QROPS

A QROPS is an excellent vehicle for people who are living, or planning to live, overseas.

Click here

---

SIPP

A Self Invested Personal Pension (SIPP) is the SSAS equivalent for the self-employed, partnership or an employee.

Click here

---

SSAS

The advantage of a Small Self Administered Scheme (SSAS) to any small to medium sized business.

Click here

 

 

News

Applying for Protection from the reduced Lifetime Allowance

11-04-2011

Fixed Protection will allow anyone who believes they will be adversely affected by the reduction in the Lifetime Allowance (LTA) to fix their personal LTA at the current figure of £1.8 million rather than the £1.5 million applicable from 6th April 2012. 

There are some important points to note: 

• Individuals do not need to have a fund in excess of £1.5 million to apply for fixed protection.
• You cannot apply for Fixed Protection if you already have Primary or Enhanced Protection.
• Applications for fixed protection must be made in advance, i.e. received by HMRC on or before 5th April 2012.

Once an individual has successfully applied for Fixed Protection they:

• Cannot start a new arrangement other than to accept a transfer of existing pension rights
• Cannot make any further pension contributions or have benefit accrual
• Will be subject to restrictions on where and how they can transfer benefits

 If they break one of these conditions they will lose their protection.

Anyone with Enhanced or Fixed Protection must be especially aware that they must opt out of any auto enrolment into NEST or their employers  pension scheme otherwise protection will be lost.  The responsibility is on the individual to tell HMRC if, for any reason, they lose their protection.

HMRC expect to release the Fixed Protection application form on their website as soon as the Finance Bill 2011 has received Royal Assent. This is expected to be in late July.   We note however that according to HMRC they will not be in a position to issue any protection certificates until October 2011.

News Archive

• Annual Allowance and Carry Forward - (22/08/2011)
• Taxation of Death Benefits after 6th April 2011 - (22/08/2011)
• New Retirement Options - (22/08/2011)
• Protection from the reduced Lifetime Allowance - (22/08/2011)