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Revenue review sparks fears over trustees

The threat to Sipps and SSASs in the Inland Revenue pension taxation review

could spell the end for much of the work carried out by pensioner trustees,

pension experts are warning.

Advisers&#39 concerns have been raised by a paragraph in the review that says

SSASs and Sipps will have to adopt the same prudential investment

approaches as all other pension schemes.

It goes on to single out SSASs as being used for tax-efficiency purposes

rather than securing retirement income. The review proposes restricting

loans to employers and scheme members and limiting the holding of shares in

the sponsoring employer&#39s company to 5 per cent, as with other schemes.

Scottish Equitable pensions development director Stewart Ritchie says:

“Many people who run small businesses cannot afford to divorce cashflow

away from their business to provide pensions. The Revenue review ignores

the reason why controlling directors want to use SSASs in the first place.”

Informed Choice managing director Nick Bam-ford says: “The Revenue review

suggests that investments in SSASs and Sipps are done in an imprudent

manner and suggests that they should not have the investment freedom that

they have. The one area of the current regime that the review should not

attack is the Sipp market. Firms with large books of SSAS clients will be

looking at the Revenue&#39s review and wondering what it means for them.”


Radical Revenue clears the way

So we have finally got sight of the long-awaited Pensions Green Paper and,crucially, the results of the review undertaken by the Inland Revenue.The Green Paper contained few surprises, with most of it having beentrailed in advance, but the Revenue review is very helpful and should leadto simplification if implemented. We should remember that these are […]

Revenue in move to plug tax loophole

The ABI is to meet the Inland Revenue after it announced the closure of atax loophole which enabled some life companies to trigger losses for taxpurposes.Experts say that traditional with-profits life offices and those which haverecently demutualised will be hit hardest by the proposals.The Revenue says its proposed package will deal with anomalies which areallowing […]

Woolwich and Nationwide increase proc fees through Mortgage 2000

Mortgage 2000 mortgage club is offering higher procuration fees to brokers placing mortgages with Nationwide Building Society and Woolwich bank. From Nationwide, advisers will receive 0.3 per cent of the mortgage advance, with a minimum payment of £150 on all cases. They will receive 0.3 per cent of the mortgage advance on standard, Open Plan […]

Barking up the wrong tree

The new year has begun very much like the old one finished, with a raft ofconsultation, discussion and feedback papers from the FSA. Among the sixpublications put out by Canary Wharf between Christmas and the first weekof January is the FSA&#39s discussion paper on its proposals for theregulation of the sales process for Sandler&#39s suite […]

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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