You are unauthorized to view this page. Username or E-mail Password Remember Me Forgot Password Questions: 00:00:00 - Intro 00:01:35 - LTA 25% tax free lump sum capped at current limit. Is this affected having previously crystallised and taken 25% tax free lump sum from a separate DB pension? What does it mean for lump sum limits if a DB scheme has already been crystallised (£900k of the LTA) without having taken any lump sum and there is a separate uncrystallised DC pot (£400k) waiting? 00:04:00 - Clearly very good news with the pension changes however we have already seen the labour party command we have already seen labour party commit to reverse the abolition of LTA. As a consequence I've seen a few Folk on various problem saying that they won't act on the changes for fear of the reversal. Clearly you can't guarantee what any government may or may not do but what are your thoughts on this and think about this please? 00:06:50 - We currently have a rental property, with a sitting tenant. In about a 18 months, we plan to start building a house. We need to sell the rental property to fund the build. What would you suggest we do with a large sum of cash (proceeds of sale), that we will need in around 12 months time? 00:09:10 - I’m trying to calculate my remaining personal pension allowance and have all the data needed from my pension provider. I see two categories every month, (1) pension contribution and (2) management fee. My question is, when adding up my total contribution do I subtract all the (2) management fee entries from the total? I assume/hope so. 00:09:44 - I have a question about the state pension (SP). My gov.uk record says that I have contributed 30 years of full contributions. The SP forecast page says I need to contribute 3 more years to reach the full pension amount. However, I have read in many places that you need 35 years of contributions to get the full SP. Why the discrepancy? Is it something to do with me straddling both the old and the new system for calculations? Also, the gov.uk pages say the forecast is not a guarantee and is based on current law. So, if I were to take early retirement with 33 full years rather than 35, do I risk missing out when I hit age 67 many years later, when it is too late to do anything about it? How likely do you think it is that they will move the goalposts for me? I don't like the unpredictability of this but don't want to work for 2 more years "just in case". 00:12:31 - With the LTA to be abolished but the tax free cash still limited to £1,073,100 would crystallising a SIPP above the LTA mitigate the tax impact of any future re-instatement of the LTA by a Labour government? Unlikely the would apply rules retrospectively? 00:16:58 - Following on from February’s meet up where you went through the calculation settings you suggested a cautious approach is best. Is there an age (e.g., 20 years from planned death) where more realistic settings should be made to avoid bad situations arising? If I follow the cautious approach, I have minimal IHT issues. If I toggle the ‘transfer all excess income / credit’ to on, then my net worth increases by over £500k and IHT increases by 300%. At 63, with a VG planned last survivor death at 89, I have (only) 26 yrs to mitigate IHT (already maximising gifting going on expensive holidays with grown up children for next 8 yrs and two car replacements etc.,). I know that any cash flow model is out of date from the date it is prepared, and plenty of things can and will change but do you think I should remain cautious and if so for how long? 00:20:50 - Similar to William and Kevin, as I'm over the old LTA should I now prioritize taking tax free cash from my DC scheme first, to lock in the max ~250K as I intend to take my DB benefits as income (taxable) only? 00:21:38 - It's my understanding that the lifetime allowance framework remains in place, and it's just the lifetime allowance charge that has been removed at this stage. HL and other pension administrators are still required to operate lifetime allowance checks when we take benefits and issue benefit crystallisation event statements. Therefore I'm thinking I'll wait until it's formally abolished in a future finance bill before I move into drawdown- does that make sense? 00:22:55 - I have a question about reviewing investments and rebalancing. I haven’t done this for a while because markets have been volatile and have fallen over the year. As both my equity funds and bond funds are down I feel reluctant to crystallise losses by trading out of lower performing investments- on the other hand it seems daft to keep funds which aren’t top quartile performers just because of a historic price I purchased them at. Presumably it is better to reinvest in a fund which has greater growth or recovery potential? I am sure this is a mindset issue on my part. Would be grateful for your thoughts on this. Many thanks. 00:27:00 - I invested in a VCT last tax year (in March 2022) and submitted my tax relief claim in May 2022. I left it 6 months before following up with HMRC and was able to confirm it was received and all the paperwork was in order. I’ve chased up by phone 4 more times and I’m continually told that it’s in a queue waiting for a Tax Specialist to review. I was advised to make a complaint on their website by one person I spoke to which I did back in January…. no response. I’m wondering if this is ‘normal’ behaviour in your experience and more importantly is there anything more I can do to escalate this as I’ve been waiting over 10 months now? 00:28:11 - Is there any easy way to tell Voyant to draw enough from pensions to utilise any remaining Personal Allowance after part-time employment income is received? For example, if my wife earns £6,500 from employment, I'd like her to take an UFPLS which uses the remaining £6,070 of her Personal Allowance (ie c. £8,100). I can do this manually, of course, but would like to be able to ask Voyant to do it automatically. 00:28:42 - I am 62 and have used most but not all of my LTA based on taking a DC scheme and DB scheme. I left a second DC scheme uncrystallised as it would trigger the LTA and decided to leave it until I am 75 and pay the LTA charge then, in the hope that the LTA was scrapped or significantly increased. Now it is scrapped I am tempted to crystallise it all just after the 6th April and run for the hills in the hope that Marshall Starmer and his deputies can't catch me! I am aware of the 268k tfc limit but am I missing anything else? The old saying of "react in haste repent at leisure" springs to mind. 00:29:46 - I'm taking early retirement in September which gives me a DB pension that covers our basic needs and an additional tax free lump sum that I was going to keep as 3 years as cash and put the rest into my wife and my S&S ISA. With all the inflation/volatility/uncertainty these days, is this still a good plan? Is 3 years enough? I don't want the 3 year cash to get ravaged by what's happening so is a savings account going to be sufficient for it? 00:31:22 - The Chancellor is keen to get us back into the workforce. Having “retired” , if I am already drawing a pension from my DB scheme, if I return to work at a decent salary can I put up to £60kpa into my SIPP going forwards or, because I am already drawing an income from my DB scheme, am I limited to the recycling MMA limit of £10kpa? All subject to hearing your comments about ensuring previous LTA 2012 protection not jeopardised by starting to pay into my pension again, which, as advised I have avoided for the past 10 years. 00:33:05 - My mum has an investment bond that has a life insurance element, and pays out 101% of its value split between myself and my brother on her death. Will there be any tax payable on this? 00:34:35 - Hope you are well! I wondered what you thought of moneyfarm active or fixed allocation adventurous portfolios as an alternative to the usual FI go to of vanguard FTSE GAC acc . They accept mall monthly payments and friendly app. I realise you can't give advice but how would i compare the relative performance (given that past performance isn't a guarantee of future performance.) 00:35:39 - I have a reasonably sized GIA. I am annually switching funds from this account into our ISA's to shelter from tax.. I was also thinking about making a lump sum payment into a SIPP, even though I will not receive any tax relief on this due to no earned income. However thinking about it form a cap gains tax perspective once the sum is in the `SIPP it will grow tax free and when eventually I draw on it at least 25% will be tax free, whereas in the GIA obviously it will be taxed on withdrawal at the relevant cap gains tax level (higher band for me). Does this make any sense or have I missed something. This idea seems even more attractive with the removal of the LTA. 00:37:38 - My wife and I run a Limited Company. We have maxed out our annual pension contributions for this year and will max out next years as well. As a Limited Company are there any other ways I can invest more funds, excluding in property, in a tax efficient manner? I don’t need to buy equipment or invest in the company in that way. I have company cash in “high” interest accounts and I’m not sure of the best way to use it. 00:38:57 - How has the abolishment of the lifetime allowance changed the advice you are giving to clients? I’m brushing up against the lifetime allowance and I’m 53 and planning to retire in the next year or two. My drawdown plan was to crystallise it all at 55, invest the tax free cash in mine and my wife’s isa, then draw down the SIPP up to the basic rate tax threshold from 55 until age 75 then switch to drawing down from ISA’s to make the most of the IHT exemption on the SIPP. The potential for tinkering / reversals from future governments makes me inclined to still crystallise asap, but what about the subsequent drawdown order between SIPP and ISA’s? 00:40:46 - My wife and I are currently a partnership with income split between us. She also has a rental property in her name which increases her annual income. Can our incomes through the partnership be unequal to optimise tax threshold implications? Otherwise in order to keep her below the threshold, my income has to be pegged lower by the amount of her rental income. 00:41:20 - Re: inheritance tax - I’m aware that for a married couple, the unused allowance is inherited by the surviving partner, but what about the residential nil rate band? 00:42:18 - Hi Pete, with the recent pension changes in the budget, has the amount of cash you can withdraw tax free changed for those who have crystallised part of their pension in previous tax years? For example if you had moved £375k into drawdown and taken £125k in tax free cash when the LTA was £1M you would have used 50% LTA so the maximum tax free cash in TY 22/23 you could withdraw would be £1,073,100x50%x25%= £134,137.50 has this now increased to £143,275 from TY 23/24 with the max. Tax free limit of £268,275? Is there any chance of alternating Mondays and Tuesdays for the monthly live session as the move to Mondays makes it impossible for me to attend the live events. 00:52:54 - Q1) VoyantGo does it make a difference if one puts a one off expense in goals versus expense (e.g. impact on where it draws from, tax?). q2) I'm on the Withdrawal part of Voyant, and I do want to "force" some withdrawals from certain (cash) accounts. But I wonder if it's generally safer to allow suggestions from Voyant Go as it has a better grasp of tax implications as I notice that tax increases in some circumstances when I change where the withdrawal is made. 00:45:31 - I am a little confused about the need to promote my master plan in Voyant for the new tax year. Could you briefly run through what the issues are? 00:48:23 - What are the benefits of putting additional money into AVCs v a SIPP given that the Annual Allowance has increased from 40K to 60K? 00:50:36 - Can you summarise the negatives of crystalising the full pot? 00:52:16 - Is the max you can invest in a SIPP in the year that you roll over 3 years worth of 40k limited to my income in the year I pay it in or can it include the years I did not contributed anything( because I took fixed rate protection of £1.5m). Secondly if I do some this year and some next year how does the roll over work? 00:54:52 - Is there any point in holding bonds anymore? 00:55:04 - What are the best ways to mitigate IHT? 00:55:58 - Re HMRC question...I've been waiting two years on a response to an ISA overpayment! 00:56:10 - My SIPP is much larger than my wife's SIPP. Can I make a UPLS withdrawal of 10K every year and use her money purchase annual allowance to pay that into her SIPP? 00:57:10 - Can you explain again the relevance of waiting till 2024 for pension matters. What about the increased £60k annual limit? It seems a good idea to invest asap while the market is low. 00:58:54 - Maybe you can squeeze this in, and apologies if you've covered recently. Are the default Voyant Growth / Inflation figures still OK to use or should I change to current reported values.? 01:00:09 - Any pointers on the tax implications of taking capital or income from a discretionary trust as a basic-rate beneficiary? 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