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Slips on Sipps

It was good to see someone promoting SSAS and Sipp investments in Best Advice (Money Marketing, December 13). However, since I am sure a number of exam candidates read these articles, I would be grateful if you would ensure that it is made clear that the tax charge levied by the Inland Revenue on surpluses is now a standing 35 per cent and not 40 per cent. The amount was changed by the Chancellor earlier this year.

In addition, the writer failed to mention that any borrowing is restricted to 75 per cent of the fund value.

Incidentally, there are ways of ensuring that refunds do not pass into the hands of unconnected third parties. I would also point out that the directors in question would need to pass the transfer test before monies could be transferred from a company arrangement to a personal pension plan.

D Wheeler Director,London York Pensions Management, York

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