Pensions, Tax and Benefits

The new pension freedoms mean that over 55’s have many more options in the ways that they can make use of their pension savings. For very many of them however, the size of an average pot means that there is an entitlement to means tested benefits as well. Understanding what this means, for the various options they have, can be complex.

It is vital for advisers and clients to be confident about the detail of the effects. In a system where there can be a penny for penny reduction in benefits for additional income, or where a few pounds extra capital can mean a reduction in income of hundreds of pounds a month, making a mistake can be very costly for both client and adviser.

This course covers the details of the tax and benefits implications of using the pension pot. The course topics include:

• The effects of making a choice
• Identifying the current benefits situation
• The immediate effects on bottom line income of money received as capital or income
• How capital and income released are treated – and what counts as capital and income
• The assessment of the value, for benefits, of capital and income which has been released
• Deprivation of income and capital
• Notional income from untaken pension pots
• The differences in entitlement of people under and over the Qualifying Age for State Pension Credit (QASPC)
• Working clients
• Localisation
• Local schemes
• Scotland, Wales and Northern Ireland
• Future changes to benefits already announced
• Future changes to QASPC rules
• The future situation of the client
• Putting it all together - The bottom line effects

The course will give participants

• An understanding of the relationship between pensions, benefits and tax and the effect on the overall income of pensioners
• A picture of the changing benefits system and its future effects in this area
• A view of the importance of preparing and planning for the changes; for clients and for organisations

CPD

5.5 hours CPD will be awarded for completing this course.

Booking

In-house training may be the preferred solution if you require training for a team of up to 16 staff.

Costs

£125.00 ( + VAT) per attendee.

There is an additional £15 surcharge for London based courses.

The fee is inclusive of training materials, lunch and refreshments. Please indicate when booking if you have any special dietary requirements.