Neil MacGillivray

neill macgillivray
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Neil MacGillivray: How much tax-free PCLS is available?

Taking a tax-free lump sum when accessing pension benefits seems straightforward but protection can affect how much a client is entitled to Pension marketing material invariably makes reference to an individual’s ability to take a portion of their retirement fund as a tax-free lump sum. This pension commencement lump sum is an attractive feature when […]

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Neil MacGillivray: Just how ‘unfair’ is doctors’ annual allowance hit?

Campaigners should tread carefully in calling for reforms for those in the NHS pension scheme Recent articles reporting the furore around the annual allowance and how it “unfairly” impacts individuals in public sector defined benefit schemes have piqued my interest. Adding fuel to the fire was news the British Medical Association is calling on the […]

neill macgillivray
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Neil MacGillivray: Why the pension world should welcome CDCs

These schemes retain some of the benefits of DB and DC, while addressing the downsides of each The Pension Schemes Act 2015 introduced the concept of collective benefits. Under pension schemes providing such benefits, a member’s retirement income is determined by the total value of the assets held by the scheme at the point of […]

Neil MacGillivray: Identifying the lifetime allowance headroom

Advisers need a detailed knowledge of the lifetime allowance test in order to confirm if clients will face a charge There is no limit on the total amount of authorised benefits a registered pension scheme can provide to its members. However, an individual has a single lifetime allowance in relation to the value of tax-privileged benefits […]

neill macgillivray
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Neil MacGillivray: When expression of wish forms can let clients down

Clients cannot always rely on pension providers to follow their wishes when it comes to beneficiaries on death Headlines earlier this year drew attention to a startling statistic that 750,000 people coming up to retirement are at risk of their pension being passed on to an ex-partner when they die because they have not updated […]

neill macgillivray
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Understanding pension annual allowance calculations

Looking at the differences in the way the pension input amount is calculated for pension annual allowance purposes. I want to use my next couple of articles to explore some of the pension tax legislation differences between DB arrangements and other money purchase arrangements. This week, I am going to look at the differences in […]