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UK - Actuarial Advisory Firm of the Year UK - Pensions Advisor of the Year

UK - Actuarial Advisory Firm of the Year UK - Pensions Advisor of the Year. Malcolm McLean. The new freedoms. What are they ? Who do they apply to? Are they understood? Risks/scams? What help and advice is available ?. What are they?.

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UK - Actuarial Advisory Firm of the Year UK - Pensions Advisor of the Year

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  1. UK - Actuarial Advisory Firm of the Year UK - Pensions Advisor of the Year Malcolm McLean

  2. The new freedoms • What are they ? • Who do they apply to? • Are they understood? • Risks/scams? • What help and advice is available?

  3. What are they? • Ability to take your pension monies more flexibly • Effective requirement to take an annuity scrapped • Cash options (UFPLS) • “Flexi- access” drawdown • Ability to pass on unused pension pot to dependants tax-free

  4. Who do they apply to? • 4.5 million people with DC pension schemes • Normally only from age 55 • Some people with DB pensions will be able to swap them for DC schemes

  5. Are they understood? • Not fully by everybody • Many myths and misconceptions • A pension pot is not the same as a bank account • There are often tax implications • Using your pot to buy a posh car or invest in a buy- to- let property is not usually a good idea

  6. And putting your money under the mattress is even dafter!

  7. Risks? Giving up a valuable DB pension?

  8. Risks? But DB transfers could be good for some individsand schemes

  9. Risks? Paying more tax than you need to

  10. Risks? The taxman is expecting to boost his tax intake substantially in the first few years

  11. Scams? Being misled and/or swindled out of your hard earned money

  12. Scams? The pension fraudsters and conmen are hovering and ready to strike

  13. What help and advice is available? Basic information from the scheme or provider Guidance from Pension Wise Full advice from a regulated financial adviser Mandatory advice from a specialist adviser for transfers to DC from DB (£30k+)

  14. Helpful website, telephone interview with TPAS, face-to-face with Citizens Advice Booking Line 030 0330 1001

  15. Other big changes possible or in the pipeline

  16. Trading in your annuities for cash May be possible from 2016 but don’t hold your breath or expect a good deal

  17. The single-tier state pension

  18. More changes to pension tax relief?

  19. The importance of good communication in this period of great change

  20. Any questions?

  21. Regulatory Information • The information in this presentation is based on our understanding of current taxation law, proposed legislation and HM Revenue & Customs practice, which may be subject to future variation. • This presentation is not intended to provide and must not be construed as regulated investment advice. Returns are not guaranteed and the value of investments may go down as well as up. • Barnett Waddingham LLP is a limited liability partnership registered in England and Wales. • Registered Number OC307678. • Registered Office: Cheapside House, 138 Cheapside, London, EC2V 6BW • Barnett Waddingham LLP is authorised and regulated by the Financial Conduct Authority and is licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

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