These are just some of the circumstances we have identified through talking to our existing clients.  The commentary is based upon the legislation as currently published and is not intended as advice.  If you are unsure in any way of how A-Day may have affected you, then contact us.

I am self-employed and make use of unused tax allowances (carry forward)

Your ability to do this was removed from 6 April 2006 (A-Day). We recommend a review of your current circumstances to clarify the effect of the change. Otherwise you may miss an opportunity to maximise tax relief.

HM Revenue and Customs practices relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

I currently have a lot of money invested in pensions – maybe over £500,000

You should establish the total value of your funds today – and when they may exceed your maximum lifetime allowance. You should also clarify how much tax-free cash you may be entitled to so that any special arrangements may be made. Our review will assist you in clarifying these issues and taking the relevant steps.

I currently self-invest – what has changed?

Before A-Day, the borrowing limit in a Self-Invested Personal Pension (SIPP) was 75% of the purchase price or valuation of a commercial property. Since A-Day, the limit is 50% of the net assets of your plan.

I don’t know what my tax free cash may be/I am expecting most of my pension as cash

It’s essential you establish what your tax-free cash entitlement is. We can help you identify how much tax-free cash you are entitled to, and provide you with broader pension planning advice in the light of that entitlement.

I have a Drawdown plan and need a review as I vary my income

Since A-Day, it has normally been possible to avoid withdrawing any income from your plan if you do not need it - or indeed to take more income.

I only have a tiny fund – does this affect me?

If all your pension funds total less than £15,000 after A-Day, you may take them as a lump sum with 25% tax-free – provided you are between 60 and 75 years of age.

I don’t really understand any of my pension plan!

We strongly recommend that you contact your Openwork adviser to arrange for a review and explanation of your circumstances. For face-to-face advice tailored to your personal circumstances, please contact an Openwork adviser today.