4 Pension advice for later life clients

Question 1

State Pension

Answer 1

From April 2016 
Single Tier Pension, max 35 years £155.65 gross
Min 10 years
Foundation amount at 6/4/2016
Can pay class 3 to pay upto £25pw until April 2017
Triple lock Earnings, CPI or 2.5%
Old State Pension
Max 30 years and Min 1 year

Question 2

SRA Ages

Answer 2

SPA Male 65 and females 65 by Nov 2018
between Dec 2018 to Oct 2020 both 66
April 2026 to April 2028 both 67

Question 3

Deferring State Pension

Answer 3

Individuals
Reached SRA before 6/4/16 Those Reach SRA After
5 wks min 9 weeks min
10.4%pa 5.8%pa
Option to commute No option
Interest on def ben not a/v
Spouse Inherits estate claim upto 3mths

Question 4

Payment of state pension overseas

Answer 4

annual increases UK for 6 months

EEA country,, switz or country with reciprocal arrange

Question 5

UFPLS

Answer 5

under 75 -only taken from uncrsytalised funds. Excess 55% LTA /25%
75 and over Can take even if an in excess of LTA

Question 6

Capped Drawdown

Answer 6

Capped Drawdown before 6/4/2015

150% GAD

Question 7

Features of Short Term Annuity

Answer 7

Garanteed level income uptp 5 years

Can be purchased by member, dependant or nominee

Question 8

Phased Retirement

Answer 8

Since April 2015
Using Lifetime annuity
Capped Drawdown
FAD
UFPLS