View more on these topics

Abbey for Intermediaries urges caution on S32s

Extreme care is needed when selecting Section 32 contracts to preserve tax-free cash entitlement in the run up to 6 April 2006 says Abbey for intermediaries.

Unless the individual has opted for protection against the lifetime allowance charge, and their tax-free cash entitlement at A-day exceeds £375,000, the protection for the tax-free cash entitlement is lost if benefits are not fully vested, says Abbey.

Abbey says this can be avoided by transferring before A-day into a Clustered Section 32 contract, which contains more than one arrangement. Clustering allows an individual to take tax-free cash from any number of arrangements to meet their circumstances, without jeopardising their entitlement to tax-free cash of more than 25% of their fund, says Abbey.

Abbey for Intermediaries head of pensions and retirement Mike Brown says: “Transferring to a Section 32 contract will provide a solution for many clients, but it&#39s vital that IFAs take care to select the right Section 32 contract if they are to ensure that their clients retain maximum flexibility after A-day. This can be achieved with a Clustered Section 32, which also offers phased retirement, income drawdown and self-investment. ”


BAM appoints new chief executive

Britannic Asset Management has appointed chief operating officer Gavin Stewart as its new chief executive. He replaces Leslie McIntosh, who is leaving to pursue other opportunities after less than three years in the role. Britannic Group chief executive Paul Thompson says: “Looking ahead, Britannic Asset Management now faces new opportunities in a different investment market […]

Nvesta offers unique solution

Structured product provider Nvesta has established the Safety Net Income Plan, a capital-protected bond that provides income over a five-year term. The plan provides income of 5 per cent a year net of basic rate tax, which is the equivalent of 6.25 per cent gross for basic rate tax payers and 8.15 per cent gross […]

JOHCM explores Japan

J O Hambro Capital Management has established the JOHCM Japan Fund, a Dublin-domiciled Oeic that invests in between 40 and 60 Japanese stocks. The Fund is benchmarked against the Japanese Topix index, although the fund manager, Scott McGlashan is not bound tightly to this. McGlashan has almost 30 years&#39 experience in fund management, including 23 […]

Brokers expect business as usual at Mortgage Express

Mortgage brokers say they do not expect that B&B&#39s move will have much impact on the level of business at subsidiary Mortgage Express. Hamptons broker Jonathan Cornell says Mortgage Express is obviously still a core part of B&B and he expects it to be “business as usual”. Cornell describes the lender as “excellent, with fantastic […]

Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm