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James Hay offering free SSAS transfers

James Hay Consultancy will carry out SSAS transfers free in the run-up to A-Day.

The group is anticipating a sharp increase in SSAS business before April 5, 2006 as small business owners convert executive pension plans into SSASs to take advantage of loanback terms.

Small businesses converting executive pension plans which are more than two years old can access 50 per cent of the net assets of the scheme in the form of a loan.

Managing director David Seaton says the group is encouraging financial advisers to discuss this conversion option with clients as he believes the loanback terms are much more favourable now than they will be after A-Day.

He points out that before A-Day, loans are unsecured whereas under the new regime they will be secured with a first charge.

The rollover facility is also less favourable, with just one missed payment allowed to be rolled over twice as opposed to the current flexibility to roll over the whole loan.

Seaton says: “We expect to see an increase in business between now and A-Day as advisers and their clients consider how a SSAS can work for a business while at the same time building a substantial pension fund. Business owners can invest through an SSAS as they see fit and take income from the fund for life.”


Tracey Ashworth-Davies

The deputy chief executive and co-founder of Bright Grey has shown that a commitment to customer focus can bring big rewards in the protection market.

Duffy on Mortgages

HBOS enjoys over 20 per cent of the UK mortgage market so you would expect its annual intermediary dinner to be a consummate affair and once again did not disappoint last week.

Abraham to probe DWP on DB role

Parliamentary Ombudsman Ann Abraham says there will be an investigation into whether Government maladministration led to finalsalary scheme members losing pension benefits.

Guide cover

Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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