We collated all scheme information, transfer values and legal documentation, then provided the necessary advice surrounding the establishment of a new arrangement for receipt of the transfer values as ordered by the Court. We dealt with all aspects of the implementation of the Pension Sharing Orders and arranged for Mrs H to draw an immediate tax free cash sum from one of the existing contracts. This enabled her to set up her new home and be confident that her long term financial future was secure.

Under the divorce settlement the husband was to keep the property and his former, already retired spouse, the agricultural land. There was a big advantage to all in keeping the property assets under a pension arrangement, but the existing SSAS provider would only allow the "purchase" of the land outside of pension (the SSAS was being wound up). Buying the land would have had huge tax implications and required mortgageborrowing.

We were able to advise the scheme Trustees on their options, make use of post A day legislation, establish a new Self Invested Personal Pension (SIPP) and arrange the transfer "in specie" of the land to the new SIPP arrangement, thereby meeting all of the Clients objectives, saving a large amount of tax and completing the clean break necessary for the divorce.

We were able to analyse all of the options available for several members that approached us and to provide the appropriate advice based on their personal circumstances. Advice included the taking up of the replacement scheme offer, the transfer to personal pensions and the transfer into Unsecured Pension to enable benefits to be drawn immediately.

The pension company concerned had provided Mrs B with a set of figures and only one route by which they would allow benefits to be taken. The route suggested did not meet her requirements.

We discovered that the figures provided by the pension company were inaccurate, and that they had not taken into account recent changes in Pension legislation, which gave much greater flexibility over how benefits could be drawn, even for Controlling Directors such as Mrs B. We obtained the relevant ruling from the Inland Revenue, gave specific advice on how to structure the pension arrangement, and increased Mrs B’s pension cash entitlement by 560%. We then ensured that her income requirements were met exactly, thereby reducing her overall tax liability considerably.

After reviewing the arrangements and considering all the alternatives, we arranged for the transfer of benefits away from Equitable and managed to do this without incurring the standard transfer penalty. The pension was then structured to provide a suitable tax efficient regular income for Mr B.

We talked Mr & Mrs B through the various options and using our unique Integrated Wealth Management Process helped them construct a detailed Plan that ensured the business could continue trading and be sold as a going concern; that the boys were financially secure and that the vast majority of the IHT liability was wiped out.

After being referred to us we agreed a communication and individual advice package with the employer that enabled each member of the Scheme to receive independent advice on their options. We were able to assist members in making informed decisions on what action should be taken, if any, and implement the appropriate alternative contracts as required. This enabled the employer to reduce considerably their liabilities, progress the closure of the Scheme and feel comfortable in the knowledge that individual employees had not been penalised in any way.