Mike Morrison Pensions Strategy Manager

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  • 1. Mike Morrison Pensions Strategy Manager
  • 2. Interactive session
    • Would not have used it anyway
    • No longer a viable option
    • May have some use in limited cases
    • A very useful financial planning tool
    In light of the changes to the tax regime for ASP in the last budget, how do you view ASP? prepare to vote 10
  • 3. Interactive session
    • Would not have used it anyway
    • No longer a viable option
    • May have some use in limited cases
    • A very useful financial planning tool
    In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
  • 4. Agenda
    • Budget announcements on ASP/Scheme Pension
    • Protecting pension funds following the budget
    • SIPP regulation
    • Other retirement issues
  • 5. Budget 2007
    • Unauthorised payment
    • Consultation on Scheme Pensions
    • Protecting pension funds
  • 6. Introducing the clients
  • 7. Introducing the clients
  • 8. Introducing the clients
  • 9. Introducing the clients
  • 10. Introducing the clients Pension fund = £750,000 Pension fund = £750,000 Pension fund = £750,000 Pension fund = £750,000
  • 11. Retirement planning Source: Annuity Bureau. Annuity Income – gross annual income for man aged 65 with pension fund of £100k. Income payable with 3% p.a. increase, 50% partner pension, guaranteed period of 5 years. Gilt Yield is FT Actuaries Govt Sec UK 15 Year Gilt Yield. Source: FT
  • 12. Retirement planning
  • 13. Retirement planning
  • 14. Retirement planning
  • 15. Retirement planning
  • 16. Retirement planning
  • 17. Retirement planning
  • 18. Retirement planning
    • Unsecured Pension
  • 19. Retirement planning
  • 20. Retirement planning Tax charge - 18%
  • 21. Retirement planning tax charge - 18%
  • 22. Retirement planning
    • Alternatively Secured Pension
  • 23. Retirement planning
    • Alternatively Secured Pension
  • 24. Retirement planning
    • Annuity purchase eventually
    Alternatively Secured Pension
  • 25. Retirement planning
    • Detailed financial planning
    Alternatively Secured Pension Annuity purchase eventually
  • 26. Retirement planning
    • 3 rd party contributions
    Alternatively Secured Pension Annuity purchase eventually Detailed financial planning
  • 27. Scheme pensions
    • Consultation paper out in budget
    • Unfavourable tax treatment
    • Likely to be treated as ASP
  • 28. Other retirement issues
    • Discretionary bypass trust
    • Protected rights
    • Recycling
    • Inflation
  • 29. SIPP Regulation
    • From 6 April 2007
    • Cost comparison easier
    • Some providers not yet regulated
    • Orphan SIPPs
  • 30. SIPP Regulation
  • 31. Other issues we could have talked about
    • Pension Term Assurance
    • Employer contributions
    • Transfers
    • Protecting pre-A-Day tax free cash
    • Personal accounts
  • 32. Other issues we could have talked about
    • Pension Term Assurance
    • Employer contributions
    • Transfers
    • Protecting pre-A-Day tax free cash
    • Personal accounts
    • … look out for future workshops
  • 33. Interactive session
    • Would not have used it anyway
    • No longer a viable option
    • May have some use in limited cases
    • A very useful financial planning tool
    prepare to vote 10 In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
  • 34. Interactive session
    • In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
    • Would not have used it anyway
    • No longer a viable option
    • May have some use in limited cases
    • A very useful financial planning tool