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Qdos Financial Solutions - Financial Advisers in Milton Keynes
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Questions remain over the impact of new pension death lump sum rules
Further analysis indicates that the proposed reforms to pensions death lump sums and withdrawals may not necessarily lead to the significant differences which have been predicted in recent press releases. 
 


For reference, the proposal indicates that, where investors die before age 75, their pension monies can be paid tax-free, regardless of whether the fund has been crystallised. However, where death occurs after 75 the lump sum will be taxable (at a rate of 45% in 2015/16 and then taxed at the dependant’s marginal rate from 2016/17 onwards).
Age 75 was first connected to pensions within the Finance Act 1976, as a maximum age at which contributions could be made to retirement annuity policies. This age was chosen as it approximated to the average life expectancy of a 65 year old male. However, life expectancy has improved  dramatically in the intervening years.
Current Office for National Statistics (ONS) mortality projections indicate that a 65 year old man today has an 85% chance of reaching 75. The probability of a 65 year old woman surviving to this age is 90%. The statistics suggest that using a pivotal age of 85 for the tax threshold would be broadly in line with the expected mortality at the time when age 75 was originally chosen.
This year’s Budget raised the possibility that age 75 may have been amended or abolished in another context, where it forms the maximum contribution tax relief limit. However, neither the Consultation response or draft Taxation of Pensions Bill which followed have indicated whether this will be changed.
ONS figures confirm additionally that, in 2013, 141,932 people died between the ages of 55 and 75, with 389,360 dying after age 75. On this basis, for every investor who passes their benefits on tax-free, there will be almost three where the surviving beneficiaries will be potentially liable for taxation.
No confirmation has been provided as to how the dependant’s ‘marginal rate’ taxation will work in practice. However, it seems likely that this will be applied in a similar manner to UFPLS taxation i.e. in addition to any other income earned by the dependant. If this is correct, then higher and additional rate taxation could both be applied to any lump sum withdrawals.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

Following our review, we will take time to consider your situation and needs in detail, before writing a full report of our conclusions and presenting it to you at a subsequent meeting. We will then discuss our conclusions and recommendations with you, before agreeing the priorities.
Financial Advice... pure and simple. Welcome to Qdos Financial Solutions, established for over 10 years we are Financial Advisers offering advice to clients in Milton Keynes and the surrounding areas. Find Out More. ---pagebreak--- ...
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 Financial Advisers in Milton Keynes - Qdos Financial Solutions...

We offer comprehensive advice in the areas of Investment, Pensions, Mortgages and Life Assurance. If you are looking for advice within Buckinghamshire we may be the advisors for you
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

With over 20 years experience within the financial industry Qdos are able to meet the needs of all our clients and provide a complete financial planning solution.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

Planning for your retirement is a daunting but crucial process. We can help you choose the right path, ensuring you make the necessary arrangements for your dream retirement.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

Listening carefully is a key part of what we do. By taking time to understand your aims and needs, we are able to provide the best advice.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

Just like you need petrol to run a car, money provides you with the means to live your life. Big purchases, holidays, a wedding, emergency reserves to dip into if out of work …  tucking some spare cash aside regularly makes good money sense.
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 Financial Advisers in Milton Keynes - Qdos Financial Solutions...

Ian Whiteley is the senior partner with over 20 years experience in financial services. Previously with Barclays Bank and Barclays Financial Management, Ian  has dealt extensively with both personal and corporate clients. Through this experience, Qdos are able to meet the needs of all our clients and provide a complete financial planning solution.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

When we first meet, we will start off by discussing your aims and needs in general before going on to conduct a thorough financial review.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

The experts at Qdos Financial Solutions can help you with building and contents insurance; life insurance; critical illness, accident, sickness and unemployment cover; income protection; equity release; mortgages and more.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

If you are looking to invest, we’ll help you make the right decision, providing you with information about a full range of products that fit your financial situation and risk levels.
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Qdos Financial Solutions - Financial Advisers in Milton Keynes

Qdos Financial Solutions has been offering its services for over 10 years and has built up an excellent reputation during this time. We always value feedback in order to ensure we continue to provide a high standard of service to all our clients.
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4 Minorca Grove Shenley Brook End Milton Keynes MK5 7FU, UK
4 Minorca GroveGBMilton KeynesMK5 7FU
+44 1908 503388qdosifs.com
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