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L&G offers carryback tool

Legal & General is launching a disk-based carryback/carry-forward pension

calculator for IFAs to use with their clients.

The calculator is intended to help IFAs make the most of the facility

before carry-forward is abolished and the carryback rules are amended next


The disk is designed to help IFAs calculate the amount of unused tax

relief available to their clients by inputting details of their previous

years&#39 earnings and contributions.

It includes an easy-to-understand guide to carryback/carry-forward which

aims to help IFAs explain the process to their clients.

It also tells them how they can claim further relief, the years to which

the contributions are attributed and the address to send the Inland Revenue


The calculator can be used to target a specific contribution amount as

well as to print the appropriate Revenue forms for the client to check and

sign. It is available is free to all IFAs.

Using carry-forward and carryback allows an individual to catch up on

seven years&#39 missed pension contributions. Pensions development director

Tony Filbin says: “With carry-forward being abolished and the carryback

rules changing in less than a year&#39s time, it is important that IFAs start

planning now and do not miss out on the opportunity this presents in the

current tax year.

“While we understand the reasons for the changes the Government is

bringing in, carry-forward and carryback rules can be very useful pension

planning tools. But they can be hard for clients to understand and

time-consuming for the IFA.”


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