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Lords reject Revenue ruling on non-execs

The House of Lords has overturned an Inland Revenue ruling that would have made it impossible for retired directors to take their company pension as long as they remain a non-executive director.

The Revenue had tried to recover £230,000 from a non-executive director of a carpentry firm after he resigned his full-time post and took his occupational pension on the basis that he remained an employee.

But in the case of Venables •HM Inspector of Taxes, the House of Lords said a retirement pension could be paid in relation to employment that had ceased.

Pension providers and advisers have criticised the Revenue&#39s position as being in opposition to the Department for Work and Pensions&#39 policy of phased retirement. The Revenue&#39s position had been seen as an obstacle for many small family companies running small self-administered schemes where a key member of staff retires but stays on in a consultative capacity.

GE Life marketing manager Matt Trott says: “This is the sensible solution and is more consistent with what the Government is trying to do. Government policy is going down the route of phased retirement yet at the same time the Revenue has been blocking it.”


38% of IFA firms do not check references

Thirty-eight per cent of IFA firms do not check the references of new employees, claims a survey by human resources consultancy Peninsula and financial recruitment agency Portfolio Payroll. Sixty-three per cent say they check references before offering employment and 68 per cent said they have had problems with employees whose references were not checked. Of […]

Chelsea Building Society – 2 year Fixed Rate Option (3rd Issue)

Type: High-interest account Minimum-maximum investment: £1,000-£500,000 Term: Until February 14, 2006 Interest rates: 4.75% gross a year, 4.65% gross a month Offer period: Until further notice Withdrawal penalties: Loss of 90 days&#39 interest during the term Tel: 0800 429429

Letwin attacks Brown over savings ratio

Shadow chancellor Oliver Letwin has slammed Gordon Brown&#39s pre Budget speech saying Brown has conveniently excluded figures showing the savings ratio has halved and neglected to mention the relationship between this statstic and the rise in means testing for pensioners.

Prudential bond wraps up for Christmas

PRUDENTIAL FLEXIBLE INVESTMENT PLAN Type: Unit-linked portfolio bond Aim: Growth and income by investing in choice of five Prudential bonds Minimum-maximum ages: 18-89 Minimum investment: Lump sum £10,000 Allocation rates: Initial charge option &#45 £10,000-£19,999 &#45 102%, £20,000-£49.999 &#45 102.5%, £50,000- £74,999 &#45 103.5 £75,000 and above £103.75% No initial charge option – £10,000-£19,999 &#45 […]

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


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