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Pension News
Update on Scheme Pensions
Tue, 13 Dec 2011 15:02:01 GMT
In our last news item we stated that we're not currently accepting applications for Scheme Pension from SIPP or SSAS arrangements. We have reviewed this position and are happy to say that we intend to start accepting Scheme Pension applications from Flexi SIPP members shortly. We won't be accepting Scheme Pension applications for members of SSAS arrangements however, as we believe that they are significantly affected by Pensions Act 2011.
Scheme Pension classifed as defined benefits
Tue, 22 Nov 2011 15:43:24 GMT
In early November, the Pensions Act 2011 received Royal Assent and became law. Shortly before enactment, some last minute amendments were made that altered the rules surrounding Scheme Pensions, making them classified as defined benefits, rather than money purchase. The changes appear to affect Scheme Pensions provided by SIPP and SSAS arrangements - increasing the costs and burden of running Scheme Pension through these vehicles.
Further reduction in Income Drawdown limits
Tue, 20 Sep 2011 10:13:25 GMT
The gilt yield (used to calculate the maximum income for Capped Drawdown) for September 2011 is at an all time low, meaning that maximum income for new Capped Drawdown cases in October will be squeezed even further. The effect of the new income limits introduced in April 2011, together with historically low gilt yields means that maximum income is around 30% lower now, compared to March 2011 (for a male aged 65).
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Note InvestAcc Pension Administration Limited does not provide financial advice.
