We remain open. Our current focus is to prioritise the welfare and safety of our staff and our clients and as a result the majority of our Administrators are working remotely, with only very key members of staff in the office on any one day.
What happens to a member's pension fund when they die?. The basic answer to this question is that the pension scheme administrator uses the member's pension fund (together with any life assurance that the pension scheme trustees had taken out in relation to the member) to provide the member's beneficiaries with benefits in accordance with the pension scheme rules and HM Revenue & Customs (HMRC) legislation.
Who can benefit from a member's pension fund?. As mentioned above, the scheme administrator has absolute discretion when deciding to whom to pay death benefits. However, the member should have completed and lodged with the scheme administrator a nomination form, indicating whom the member would like the scheme administrator to consider as beneficiaries.
What benefits can the scheme administrator provide?. The scheme administrator can provide lump sums and drawdown pensions and buy annuities from insurance companies.
What happens when a beneficiary with drawdown funds dies?. The beneficiary should have completed their own nomination form, so that the scheme administrator can take account of it when using its discretionary powers to pay benefits as follows.
Happy birthdays for Dentons and SIPP!. In the year that the SIPP industry is celebrating reaching its 30 year anniversary, Dentons is celebrating its own birthday – of 40 years!
A potential solution to avoiding the delay in HMRC registering a new SSAS. Advisers must plan well in advance where their clients intend to establish a new Small Self-Administered Scheme (SSAS).
SSAS scheme registration timescales. ​HMRC’s stance not to register schemes with dormant employers has been topical of late but in fact, HMRC have always had the power to request information and documents to enable them to consider fully new scheme registrations under powers contained in Section 153A of the Finance Act 2004.
SIPP transfer considerations. A key aspect of the role of a financial adviser is to research the marketplace and recommend and review the most appropriate products and services available for their clients – this is no easy task in an ever changing environment.
Pensions escape budget reform - for now!. The lack of tinkering with pensions in the recent budget has been welcomed by the industry. Surprisingly pensions were not even mentioned despite speculation beforehand that ‘pensions could be a budget victim’ to help pay for the promised increased spending for the NHS.
Pensions Tax relief. A paper from the Centre for Policy Studies is calling for pension tax relief to be overhauled. While we agree 'more needs to be done' our views differ from the think tank. We will wait to see what the Autumn budget may bring.
Could pensions be a budget victim?. Pensions have been touted as a potential victim for cuts, with justification mooted for the increasing costs of the current tax relievable contributions, and/or how to better distribute those benefits amongst everyone rather than the wealthy enjoying the majority.
Intellectual Property. Amongst the more unusual asset classes you may find within registered pension schemes, is intellectual property. Whilst offering the potential for regular income and capital growth, there are many hazards, which need to be acknowledged and navigated.
We give you the freedom of choice.. We offer the freedom for clients to manage their own commercial property. This can have significant cost benefits for clients but it is essential that they understand what is involved and undertake the necessary property management functions.
Case study: When the bank says no a SSAS could help.. A recent case has highlighted the advantages that creative use of a Small Self-Administered Scheme (SSAS) can offer.
Case study: Salary sacrifice. Salary sacrifice or the sacrifice of earned bonus is probably the most tax-efficient way of getting money into a pension plan especially if the employer is prepared to augment the bonus given up by the national insurance contribution that would have been payable on it.
The carry forward conundrum. One of the most common queries from advisers recently has been the use of carry forward of unused pension contribution allowances.
What constitutes taxable property?. As a SIPP provider, we are often asked to comment on the acceptability of an asset. Despite the uncertainty surrounding SIPP due diligence, one point is not in dispute and that is the willingness to avoid taxable property.
SSAS - an alternative lender. Although as far as economic cycles go we have seen far worse, advisers looking for alternative sources of finance for their corporate clients often approach us.
SIPP providers' asset acceptance procedures - Commercial land. Martin Tilley, Director of Technical Services, looks at where proposals to add commercial land to a SIPP are more likely to be accepted.
Treading the fine line of SIPP due diligence. Recent trade press has reported widely on the issue of the Financial Services Compensation Scheme declaring three, now defunct SIPP operators, as in default based on a failure to carry out any due diligence on underlying investments, which subsequently failed. So are SIPPs off the hook?
Mixed-use Property purchase in a SIPP. We will walk through a scenario where a SIPP is used to buy the client's shop premises with a residential flat above.
Pension freedoms - what you need to know before drawing income. Whilst we welcome the pension freedoms that were introduced in 2015, which granted greater access to pension benefits, they do bring with them complications that you need to understand before taking any income from pension savings.
What events could trigger the reduction in the Annual Allowance?. A number of factors, including the Annual Allowance (AA), govern the amount of contributions to an individual’s pension schemes in any tax year that could be eligible for tax relief, and individuals should seek advice before contributions are paid.
Nominating beneficiaries for your pension death benefits. The pension freedoms have radically changed the taxation of death benefits payable from money purchase pension schemes and the range of beneficiaries that can receive them.
Changes to self invested pensions in the last 30 years'. With over 30 years' experience at Dentons, Martin Tilley reviews the changes and growth in the self-invested pension market.
Successful Annual Event with guest speaker Michelle Cracknell. Dentons' hosts its 6th Annual Event at the IOD with guest speaker Michelle Cracknell and Dentons' David Fox and Martin Tilley.
Money Purchase Annual Allowance. The Money Purchase Annual Allowance is the total amount of contributions that can be paid to an individual's money purchase arrangements in a tax year. A number of actions will trigger this allowance.
Lifetime Allowance change.. Although the increase in the LTA for tax year 2018/19 is relatively small, the timing and drawing of benefits could prove important when managing and minimising clients' tax charges.
Tapered Annual Allowance. Individuals whose adjusted annual income exceeds £150,000 may have their annual allowance reduced.
SSAS releases capital for company growth.. George and Dennis Gibley have a problem and have approached their financial adviser. The brothers' company has turned in a record year and profits will exceed £150,000 resulting in a corporation tax bill of around £28,500.
Dentons acquires bespoke SIPP book. With effect from Wednesday 31 January 2018, Dentons has announced the acquisition of Sippchoice, the London based bespoke SIPP provider for an undisclosed sum.
Revenue Scotland confirms tax ruling for transfer of property in specie between pension schemes. The pensions industry has now received clarification from Revenue Scotland on the treatment of in specie transfers of Scottish property between registered pension schemes.
SSAS Legal Entity Identifiers - Dentons' registration service. Small Self-Administered Schemes (SSASs) trading or wishing to trade in equities and bonds, ETFs, derivatives and certain debt related instruments (reportable financial instruments) will now have to obtain a Legal Entity Identifier (LEI) before trades can take place.
Tax favoured pension savings; don't exceed your pension allowances.. Many people are being caught by reductions in both the Lifetime Allowance (LTA) and the Annual Allowance.
Pension scams are costing people their life savings. Pension freedoms have opened the floodgates for scammers and conmen to prey on people who are keen to access their pensions. They are using increasingly sophisticated and convincing ways to ‘con’ people out of these savings.
Online capability enhancements. We recognise how important it is for you to be able to get information quickly about your SIPP and are continually finding ways to utilise technology for your benefit.
DPM Legal - specialist SIPP/SSAS conveyancing firm. Within the Dentons Group of Companies, DPM Legal is a law firm providing expert legal advice on a range of residential and commercial property transactions.
Why SIPP property purchase needs careful consideration. Changes in the SIPP market and new rules around annual allowance and tapering mean property purchase through a SIPP is no longer as simple as it was.
"Dentons is something of a success story among SIPP providers.". Dentons continues to perform well in the second independent report from FinalytiQ on the financial strength and stability of 'bespoke' SIPP Providers.
Dentons is committed to the SSAS market.. Many providers have recently announced a dramatic increase in their SSAS fees which has resulted in more advisers switching their SSAS clients to Dentons.
Change in our investment proposition.. Dentons has always aimed to offer clients the widest choice of assets within their self invested pension however we have now made the decision to no longer accept new requests for direct individual accounts or stockbroker accounts to trade in foreign exchange (FX) or contracts for difference (CFDs) within our Dentons SIPP or SSAS portfolios.
Retirement Outcomes Review: No time to be sitting on the sidelines. We urge advisers to participate in the FCA's Retirement Outcomes Review following the recent Interim Report.
Ownership of non-standard assets. SIPPs holding assets deemed as ‘non-standard’ now have to be recorded carefully by the SIPP operator and these impact on the required level of a SIPP operator's capital adequacy provision. As a result a number of SIPP providers are either stopping or restricting the level of non-standard assets they will accept.
What is tangible moveable property?. Defining what tangible movable property is might be more complex than you think and if owned by the pension scheme would lead to tax charges. We explore what constitutes tangible moveable property and assets that potentially fall into this category; the most notable being any interest in residential property.
'Baby boomers' in need of retirement planning. 'Baby boomers' have now started to, and will, for the next twenty or so years reach the end of their working lives. Britain will have a larger proportion of its population at, or in retirement, than ever before and as this group of individuals reaches retirement, crucial life changing decisions need to be made.
Transfer of Going Concern clarification.. With the number of commercial properties being purchased through SIPPs continuing at a high level, it is useful to set out the treatment of Transfers of Going Concern (TOGC) which might impact some potential property investment cases going forward.