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Navigating Defined Benefit Schemes Introduction Navigating the world of pensions can be complex, especially when it comes to defined benefit schemes. In this case the client is in excess of the SFT of €2m and was standing to lose around 50k in additional tax. We charged our fees on the gross...

I've not seen much coverage of the proposed EU Retail Investment Strategy which could have far reaching impact on the Financial Advice market in Ireland. Key points are The European Commission has published its much-awaited Retail Investment Strategy, covering retail and insurance-based...

https://www.ftadviser.com/pensions/2023/03/07/govt-extends-deadline-for-ni-state-pension-top-ups/?xnpe_tifc=OIEs4dnpOkxl4IolhkULxjpsafeWaeiWhFW_RficauochdsNb_BuEG8.adJS4uPsb.4LxI1j4dH7bdoJO1TT&utm_source=exponea&utm_campaign=FTA%20Afternoon%20News%20Bulletin%20%20-%207%20March%202023&utm_medium=e...

So,I set aside a day to study the pricing of ONE of the new Master Trust pensions for company directors. Some context. I’ve been working in financial services since 1992 and I’ve been a qualified financial adviser since 1994. I have a degree in economics and a rake of post graduate...

Quick update following preliminary assessment by our tax consultant on tax treatment of U.K. investment trusts held by Irish residents. In a sample of 18 trusts 3 were determined to be funds taxable under gross roll up (41%) rather than general tax principles. We have requested additional...

Just to update you, DWP (department of work & pensions) are about to change the rules on pension transfers from the U.K. They are removing the statutory right to transfer on 30th November this year...

The revenue ebrief on the 1st September moved the goal posts again on the taxation of non-Eu ETFs. My preferred solution, to use Canadian ETFs, fell under the wheel of revenues change in practice and forced us to look again at US ETFs. So the issue here is the exposure to federal estate taxes...

Well here it is folks. https://www.revenue.ie/en/tax-professionals/ebrief/2021/no-1642021.aspx In particular note this footnote!! Marc Westlake Chartered Certified and European Financial Planner www.globalwealth.ie

Why an Annuity matters to an ARF investor How should one approach investing an ARF? As we set out in our [broken link removed] for retirement planning in Ireland, an investor’s risk tolerance is only one of several factors that go into the decision to go into an ARF. A far more appropriate...

The following is from a presentation I gave at Alan Moore's Tax and Wealth seminar in 2019 Joe and Mary are aged 71 and each have State Pension income of €12,000pa and rental income of €10,000pa They have €500,000 to invest for income Assuming a yield of 2% this will generate additional...

https://www.gov.uk/guidance/benefits-and-pensions-for-uk-nationals-in-the-eea-or-switzerland

[broken link removed] I spent 6 years studying comparative British and American Politics including a year at Penn State University in the USA and I have to admit that I was just as floored as anyone else in 2016 by the twin catastrophes of Trump and Brexit in the same year. The rise of...

I was reviewing a pension statement for a client recently and it occurred to me that there is no immediate way to see if any action needs to be taken with the fund choices. All the client received was like a bank statement showing value at a point in time compared to the value previously like...

In the USA “ You can take legal action if anonymous Internet posters defame your business on the Internet. However, your right to subpoena a website owner to disclose the identity of the Internet posters will be weighed against the Internet posters' First Amendment right to remain anonymous.”...

I thought I should update this. My original post stated that after more than 1,000 posts I've decided not to make any further posts on Askaboutmoney.com due to a group of posters who have decided to attack my posts constantly. However, I have been approached by so many people in the “real...

I’m working through some of this logic myself and at present I have some interesting working conclusions. You don’t need to save up in a unit linked plan and then add to a pension later you can contribute to the pension now. I take considerable issue with the assumption that it’s only worth...

PLEASE NOTE I AM MIDWAY THROUGH EDITING THIS AND THE CALCS NEED TO BE UPDATED (THIS IS INSANELY COMPLICATED) Analysis of the interaction between Investment Portfolios and State Pensions[1] This article considers a potential tax/benefits trap that Irish Financial Planners should consider when...

I have received the following unsolicited e mail in my in box. “Marc, to celebrate the opening of our new office in Ireland we are offering residents a personailsed retirement plan from one of our chartered financial planners free of charge. You are never too young (or old) to start planning...

I’ve lived in Ireland for over a decade now and over the years I’ve read a lot of comment from people facilitating those who want to put a residential property into a pension but it’s extremely hard to find the other side of the argument so over time I intend to set out here the many arguments...

Should you transfer from a defined benefit (also known as final salary) pension? The UK’s financial regulator has reversed plans to loosen pension transfer rules after finding a “significant proportion” of savers were wrongly advised to give up guaranteed retirement benefits. The Financial...