A-Day Survival Guide
Our A-Day Survival Guide explains the background to the changes introduced to the system of pensions taxation on 6 April 2006. ‘Simplification’ turned out to be anything but simple!
The initial parts of the A-Day Survival Guide were issued between January 2005 and May 2006.
Following the introduction of the A-Day regime, HM Revenue and Customs have continued to tweak the system (and made a few spectacular U-turns). As changes have been made, we have continued to issue further updates to the A-Day Survival Guide on an occasional basis.
Part 19 - May 2007
Implications of the Finance Bill 2007
The Finance Bill 2007 was published at the end of March 2007 and sets out a number of changes to the pensions taxation regime, most of which were previously announced in the pre-Budget report of December 2006 or the Budget report in March. This A-Day Survival Guide summarises the implications of the Finance Bill.
Part 18 - January 2007
A-Day update for trustees and employers
When we finished our regular series of A-Day survival guides, we promised to provide occasional updates on how the pensions tax regime was developing post A-Day. The publication of the pre-Budget Report on 6 December 2006 provides an appropriate moment to review the first few months of the new regime.
Part 17 - May 2006
How simple is simplification?
In the last of our regular monthly survival guides, we reflect on the road to A-Day, review some of the recent developments relating to the new regime and look forward to the new ‘simplified’ world.
Part 16 - April 2006
What should I do now if I have decided to register for transitional protection?
A-Day is finally upon us and many individuals will have decided that they want to register for transitional protection of their pre A-Day pension rights. This month's survival guide looks at the steps you will need to take to register for protection and to ensure that you do not lose that protection before retirement.
Part 15 - March 2006
What are the rules on death benefits after A-Day?
This survival guide examines the various restrictions on tax-privileged death benefits that will apply after A-Day. The key distinction will be whether death occurs before or after age 75.
Part 14 - February 2006
What are the options for flexible retirement after A-Day?
This survival guide looks at the added flexibility for taking benefits at retirement provided by the Finance Act 2004, particularly opportunities for flexible or ‘phased’ retirement and alternatives to buying annuities.
Part 13 Questionnaire - January 2006
We have been sending out the A-Day Survival Guide for over a year now to over 900 companies and individuals. We would like to take this opportunity to ask you a few questions about you and your preparations for A-Day and to find out what more we can do to help you get ready for A-Day.
Part 13 - January 2006
What does the pre-Budget Report mean for pensions tax simplification?
This survival guide looks at some of the implications of the Chancellor’s pre-Budget Report, especially the change of heart on the investment options available in a Self-Invested Personal Pension (SIPP).
Part 12 - December 2005
What does the Finance Act mean for money purchase schemes?
This survival guide looks at some of the implications of the new taxation regime for occupational money purchase pension schemes.
Part 11 - November 2005
What is the future for unapproved pension schemes?
At present, many employers provide unapproved pension schemes to 'top up' pension benefits for their high earners. From A-Day, 6 April 2006, unapproved schemes will be replaced with Employer-Financed Retirement Benefit Schemes (EFRBS). This survival guide looks at what this will mean for employers and for the members of unapproved schemes.
Part 10 - October 2005
Should I pay Additional Voluntary Contributions?
This survival guide looks at the opportunities arising for individuals from A-Day when many of the current restrictions on payment of additional contributions to pension schemes will be revised.
Part 9 - September 2005
What are the implications of the Pensions Act 2004 for individuals?
This issue of our Survival Guide puts the new pensions taxation regime to one side, and looks instead at some of the implications of the Pensions Act 2004 (the “Pensions Act”) for individuals.
Part 8 - August 2005
Investment freedom & borrowing opportunities
Our eighth Survival Guide looks at the changes in investment rules that give many pension schemes more investment freedom.
Part 7 - July 2005
What changes do trustees need to make to their pension schemes?
This month's survival guide sees a change of focus to look at what trustees of occupational pension schemes need to do in the run-up to A-Day.
Part 6 - June 2005
The reality of owning your holiday villa in the sun
Our sixth Survival Guide looks at the changes in investment rules that will allow pension schemes to invest in residential property.We anticipate that this type of investment will only be of interest to those who have a small self-administered scheme (SSAS) or a self-invested personal pension (SIPP).
Part 5 - May 2005
Do I need to protect my tax-free cash lump sum?
Our fifth Survival Guide looks at the types of transitional protection available to individuals with tax-free lump sums at A-Day in excess of £375,000 or 25% of their A-Day pension rights.
Part 4 - April 2005
Supplementary measures on pensions tax simplification
On 16 February 2005, the Inland Revenue published a Technical Note consisting of a list of 49 supplementary measures. It was suggested that these would be contained in the Finance Act 2005 (which received Royal Assent on 7 April), but this is not the case for every measure. This survival guide summarises some of the key changes we can expect.
Part 3 - March 2005
Should I take Enhanced or Primary Protection?
Our third Survival Guide looks at the types of transitional protection available to high earners who will have exceeded the Lifetime Allowance at A-Day (6 April 2006) or who will be close to it at that date.
Part 2 - February 2005
Should I be considering salary sacrifice?
In our first A-Day Survival Guide, we raised the possibility of using salary sacrifice as a way of maximising pension contributions before taking primary or enhanced protection at A-Day. Our second Survival Guide looks at salary sacrifice in more detail.
Part 1 - January 2005
What action should I be considering in advance of A-Day?
If you are likely to be close to or over the Lifetime Allowance at A-Day (£1.5m), then you should probably be thinking about registering for primary or enhanced protection at A-Day.
Myths & realities of pension scheme de-risking (Guildford)