News on Contracted Out Policies

Contracted Out Policies with an insurance company became available in 1988 and many people now have such arrangements.  Recent legislation has taken away the restrictions on what can be done with these funds at retirement, which is any time after age 55).

For instance the requirement to buy a spouse’s pension along with the member’s and to factor in a pension that must increase in payment have long gone.  This is one of the consequences of simplification, however for some time after 2006 these plans were not allowed in Small Self-Administered Schemes, but now they are.

If you would like us to look at the feasibility of transferring your Contracted Out Policies to your SSAS or any other pension arrangement you have to consolidate, please get in touch.

0 comments on “News on Contracted Out Policies
  • SSAS and Legal Entity IdentifiersWhat are Legal Entity Identifiers and Does Your SSAS Need One? From 3rd January 2018 it will be a requirement for legal entities and structures to obtain a reference called a Legal Entity Identifier (LEI) from the London Stock Exchange in order for the trustees of a SSAS to carry on investing. This» Read More
  • Mr C.CPML set up our SSAS in 1998 and has looked after us ever since. The relationship started when our accountant suggested to my business partner and me that we should consider using an independent financial adviser to best place the monies in our pension plans rather than leave them with one large international insurance company.
  • How we work closely with Financial Advisers (Part 2)A Financial Adviser had a client with insured pension arrangements of various amounts, including an arrangement with guaranteed annuity rates. The client wished to use his pension arrangements to purchase a commercial property that was owned by the sponsoring employer. Not surprisingly the Financial Adviser did not want to lose the» Read More