View more on these topics

Life offices’ alarm at pension IHT threat

Revenue & Customs’ proposals to apply IHT to pensions would mean hundreds of thousands of retired people would have to alter their exis-ting arrangements, warns Scottish Equitable pensions development director Stew- art Ritchie.

Ritchie says if the proposals go through unchanged, this will add to the anticipated pre-A-Day logjam as advisers struggle to position their clients’ pension arrangements.

ScotEq, along with Standard Life and several other insurers, is forcefully lobbying the Revenue to remove the threat of IHT on non-annuitised pension pots after A-Day.

ScotEq has 34,000 clients in drawdown or phased retirement, all of whom would face IHT on their pension pots at death unless they buy an annuity by age 75. The Revenue’s consultation closes at the end of the month.

Standard Life marketing technical officer John Lawson says the Revenue proposals fly in the face of the Government’s plans to simplify pensions and allow greater flexibility around retirement. With the onus switching to the individual to prove they are not trying to reduce their estate by not buying an annuity, he says the level of documentation this will introduce will add up to a massive burden.

Ritchie is warning that A-day is drawing ever nearer and these issues need addressing quickly so people have time to plan. He says: “There is a real time pressure here. What happens if someone dies before they can rearrange their retirement arrangements?”

Lawson says: “There is no need for the current rules to change. It affects everyone and is almost an excuse to raise a lot of extra revenue.”


Earls joins FSSC board

Trade Union Amicus research section head John Earls is joining the Financial Services Skills Council board. Earls will join other directors of banks, buildings societies and representatives of trade unions and HM Treasury, sitting alongside chair David Prosser. Earls says: The work completed by the Skills Council during its first year of operation is something […]

Commercial property on the up

The UK commercial property investment market is in robust health and with the exception of some sectors of the retail market, such as high-street shops, the outlook is good.

Tricks of the trades

Money Marketing editor John lappin provides a valuable insight into the workings of trade papers and reveals how budding journalists can find a route into the industryEver read a copy of Money Marketing and thought: “I could do that.” Imagine the thrill of being able to take the FSA to task for its mistakes and […]

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


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