We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
PCLS re-instatement?
SallyG
Posts: 850 Forumite
http://citywire.co.uk/new-model-adviser/aegon-in-talks-with-hmrc-over-reinstating-pension-lump-sums/a742266?ref=new-model-adviser-todays-news-list
'If someone has taken an open market option, they may take the tax-free cash sum with ourselves and then transfer the balance to somebody else. If we’ve paid it out normally we cannot reinstate it because HMRC rules prevent us from putting it back in the policy.
‘We’re trying to, among others, because we’re in such a unique position at the moment and customers have made decisions which could turn out wrong for them because the government has changed their rules. We want to see if HMRC could relax the rules.
‘We have spoken to HMRC about this to temporarily allow customers to review their choices.’
'If someone has taken an open market option, they may take the tax-free cash sum with ourselves and then transfer the balance to somebody else. If we’ve paid it out normally we cannot reinstate it because HMRC rules prevent us from putting it back in the policy.
‘We’re trying to, among others, because we’re in such a unique position at the moment and customers have made decisions which could turn out wrong for them because the government has changed their rules. We want to see if HMRC could relax the rules.
‘We have spoken to HMRC about this to temporarily allow customers to review their choices.’
0
Comments
-
Um, why?
I can see someone wanting to can a recent annuity, but what's wrong with keeping the PCLS out of the pension tax regime?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Still can't figure out any benefit to the receiver ......
just a Good Idea for the provider..... "open market option" seems to figure ? - maybe they reckon they can now retrieve the customer into drawdown?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards