OVER 50? : Then rising interest rates could be good for you
The rise in interest rates over the last twelve months or so has meant that the maximum pension that can be taken from most private pension plans has increased by nearly 12%.
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1st August 2007 : Protected Rights: The Saga Goes On
Over the last twelve months or so there has been much speculation, some of it misguided, on the prospect of the restrictions that prevent conventional non-insured SIPPs accepting Protected Rights being removed.
It had been hoped that the restrictions would be removed in April 2006 but this has proved not to be the case.
However, in a recent debate on the Pensions Bill, a Minister from the Department for Work and Pensions signalled that it was the Government's intention to remove these restrictions enabling the funds from protected rights contracts to be invested in the same way as any other SIPP and SSAS asset including self-investment.
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10th May 2007 : Taylor Patterson Questions Revenue on Pensions
Under the Revenue's Taxable Property Rules if a pension scheme holds residential or other "taxable property" punitive tax penalties will be incurred. The Revenue defines "residential property" as "a building or structure that is used or suitable for use as a dwelling." Elsewhere in the Rules it is stated that a test as to whether or not a property is "residential property" is "would a person normally live in that dwelling?"
That is all very well, but if a pension scheme acquires say a house that is not fit for habitation, how does the pension scheme administrator evidence the property is not suitable for use as a dwelling? Should at a later date, after the property has been converted to commercial use, the Revenue challenge the view that it was not suitable for use as a dwelling at the time it was bought, the physical evidence will no longer be available because the property has been repaired and structurally altered. The administrator could be faced potential difficulties in justifying its opinion.
Taylor Patterson has written to the Revenue proposing a solution to this dilemma.
4th May 2007 : Taylor Patterson Downtown
Taylor Patterson Managing Director Gillian Bardin and David Bradbury, who heads up the firm's SIPP/SSAS Division, attended the inaugural event at the Forum, Winckley Street of Downtown Preston in Business the City's new business club dedicated to improving local private sector trading conditions. It can be found at http://www.downtownpreston.com/index.php
Gillian said "Taylor Patterson has been in Preston for over 25 years and this is the first business club to be established with the prime objective of furthering the interests of the city's businessmen and women. It can only be a success".
David added, " A much needed forum for businesses to exchange ideas and discuss how we can work together for the benefit of our businesses and the City".
6th April 2007 : Taylor Patterson Receives FSA Authorisation as SIPP Provider
Taylor Patterson has joined an elite list of truly independent Self Invested Personal Pension (SIPP) providers in the UK after being granted on 13th March authorisation by the Financial Services Authority to act as a SIPP Provider, Operator and Administrator of SIPPs.
From the 6th April 2007, all SIPP providers and operators have to be authorised to carry out those activities.
Taylor Patterson has administered its own SIPP for over 10 years and, prior to 6th April this year, Cater Allen Bank was the "provider" of the Taylor Patterson SIPP. Along with a number of other leading providers, Cater Allen decided not to seek FSA approval for this activity and withdrew from the SIPP market to concentrate on its core activities.
Taylor Patterson Associates Ltd was one of the first firms to apply for and receive approval from the FSA to act as a SIPP Provider and Operator. Taylor Patterson Trustees Ltd remains the professional trustee of the SIPP.
Having achieved this milestone, Taylor Patterson is re-engineering its SIPP packages and is developing some radically new versions which are to be launched this Summer.
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