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Last updated by William at November 22, 2013.

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.

Pension Transfer Warning from William George

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.

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.

All the best and have a great weekend.

William.