Lisa Webster

San Francisco

Editor at Freelance

Mild-mannered editor by day, mean writer by night.

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Articles

‘Using IHT to tax unused funds has been met with widespread horror’

1 month ago | ftadviser.com | Lisa Webster

There is no doubt the Budget announcement that unused pension funds will be included in the deceased’s estate for inheritance tax purposes created shockwaves through the pensions industry and beyond. The fact that some form of tax would apply on death was not particularly surprising – we all know the current rules are particularly generous – but using IHT as the means of taxing unused funds has been met with widespread horror.
About RD

1 month ago | religiondispatches.org | Evan Derkacz |Megan Goodwin |Lisa Webster |Annika Brockschmidt

Religion Dispatches is an award-winning, independent, non-profit sourcefor expert analysis at the intersection of religion, politics, and culture. __________Religion Dispatches offers new ways to think about how religion works in (and on) American culture and politics. We invite an open discussion of religious ideas, communities, and practices, rooted in leftist thought and an unwavering commitment to justice.
Celebrations on ice: Pensions over-taxation issue not fixed yet

2 months ago | professionaladviser.com | Lisa Webster

Exuberant headlines followed the publication of HM Revenue & Customs' (HMRC) January pension schemes newsletter as the revenue finally appeared to be taking steps to ensure pension withdrawals are taxed correctly. The change being made is welcome, and will improve the situation for many, but I'm keeping my celebrations on ice as the biggest issue is still unresolved.
‘Was the lifetime allowance a good thing after all?’

Jan 8, 2025 | ftadviser.com | Lisa Webster

Nothing stays the same for long in the world of pensions. It was less than two years ago we had the shock announcement that the lifetime allowance wasn’t just going to go up, it was going to be scrapped completely. Plenty of advised clients would have been smiling at this news, only to have their spirits slightly dampened by the then-shadow chancellor immediately standing up and retorting that she’d bring it back when Labour got into power.
Don't panic! Call for calm after Budget pensions IHT change

Nov 14, 2024 | professionaladviser.com | Lisa Webster

The announcement that pensions will fall within an individual's estate for inheritance tax (IHT) purposes shouldn't have come as a huge shock to those in the industry. The shocks came back in 2014 when George Osborne announced pension freedoms, including the unexpectedly generous treatment of death benefits, followed by Jeremy Hunt's scrapping of the lifetime allowance last year.
The haves and the have nots: Transitional pension arrangements

Aug 28, 2024 | professionaladviser.com | Lisa Webster

'It's when we come to transitional arrangements that things get trickier'Lisa Webster urges advisers to take care with pre-A-day pensionsThe new rules for clients accessing their pension for the first time are relatively simple. Only lump sums are tested and there are two new allowances. As ever, it is when we come to transitional arrangements that things get trickier. Clients who took benefits under the old lifetime allowance will have their new allowances reduced.
Big difference: Ways to tackle the growing pensions gender gap

May 3, 2024 | professionaladviser.com | Lisa Webster

We have all been aware the gender pensions gap is a real issue for some time. According to the latest Now Pensions gender pensions gap report, women have on average just one-third of the pension wealth of men at retirement. That's a big difference. The main reasons behind the gap won't come as a big surprise – women are more likely to have career breaks for family, to work part time and to get paid less. And to top it off women live longer so need their pension to last more years than men.
Adviser insight on transitional tax-free amount certificates

Mar 13, 2024 | professionaladviser.com | Lisa Webster

'A blanket approach should not be taken'Advisers should proceed with caution when it comes to transitional tax-free amount certificates, writes Lisa WebsterThe basic premise of the new pension rules coming in from April is very simple - only lump sums are tested. We have a new lump sum allowance (LSA) that restricts tax-free lump sums in life and the lump sum and death benefit allowance (LSDBA) that restricts lump sum death benefits (and serious ill-health lump sums).
Why death benefit nominations just got even more important

Dec 18, 2023 | professionaladviser.com | Lisa Webster

Since pension freedoms came along back in 2015 the death benefits that can be paid from pensions can be considered generous, especially in the scenario where the member dies before age 75. Benefits can be paid tax-free, and if the recipient is a dependant or has been nominated they will have the option of keeping the benefits in the tax-free pension wrapper. So what's changing from April 2024? Thankfully, not as much as we'd feared.
Taking a stand: Why industry must act now to save SSAS

Oct 27, 2023 | professionaladviser.com | Lisa Webster

Small self-administered schemes (SSAS) are facing their biggest threat since their launch nearly 50 years ago. Under Department for Work and Pensions (DWP) proposals to change the general levy on pension schemes, schemes with less than 10,000 members, including SSAS, will pay an additional premium of £10,000 from 2026. Currently, the levy for SSAS is £44, under DWP's preferred option from 2026 it will be £10,049. A SSAS can have up to 11 members, but in practice most have two to four.