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Winterthur says too late for Govt simplification backtrack

It is too late to backtrack on pensions simplification as IFAs are already reviewing client portfolios ahead of next April, says Winterthur Life.

Pensions strategy manager Mike Morrison was res-ponding to press reports calling for the Treasury to omit certain features of the new regime, such as allowing residential property in a Sipp, at the provider’s Summer roadshow in Harrogate.

Citing reports that A-Day will only reward the rich in terms of tax relief to fund property purchase, Morrison said one of the key provisions of the new regime is the lifetime allowance which restricts the amount of fund on which an investor can get tax relief.

Allowing residential property in pensions has been criticised in the media as giving tax breaks to buy-to- let landlords when first-time buyers are struggling to get on the property ladder.

Morrison also said placing residential property in a Sipp may look attractive on paper but the number of people doing this will be limited due to the low size of the average pension fund.

He said: “Portfolios will have been appraised to maximise funding under the new rules and measures will have been put in place to utilise tax-free cash and unused relief. The adviser may have already reviewed options with the client to make residential property purchase investments and other investments permitted under the new regime.”

Dickson Lishman Prince partner Richard Lishman says: “It would be a crazy move for the Government to backtrack on this issue now considering the amount of time and effort the indus- try has spent anticipating next April but then again nothing would surprise me about the Government on this issue.”


IFAP releases loan IFA listing

IFA Promotion is releasing a mortgage IFA media services supplement listing mortgage IFAs who also offer independent investment and protec- tion advice. The aim is to raise awareness among consumers that an independent mortgage adviser may not necessarily be offering independent advice for other financial products.

Pink joins forces with Cheshire Building Society

Pink Home Loans announces the addition of the Cheshire Building Society to its direct submission panel.Pink Home Loans will pay broker commissions of 0.45 per cent with a 1,500 maximum on credit repair products, with all other products attracting a 0.3 per cent commission online and 0.25 per cent via paper application.Pink managing director Tony […]

Grey’s Locke in move to Aegon

Bright Grey communications manager Mark Locke is leaving to join Aegon’s pr team on August 10. Locke will continue to look after protection as well as employee benefits at Aegon, having been at the Edinburgh-based protection provider since April 2004.Locke says: “I am delighted to be moving to Aegon after an exciting year at Bright […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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