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Showing my age, one of my all time favourite Motown songs is: “The world is like a great big onion” by Marvin Gaye and Tammi Terrell. I am reminded of this classic at every budget or autumn statement because our pensions world has been growing like an onion – with layer upon layer of complexity added almost every time the Chancellor gets to his feet.

‘Another one bites the dust!’ A tenuous way to start an article I know, but it is in response to the news that another insurance company has decided not to continue in the annuity market (LV=).

During the summer, HMRC unexpectedly began challenging Sipp providers on whether net pension contributions can be made in specie, (that is, a change of legal ownership without sell/buy transactions).

If you are quiet you will hear the whoosh of kites being flown! It is that time of the year – with the Autumn Statement on the horizon, everyone wants their ideas to be considered. Some of those kites are a new age-related bonus system, a call for a ‘pensions bonfire’ (to get rid of complexity), and various suggestions of periods of no change and independent pension commissions.

Twice a year, every year for the last ten years, I have had the discussion with my peers about tax free cash, or to give it its correct legislative name, pension commencement lump sum, and if it will lose its tax free status in the next announcement.

Regular readers may recall the first Blog that I wrote for Sipps Professional in December last year, entitled “The Law is a Drag”.

  1. Mike Morrison: School incapable of teaching pensions and tax
  2. Morrison: End of era for Sipps world perhaps not a bad thing
  3. James Jones-Tinsley: Sipp rule aims may be lost in translation
  4. MacGillivray: FCA alert comes after horse has bolted

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