Small pot commutation rules which currently apply to occupational pensions are to be extended to individual pensions. Undercurrent rules an individual can take their pension entirely in cash (some of which is taxable) if the total value of all pensions does not exceed£18,000. The extension to the triviality provisions will allow individuals to commute to cash pension pots of up to £2,000 regardless of the value of other pension arrangements but the rules will only apply to up to two such commutations in a lifetime.
Life Assurance Tax Relief:
The Government has put forward proposals to end Life Assurance Premium Tax Relief. People paying in to qualifying policies commenced before 1984 currently receive 12.5% tax relief on premiums. It is estimated that scrapping the relief could affect up to 1.5million policyholders, many of whom will be retired and on low incomes.
Congratulations to Angelique who has passed the final part of her Regulated Diploma in Financial Planning. This will be the benchmark qualification for advisers from 2013 and demonstrates Angelique’s technical expertise and continuing professional development.
Sarah has passed the Chartered Insurance Institute paper in Long Term Care planning,which is a specialist qualification required to be able to advise in this field.