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Learn what pension transfers are and how to make the best of them by consolidating loose pensions dotted about here and there into one efficient pension that will bring the best returns for your pot when you retire.

Pension Transfer Loophole Closes for Under 55s

Hi everyone,

Today’s article is an important update on Pension Transfers and talks about what you can and can’t do now if you wish to “unlock” your pension, or use Qrops if you are an expat.

A newly formed HMRC anti-fraud, tax avoidance squad gives our topic spice too.

Due to the prevalence of schemes to unlock pensions for those under the age of 55, HMRC have formed the avoidance and counter fraud group, who are tasked with effectively putting an end to this practice.

With recent revelations by SIPP and insurance providers, that they will be refusing pension transfer money to these “schemes,” the government have moved to actively shut down any attempts to remove funds before age 55.

Read more… The value of pension and investments and the income they produce can fall as well as rise. You may get back less than you invested. The Financial Conduct Authority does not regulate advice on tax planning




New Opportunities For Contracted Out Funds (SERPS)

Hi all,

in heart of the bleak mid-winter here’s something to cheer you on the old pension front if you have a contracted out fund.

Following new legislation that came into effect on 1 October 2008 investors can now transfer their protected rights funds into a SIPP (self invested personal pension). Protected Rights funds are made up of national insurance contributions from taxpayers who opted out through The State Earnings Related Pension Scheme (SERPS) or the State Second Pension (S2P).

Read more… The value of pension and investments and the income they produce can fall as well as rise. You may get back less than you invested. The Financial Conduct Authority does not regulate advice on tax planning




Are good DIY Pensions really possible?

Hi folks,

I’ve talked in the past about a certain type of personal pension that’s proven it’s worth for those who prefer to take an active role in managing their own portfolios. Today I want to return to them because I get the feeling that they are often under reported or even maligned a little when they shouldn’t be. As a consequence those of you who are more proactive may decide that the good returns they’ve produced in the past for others are worth considering for yourself in return for a little of your own hands on activity in managing your portfolio.

So what am I talking about?

I mean investing in or transferring to a Self Invested Personal Pension (SIPP) of course.

Here’s why I think they are now good value if you like to feel in control when investing your money.

Read more… The value of pension and investments and the income they produce can fall as well as rise. You may get back less than you invested. The Financial Conduct Authority does not regulate advice on tax planning




NHS Pension changes

Hi all,

If you are one of those lucky bodkins with a NHS Pension then this involves you!

However…

I’m in a real rush tonight – I’m off to Wales for the weekend with my daughter who’s competing in a dance competition (such is a Dad’s lot, still she’s worth it!) and there’s a tiny scrap of time left to get this out to you so let’s cut to the chase…

I’ve spoken about the advantages of remaining in certain public sector pension schemes in my recent Pensions MP3 and how it wouldn’t be advisable in most cases to transfer out of such schemes as those provided by the NHS for example.

So today, I’ve an important pensions video from the BMA that you should watch if you have an NHS pension yourself.

It details the recent changes to the NHS plan and the introduction of the new ‘enhanced’ scheme – and covers things like why your contribution rates will increase, how you can improve your benefits by buying more annual payment contributions, what happens if you use the NHS income drawdown facility and whether you should transfer from the ‘old’ NHS scheme to the new improved version that’s here.

If you’re in the NHS I’d say this was required viewing.

Here’s also the link to the very handy NHS Pension Calculator.

By clicking on the above link, you are now departing from the regulatory site of IFS WM Ltd. Neither IFS WM Ltd nor Intrinsic Wealth Limited is responsible for the accuracy of the information contained within the site.

All the best and have a great weekend.

William.




Investment and Tax

The value of pension and investments and the income they produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate advice on tax planning.

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Dates and Times

NOTE: I have been writing articles here since 2007 so please take note the date of the article, because obviously, things like laws or tax allowances etc may have changed since then.

I do try my best to keep up to date, but I'm only an humble advisor and there are hundreds of my financial articles here! Please call or email if you need to double check something. I'll gladly help.

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