  breaking the transfer...

  • 2017 Spring Budget Summary - Royal London for advisers

    ) Policy paper – qualifying recognised overseas pension schemes: charge on transfers A transfer request to a QROPS made on or after 9 March 2017 could face a tax charge of 25% on the amount transferred. The tax charge will not be deducted if at least one of the following applies: Both the individual...

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    Information and guidance

  • Pension protection FAQs - Royal London for advisers

    ...in or register.   Individuals will not receive paper certificates with their lifetime allowance protection details.  Q: Can a member lose fixed protection? A: Yes, to keep fixed protection a member: can't start a new arrangement other than to accept a transfer of existing pension rights; can't have benefit...

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    Frequently asked questions

  • 2012 Budget Summary - Royal London for advisers

    ...and the exemption from the annual allowance for deferred members where a transfer of benefits is made during the pension input period. Qualifying Recognised Overseas Pension Schemes (QROPS) http://www.hmrc.gov.uk/pensionschemes/transfers-qrops.htm A QROPS is an overseas pension scheme that can receive...

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    Information and guidance

  • Lifetime allowance charge case studies - Royal London for advisers

    ...benefits in any pension plan, e.g. pay more contributions to a money purchase plan or accrue more benefits under a defined benefit arrangement. Start a new plan unless it is set up to accept a transfer value. Transfer benefits anywhere other than to a registered pension scheme or to a qualifying...

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    Information and guidance

  • Pensions A to Z - Royal London for advisers

    ...on transfer Tax-free cash protection on transfer: some common questions Trivial lump sums U Uncrystallised funds pension lump sums WXYZ Winding-up lump sums Back to top Share Share Last updated: 11 Jul 2019...

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    Pension freedom

    Auto enrolment

    Information and guidance

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  • Pre Budget Report 2007 - Royal London for advisers

    ...contributions The spreading of the tax relief for contributions that are paid by a new company or are paid to a 'substitute scheme' will still apply. A scheme will be a 'substitute scheme' if it is a registered pension scheme to which a relevant transfer (a transfer of 30% or more of the value of the original...

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    Information and guidance

  • Small lump sums - Royal London for advisers

    ...to be aware of before. The conditions that have to apply before the additional benefits can be paid out as a lump sum are: The payment can only happen if the additional benefits occur after a recognised transfer to a UK registered pension scheme or Qualifying Recognised Overseas Pension Scheme (QROPS...

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    Information and guidance

  • Pensions technical -useful links - Royal London for advisers

    Pensions technical - useful links We have identified a number of websites which you might find useful. Government Bodies 10 Downing Street Department for Work and Pensions Financial Conduct Authority GOV.UK - Transfer of undertakings (protection of employment) regulations (TUPE) Government Actuary...

  • Capped income drawdown and review dates - Royal London for advisers

    ...funds as drawdown pension The review dates also change - the maximum drawdown pension will now need to be recalculated at the start of every pension year. The switch over to yearly reviews will happen at the end of the pension year following the member's 75 birthday. Is it possible to transfer...

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    Information and guidance

  • Eligibility - frequently asked questions - Royal London for advisers

    ...subject to UK tax. The tax relief will be limited to the greater of £3,600 p.a. and 100% of UK relevant earnings. PTM044100: Contributions: tax relief for members: conditions Q: Can a registered pension scheme be set up solely for the purpose of accepting a transfer value? A: Yes. Q: Can a person...

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    Frequently asked questions

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

    Pension input periods and pension input amounts (post 8 July 2015 rules) These concepts have been with us since 6 April 2006 but with the reduction in the annual allowance to £40,000 more people are affected. Key facts The annual allowance is currently £40,000 Pension input period (PIP...

  • Pension Credit - Royal London for advisers

    Pension Credit The DWP have produced a detailed guide to Pension Credit for advisers which you may find useful. Guarantee Credit (Tax Year 2019/20)   Single Pensioner Married Couple Guarantee Credit £167.25 p.w. £255.25 p.w. Capital Limit £10,000 - Any amount over this limit is converted...

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    Rates and factors

  • Triviality and Small Pots - frequently asked questions - Royal London for advisers

    ...on triviality grounds, the total value of all pension rights cannot be more than £30,000, so at first sight it would appear he couldn't. However it is possible for non-occupational pension plans (e.g. personal pension plans, stakeholder pension plans, s.32 transfer plans) as well as occupational schemes...

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    Frequently asked questions

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

    Pension input periods and pension input amounts (pre 8 July 2015 rules) These concepts have been with us since 6 April 2006 but, until the annual allowance reduced to £50,000 in April 2011, have really only affected those looking to pay significant amounts into their pension. Important note...

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    Information and guidance

  • Single-tier pension - Royal London for advisers

    New State Pension The new State Pension replaced the basic State Pension in April 2016. Key facts New State Pension (nSP) The new State Pension started in April 2016 and is currently £168.60 p.w. You currently need to have paid NI contributions for at least 35 years to get a full nSP You can get...

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    Information and guidance

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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.