Pensions, insurance and tax efficient investments

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Pensions, insurance and tax efficient investments guidance:

In the UK the overwhelming majority of pension schemes in the private sector, ie both occupational and personal pension schemes, are established under trust and are...

Practice Note

Government policy For many years as part of government policy the establishment in the UK of private pensions in addition to state pensions has been encouraged. This...

Practice Note

Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

Defining life insurance trusts A life insurance trust usually involves either: • an assignment of an insurance policy together with a declaration of trust or • the...

Practice Note

THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMES Most pension schemes provide for benefits upon the death of the members. What...

Practice Note

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...

Practice Note

Overview of the types of death in service benefits and their tax treatment There are three types of death in service benefit: • the registered group life policy • the...

Practice Note

Where a member of a registered pension scheme dies while in drawdown (whether in the form of income withdrawal or a short-term annuity), there may be funds remaining in...

Practice Note

The EIS is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax reliefs to individual investors purchasing newly issued...

Practice Note

Individual savings accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...

Practice Note

Overview of the use of life insurance in estate planning Life insurance can be an important tool in estate planning. This Practice Note summarises the main types of...

Practice Note

As a general rule, law firms are not permitted to engage directly in insurance distribution activities, unless they are licensed by the FCA. This Practice Note focuses on...

Practice Note

National Savings & Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer. According to its website, NS&I is one of the largest savings...

Practice Note

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...

Practice Note

Types of death benefits payable There are two types of scheme benefits payable on a member’s death: • pension death benefits, and • lump sum death benefits Until 5 April...

Practice Note

This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme dies before retirement without taking any...

Practice Note

Membership of an occupational or personal pension scheme affords the opportunity to utilise the tax reliefs available during working life to save for a pension on...

Practice Note

This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme retires. It explores the opportunities to maximise...

Practice Note

Accrual rate The rate at which pension benefit increases as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service....

Practice Note

Public sector pensions are occupational schemes for employees of central or local government, a nationalised industry or other statutory bodies. They include pension...

Practice Note

Why use a QROPS? In practice, many Qualifying Recognised Overseas Pension Schemes (QROPSs) are personal pension schemes or retirement annuities that are marketed for...

Practice Note

Statute provides for two tax-efficient alternatives to a life assurance policy held within a registered occupational pension scheme: • the relevant life policy (RLP), and...

Practice Note

The seed enterprise investment scheme (SEIS) was announced at the Autumn Statement in November 2011 and took effect from 6 April 2012. SEIS was originally introduced for...

Practice Note

Various tax incentives are available to individuals investing in unlisted shares and securities such as shares admitted to trading on AIM. AIM is one of the markets owned...

Practice Note

Broadly speaking, tax applies to UK registered pension schemes in three different areas: • tax treatment of member and employer contributions (including refunds of member...

Practice Note

Factors which led to the creation of the Lifetime ISA Successive UK governments have long proclaimed the importance of encouraging long-term savings both within and...

Practice Note