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The Personal Finance Society (PFS) has pledged to sponsor the 2024 NextGen Planners conference, an innovative celebration of the next generation of financial planning. The sponsorship marks the start of a closer working relationship between the two organisations, in an aligned effort to engage the next generation of financial planning talent, and support their career journeys.
In my last two articles for PFS I'd like to cover two issues that come across my desk these days most often. The first concerns various problems caused by either a settlor or a trustee losing capacity and this is my chosen topic this month. The second, which I will cover next month, is the various ways of dealing with the so-called loan plans (or gift and loan plans) including ways to unscramble the plans, problems with joint plans and, the most common question: how to deal with the plan when the settlor has died.
The lifetime allowance (LTA) will be abolished on 5 April 2024. Instead, there will be new rules that will limit tax-free lump sum payments both in lifetime and on death. There will be no limits on any funds used to provide a taxable pension income. Whilst there are many technical complexities involved in the transition, below are the key changes.
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