Presentation on theme: "WHAT IS COMPLEX ABOUT SAVING FOR A GREAT FUTURE? FOR FINANCIAL ADVISERS ONLY."— Presentation transcript:
WHAT IS COMPLEX ABOUT SAVING FOR A GREAT FUTURE? FOR FINANCIAL ADVISERS ONLY
ADVICE SOLUTIONS FOR A SUSTAINABLE TOMORROW, TODAY
HOW TO GET MONEY OUT OF A SAVINGS POT IF CUSTOMERS WANT TO WITHDRAW THEIR MONEY IN A TAX EFFICIENT WAY… Using the “Small Pots legislation” allows customers who are 60 or older to access income without crystallising their money and removing tax on their remaining pension pot.
WHAT IS THE BENEFIT OF THE SMALL POT LEGISLATION? WHY? If your customers need immediate capital from their pension savings, then using up to £30k under small pots is the efficient way to do so. They’ll use less savings to provide the required income They can avoid 55% tax rate, maximising death benefit value They will protect their “Lifetime Allowance” They can receive their money quicker. YOUR CUSTOMERS CAN SAVE AND PROTECT THEIR PENSION BENEFITS
WHAT TYPE OF CUSTOMER IS THIS FOR? EDDIE BENNETT AGED 63 £300,000 in an existing pension Semi-retired and needs to access £20,000 net of basic rate tax to meet expenditure for granddaughter’s wedding and a holiday Existing scheme doesn’t hold funds in multiple arrangement structure Why should Eddie consider using Small Pots legislation? - Other savings largely locked up for future use EXAMPLE (CASE STUDY)
HOW WOULD THIS WORK? A SIMPLE 4 STEP PROCESS FOR YOU AND YOUR CUSTOMERS
WHAT IS THE BEST WAY TO ACHIEVE THIS? We have a purpose-built application process for small pots – AT NO EXTRA COST We can separate small pots within one CRA Payments made in full within 15 working days of accepting small pots application Immediate investment and tax relief credits – no “clearing period” Simple, transparent price – ONE platform charge We are the only company offering this THE COLLECTIVE RETIREMENT ACCOUNT (CRA) THE CRA IS FIT FOR CUSTOMERS TODAY AND POST APRIL 2015
WHO IS THIS NOT FOR? Your clients who are 59 or younger (if applying before April 2015) Your clients registered for Enhanced Protection, Fixed Protection 2012 and 2014 Where fund has protected tax free cash - small pots cash limited to 25% Existing drawdown pots of more than £10,000 OMWLA customers – they would need to move to CRA. THE SMALL POT OPPORTUNITY IS NOT FOR… THIS IS NOT FOR EVERYONE – IDENTIFY YOUR CUSTOMERS WHO COULD BENEFIT
HOW TO GET MONEY OUT OF A SAVINGS POT? by saving and protecting their pension benefits by quickly accessing their money through a simple 4 step process by using a pension that is fit for your clients today and in the future YOUR CLIENTS CAN BENEFIT YOUR CLIENTS’ SUSTAINABLE TOMORROW IS MET BY MAXIMISING WHAT IS LEFT WHILST MEETING TODAY’S INCOME NEEDS
PPT10197/214-0967/October 2014 NEXT STEPS: IDENTIFY YOUR CUSTOMERS 60 YEARS AND OLDER WHO WANT TO WITHDRAW UP TO £30K TODAY www.oldmutualwealth.co.uk Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers 1680071 and 4163431 respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number 386 1301 59.