Jonathan shares how he got into fund management, what he views as his greatest challenge and the attributes he feels make a good fund manager. Advisers are required to prioritise an available defined contribution workplace pension scheme as a proposed destination for the transferred monies. If the dependant is a child of the member the annuity must stop when that child ceases to be a dependant (see PTM071200). Taxation of a beneficiary’s annuity From 6 April 2015 payments of beneficiary’s annuity may be taxable, or they may be tax free. A nominee may purchase a nominees’ annuity using funds from their nominee’s flexi-access drawdown fund. Not every annuity purchase by a dependant or nominee will be a benefit crystallisation event. If the outcome is to recommend a client to remain in their ceding scheme, a suitability report must be issued. Read the article here Past performance is no guide to […]. Don’t include personal or financial information like your National Insurance number or credit card details. Any inherited additional state pension is paid with the surviving spouse’s state pension. You can also consider a previous WPS if it would be more appropriate to do so — for example, if the most recent WPS does not accept additional contributions or if a client isn’t an active member of a WPS at the time of advice. If you continue browsing, we assume that you consent to our use of cookies. Paragraph 17(1) Schedule 28 Finance Act 2004. There is no obligation requiring an insurance company to either make or accept a transfer of a beneficiary’s annuity liability. Registered office At 7th Floor, Vantage London, Great West Road, Brentford, England, TW8 9AG, News & analysis delivered directly to your inbox Contingent charging occurs when the client only pays for the advice if the transfer goes ahead. PTM106000 provides guidance on the transfer of beneficiary’s annuities between insurance companies. If you give advice on where transferred funds are invested and carry out related services, such as arranging the transfer, you must include these charges within the overall cost of providing full advice. Registered number SC212640. Those considering their future in this market have even more to think about. You’ve accepted all cookies. Research and insight A ban on contingent charging structures for advice on pension transfers and conversions. Whilst it’s not always easy to talk about, the way you will eventually pass on your pension has the most impact on other people, so it could help talking to your spouse, children - or other people close to you, when you’re deciding how you take your pension … The benefit payment rules under Finance Act 2004 will not apply to such an annuity as long as the following two conditions are met: This means the conditions defining a beneficiary’s annuity do not apply to the pre 6 April 2006 annuity contract. This year’s Money Marketing Interactive will run each morning from 16-19 […], Head of Fixed Interest, Jonathan Platt, talks AI, dairy farmers and Manchester City in a recent article with Square Mile. did not become a registered pension scheme on 6 April 2006. A dependants’ or nominees’ annuity may be paid following the death of a member.
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