Time for some mid (tax) year annual allowance work?
Session: 19 November 2020
One of the most important dates in the annual allowance cycle is the 6 October. This is the date when schemes are required to issue pensions savings statements for those that have breached their annual allowance or money purchase annual allowance.
This may mean that you have received, or will soon receive queries from your clients about what this means, and what can be done. And whilst thinking of annual allowance what other opportunities to provide advice are there?
On this webinar, Mark Devlin, one of our Senior Technical Managers, took you through the information you need to navigate those advice issues for those who have breached their allowances but also the advice opportunities that may exist for those that haven’t.
This session should help you gain a better understanding of the:
- The operation of the annual allowance and money purchase annual allowance
- How carry forward can mitigate any annual allowance excess identified in a pension savings statement
- Options available for paying annual allowance charges
- Advice opportunities using annual allowance
Presenter – Mark Devlin – Senior Technical Manager
Test you knowledge
1. By what date must schemes end a pension savings statement?
a. 5th of October
b. 6th of October
c. 5th of November
d. 6th of November
2. If a client receives a pension savings statement they will definitely have an annual allowance charge?
a. True
b. False
3. Carry forward can be used to mitigate;
a. The standard and money purchase annual allowances
b. The money purchase and tapered annual allowances
c. The standard and tapered annual allowances
d. The standard, tapered and money purchase annual allowances?
4. You can use carry forward from years you were not a member of a UK registered pension scheme?
a. True
b. False
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