benjaminfabi

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benjaminfabi
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  • That formula @Kate_W is 1/7th of 1% for each one week deferred beyond GMP age. It's 1+n/700 for each complete week, where n is the number of complete weeks. Post '88 GMP also gets the inflation to 3% increases. The day is coming where that informa…
  • Jona said: If you and your firms standards are higher than that of the resources you have access to, then I don't see it as a waste of time.......? This is true. But it's reminded me of an issue that I touched on during one of the break ou…
  • richardgough said: Having said that we do not, in the main, write any provider / product / fund specific information in our advice reports on the grounds that this is provided in any regulatory documentation provided to clients. Don't spend …
  • I can't bring to mind any reason why they shouldn't have been paying the GMP to her since age 60. I'd ask for a written explanation.
  • Hi Sandra I've recently concluded that secure communication over email is not worth the hassle. For anyone. There are a lot of systems that are cheap and better. Have a look at Crugo as an example. Also, Filehaven is on the horizon from codepotato…
  • Voyant for me too.
  • I'd do something very similar to Nathan. Then all you really have to do is an annual rebalance at review and regular due diligence on the particular range of funds that you are doing. Even if you do change one, the likelihood of the previous one be…
  • Hi, The simple answer to your question is no. And the reason is because regardless of any administrative errors leading to this chain of events, it is not reasonable to conclude that the original pension scheme member wasn't aware that they had a…
  • Yes that's how I understand it. 
  • First off if any part of this plan is going to be transferred to provide flexible benefits, then any advice about taking the benefits from this scheme must be given or checked by a pension transfer specialist. As for the specifics of the case, it s…
  • I'd say that's a good fit, especially as they are both multiple choice. If you have an employer willing to fund it, or can yourself, I'd also do J12 (also MC) at the same time, as J10 and J12 have a lot of crossover. With that done, then get AF4 un…
  • Hi, Here's a decent looking link with some information about the NI Local Government Scheme. I'd say that based on this it isn't capped. I assume that any scheme holding itself out to follow the act you've cited will have the same increases. https…
  • Hi Carly I haven't done J09 but I'd suggest getting R02 and R03 under your belt first for the knowledge they'll give you. Reading the specification it looks like a challenging exam for someone without any foundation qualifications. Good luck with …
  • Hi If it were me, and I was going to continue to keep the aum with corresponding ongoing fee, I would probably not charge. Unless there is new money from life cover or similar, in which case I would offer a significant discount or, as you say, a fi…
  • Jona said: Above all it appears to me that good, experienced, paraplanners are fairly thin on the ground. We are also focusing on internal development and training more - good administrators have the potential to be excellent paraplanners. …
  • Hi Katherine, It's not easy. It took me five months at the start of this year to find the right person. We only had three to interview stage from about 6 CVs. Location is a good hook. Turns out not many folk fancy a daily commute to Crewe! I suspec…
  • Biggest issue to cover off is why you are using a ssas instead of a group SIPP with another provider. 
  • Yes they should. Standard Life does as I dealt with a case on the SL Wrap last year. But it will only refund the net contribution. You can't refund investment growth as that's an unauthorised payment. I had no indication of whether there would be …
  • My understanding is that: If you exceed relievable limits but do not breach your annual allowance, then you are ok to declare it to your pension provider and ask for the position to be corrected. If you've completed a tax return then it will also b…
  • I'd booked but I've cancelled. Partly because there is another internal training event that I'd rather attend, but really that was just the excuse I needed because I don't like the timing. It's very much geared to people who are coming from afar and…
  • Suse1969 said: Great thread guys - interesting to see the different ways we're applying the software (although I have to admit to doing a spreadsheet this morning for a quick triage exercise).  You can't beat a good spreadsheet
  • We use Voyant. There's a free trial available. It's brilliant for modelling income sustainability and what if scenarios eg transfer or stay in the DB scheme
  • I'd say that as soon as it costs more then you need to start documenting why the extra cost is worth paying. If you are recommending something that is so much more expensive than what they already have then you have to start asking whether what you'…
  • We bind the report together with all the enclosures, KFD, factsheets etc. But our reports are between 6 and 15 pages so binding them on their own would be a bit silly. Immediately before we bind it, the 'pack' gets scanned into the system. That way…
  • Well I know from having worked with them how good the guys at O&M are. I'm not saying that you shouldn't check it, but you're using people who I reckon are the best. I'd use their system if it wasn't about 5 times the price! 
  • I'd be with you in the latter camp. The TVAS is a fundamental regulatory document underpinning specifically a DB transfer recommendation. Anyone who is happy to rely on this unchecked and give advice is playing a dangerous game.  If they are paid f…
  • I'm happy for you to split hairs Richard  We can agree to disagree.
  • It's not advice because you aren't making a personal recommendation to transfer the xyz DB pension benefits to the abc personal pension plan invested in the such and such fund. You're saying...  You have x income need in retirement and this partic…
  • I'd say that's the best way to think about it @Calvert76. Give the DB the strength ie 'an extra degree of certainty'.  You can take that a step further. Ask the client what she thinks about the security offered by the DB. Frame that within her enti…
  • Use the triage process @Hucko linked properly; understand what it is there for. What you're trying to do with triage is determine if the client should be looking at a DB transfer. Is it necessary to take them through a fully chargeable piece of ad…