Clare Moffat

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Put a stop to 'needless' pension transfer delays, Quilter tells DWP

Dec 9, 2024 | moneymarketing.co.uk | Dan Cooper |Momodou Musa Touray |Clare Moffat

The Department for Work and Pensions’ (DWP) must put a stop to pensions transfer delays, Quilter has warned. A freedom of information (FOI) request from Quilter revealed four in five transfers have been halted for an unknown or potentially low risk reason. Last month (November) marked three years since the implementation of the DWP’s pension transfer regulations.
Why entrepreneur exile must be prevented at all costs

Dec 6, 2024 | moneymarketing.co.uk | Andrew McMillan |Clare Moffat

When the Rolling Stones left the UK for the South of France in 1971, they arguably became the world’s most famous tax exiles. Five decades on, the headlines are filled with suggestions that entrepreneurs and investors are packing their bags. But are we really witnessing a new wave of rich, mobile ‘rolling stones’? We are all now familiar with the fact the Autumn Budget confirmed changes to capital gains tax (CGT) rates, business asset disposal relief (BADR) and inheritance tax (IHT).
Clare Moffat: Workplaces hold the key to engagement with pensions

Nov 25, 2024 | moneymarketing.co.uk | Clare Moffat |Alistair Cunningham |Faith Liversedge |Robin Powell

We have seen a real push to make pensions more visible and understandable to consumers this year. Whether it’s the ‘Pay your pension some attention’ campaign, Pensions Awareness Week or Pensions Tracing Day, the aim is to help people engage with their savings. All this activity is a great thing. The more engaged we can encourage people to be and the more they understand pensions, the better it is for them in later life.
Tributes pour in for former Labour MP and pensions campaigner Frank Field

Apr 24, 2024 | moneymarketing.co.uk | Dan Cooper |Clare Moffat |Kimberley Dondo

Tributes have been pouring in for former Labour minister and pensions advocate Frank Field following his death at the age of 81. Lord Field of Birkenhead was central to inquiries into defined benefit pension transfers, the collapse of BHS and Carillion, the FCA’s approach to Sipp supervision and the government’s cold-calling ban. He chaired the work and pensions committee from 2015 until 2019, when he lost his seat at the general election after more than four decades as an MP.
Clare Moffat: It’s time to make a difference to the gender pension gap

Apr 18, 2024 | moneymarketing.co.uk | Clare Moffat |Steven D. Levin |Momodou Musa Touray

The UK’s gender pay gap is reducing, which is undoubtedly a positive trend. However, pension contribution rates are lower among women, so the gender pension gap isn’t reducing in the same way. When you consider private pensions, the gap is around 35%. Employers, advisers, individuals, the industry and the government all working together will help. So, what can be done now to help your female clients achieve better outcomes in retirement?
It's complicated: Cohabitees and the risk of foreseeable harm

Nov 14, 2023 | professionaladviser.com | Clare Moffat

Capital gains taxAs a reminder, capital gains tax (CGT) is charged on the profit made when selling or disposing of shares, funds, business assets and personal possessions worth more than £6,000, or on a property that's not the main family home which has increased in value. It's the gain that is taxed and not the total amount of money received. Taxable gains are charged at 18% and 28% for residential property and 10% or 20% for other assets, depending on your income band.
Talking to clients about cohabitation, intestacy and inheritance

Oct 30, 2023 | professionaladviser.com | Clare Moffat

Royal London recently carried out research which revealed that 64% of cohabitees don't have a will and three-quarters (73%) of cohabitees don't fully understand the legal consequences if they or their partner dies without a will. With 7.2 million adults living as part of a cohabiting couple in the UK, this is a real concern. Having a conversation about the issues facing cohabitees in relation to intestacy and inheritance tax (IHT) is an important one to have.
What does Consumer Duty have to do with cohabiting couples?

Sep 12, 2023 | professionaladviser.com | Clare Moffat

In the UK, there are now 7.2 million adults living as part of a cohabiting couple. In 1996, there were 3 million people cohabiting, so it's the fastest-growing family group in the UK. Despite a recent House of Commons paper in 2022 supporting earlier Law Commission reports to extending the right of cohabitees, there is no sign of this happening anytime soon.
Industry Voice: Sell now or more tax later — capital gains tax planning

Feb 16, 2023 | professionaladviser.com | Clare Moffat

In the recent Autumn Statement, the chancellor Jeremy Hunt announced that the annual tax-free allowance (the annual exempt amount) for capital gains tax (CGT) would be cut from £12,300 to £6,000 in 2023/24, before being cut again to £3,000 the following tax year. This is projected to generate £1.2 billion per year for HM Treasury. So, what does it mean for clients? Is it worth taking advantage of the higher allowance before it reduces?