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‘Budget will not hit Rowanmoor family trust’

SSAS provider Rowanmoor has attacked the Budget as a “ridiculous, illogical piece of legislation” but denies that its family trust proposition will be adversely affected.

The firm launched the Sipp/ SSAS hybrid product last year. It enables friends and family to pool their funds in a scheme and keep benefits within the scheme once a member dies.

Director David Seaton concedes that the Budget prop-osals have killed off the product as an estate planning tool but says it was never promoted as such.

The Budget consultation paper on inheriting tax-relieved pension savings contains proposals to impose similar charges that apply to Asps on scheme pension arrangements.

It says “inappropriate” uses of tax-relieved pension savings includes where arrangements have been put in place that seek to increase the rights of ano-ther person as a consequence of the death of a member and when the other person that benefits from the increase in rights was connected with the deceased.

Rowanmoor director David Seaton says: “This is an illo-gical, ridiculous piece of legislation but I am not overly concerned as we have never recommended our product for estate planning.”


Stamped out of the market

The Budget Gregor Watt says Gordon Brown is taking a tough line on stamp duty despite pleas for a big rise in thresholds which have been engulfed by price increases.

FSA warns of trading dangers

The FSA has warned that investment banks and fund managers are in danger of relying on inexperienced staff to build up commodity trading.

FSA at first meeting of wrap coalition

Pima is working with a coal-ition of wrap providers, content providers and distributors to set up a wrap forum similar to the platform committee set up by the Investment Management Association last September.The wrap forum aims to encompass the whole of the market and 28 member firms attended the first official meeting last week which […]

‘A-Day has helped only the rich’

A-Day has made no difference to the retirement plans of the general public, says Edward Jones. The company says only the very wealthy have taken advantage of the changes.


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