Download - Mike Morrison Pensions Strategy Manager
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Mike MorrisonPensions Strategy Manager
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Interactive session
1) Would not have used it anyway
2) No longer a viable option
3) May have some use in limited cases
4) A very useful financial planning tool
In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
prepare to vote10
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Interactive session
Would not have used it anyway
No longer a viable option
May have some use in limited cases
A very useful financial planning tool
In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
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25%
50%
75%
100%
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Agenda
• Budget announcements on ASP/Scheme Pension
• Protecting pension funds following the budget
• SIPP regulation
• Other retirement issues
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Budget 2007
• Unauthorised payment
• Consultation on Scheme Pensions
• Protecting pension funds
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Introducing the clients
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Introducing the clients
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Introducing the clients
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Introducing the clients
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Introducing the clients
Pension fund = £750,000
Pension fund = £750,000
Pension fund = £750,000
Pension fund = £750,000
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Retirement planning
Source: Annuity Bureau. Annuity Income – gross annual income for man aged 65 with pension fund of £100k. Income payable with 3% p.a. increase, 50% partner pension, guaranteed period of 5 years. Gilt Yield is FT Actuaries Govt Sec UK 15 Year Gilt Yield. Source: FT
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Retirement planning
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Retirement planning
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Retirement planning
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Retirement planning
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Retirement planning
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Retirement planning
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Retirement planning
Unsecured Pension
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Retirement planning
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Retirement planning
Tax charge - 18%
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Retirement planning
tax charge - 18%
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Retirement planning
Alternatively Secured Pension
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Retirement planning
Alternatively Secured Pension
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Retirement planning
Annuity purchase eventuallyAlternatively Secured Pension
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Retirement planningDetailed financial planning
Alternatively Secured Pension Annuity purchase eventually
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Retirement planning
3rd party contributions
Alternatively Secured Pension
Annuity purchase eventually Detailed financial planning
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Scheme pensions
• Consultation paper out in budget
• Unfavourable tax treatment
• Likely to be treated as ASP
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Other retirement issues
• Discretionary bypass trust
• Protected rights
• Recycling
• Inflation
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SIPP Regulation
• From 6 April 2007
• Cost comparison easier
• Some providers not yet regulated
• Orphan SIPPs
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SIPP Regulation
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Other issues we could have talked about
• Pension Term Assurance
• Employer contributions
• Transfers
• Protecting pre-A-Day tax free cash
• Personal accounts
![Page 32: Mike Morrison Pensions Strategy Manager](https://reader035.vdocuments.mx/reader035/viewer/2022062319/55598814d8b42a14638b4854/html5/thumbnails/32.jpg)
Other issues we could have talked about
• Pension Term Assurance
• Employer contributions
• Transfers
• Protecting pre-A-Day tax free cash
• Personal accounts
…look out for future workshops
![Page 33: Mike Morrison Pensions Strategy Manager](https://reader035.vdocuments.mx/reader035/viewer/2022062319/55598814d8b42a14638b4854/html5/thumbnails/33.jpg)
Interactive session
1) Would not have used it anyway
2) No longer a viable option
3) May have some use in limited cases
4) A very useful financial planning tool
prepare to vote10
In light of the changes to the tax regime for ASP in the last budget,
how do you view ASP?
![Page 34: Mike Morrison Pensions Strategy Manager](https://reader035.vdocuments.mx/reader035/viewer/2022062319/55598814d8b42a14638b4854/html5/thumbnails/34.jpg)
Interactive session
In light of the changes to the tax regime for ASP in the last budget, how do you view ASP?
Would not have used it anyway
No longer a viable option
May have some use in limited cases
A very useful financial planning tool
0%
25%
50%
75%
100%