Pensions expert, occupational scheme trustee, financial columnist https://xitter.cf/t.co/ZGn6g7gL0C https://xitter.cf/t.co/ygoFY5Gtee
Cumbria, UK
Joined June 2009
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Tom McPhail retweeted
Every Budget the tax-free cash rumour pushes people into taking lump sums they don't need. I get panic calls every year. A clear 'no change' would stop a lot of rushed, irreversible decisions.
Tom McPhail retweeted
#OTD in 1805, the Royal Navy defeated the combined forces of France and Spain at Trafalgar.
The tactical brilliance, professionalism, technology and training which underpinned Adm Lord Nelson’s stunning victory have driven and shaped the Navy ever since.
#TrafalgarDay
Tom McPhail retweeted
Most folks will have multiple pensions all over the place. Even they probably aren’t sure where they are held. They won’t have combined them into one SIPP. What chance does an executor have of finding these pensions within 6 months?
Tom McPhail retweeted
This is the point that lands for me - same with everything to do with pensions. We could save a lot of money by moving all government employees to DC pensions. Now there’s a tax saving to vote for and they’d be eating their own dog food.
Tom McPhail retweeted
I was at a private client lawyers IHT - Pensions Masterclass on Friday. These changes were universally ripped to bits, with advice to ensure CCL/TOB are amended to address the increased time spent and risks to professional administrators. IFA's feel no differently. It's a mess.
Tom McPhail retweeted
This is why if we had ALL of the Public Sector workers auto enrolled into a Collective Defined Contribution pension scheme, ala the Post Office, starting with MPs. That way they will see and experience what it is like for everyone one else and we might get better legislation
Tom McPhail retweeted
An excellent article by @PensionsMonkey in @thetimes on the huge problems with bringing Pensions into the scope of IHT!
👀thetimes.com/money/tax/artic…
The administrative problems:
✖️Executors must pay the tax but may not have access to the pension money, so they may need to find funds elsewhere.
✖️Late payment interest starts six months after the end of the month of death, at Bank Rate plus 4 points (7.75% now). On the average liable estate’s bill of £231,000, that is nearly £18,000 a year.
✖️Executors can ask schemes to hold back up to 50% of a pot to cover tax, which delays payouts. This hits children and unmarried partners hardest, since spouses and civil partners are exempt.
✖️The pensions dashboard, expected in 2027-28, won’t be open to executors, so they must trace pots manually.
✖️Illiquid assets such as property or private markets could take weeks to value and months or years to sell. HMRC has so far refused staged payments, unlike for other illiquid assets.
✖️A pension found late means reopening the tax settlement, and late payment charges could in theory consume the whole pot.
Tom McPhail retweeted
We were discussing this last week at our governance board meeting because we do quite a lot on member welfare. Where this is going to hit hard is the edge cases where there's financial difficulty that has been able to be smoothed out by expedited payments. The other question I had was if it's part of the estate is it now subject to probate? And how does this affect the general treatment of trusts for inheritance tax (because the idea is that it's not your cash, it's the trust's)? I remember speaking to one of our investment team in March about mandation and his view was that trust law would come into conflict with that - why doesn't it here? I'm doing my best to get to grips with what feels like a system designed to be explicitly Byzantine but God only knows how people who've never put much thought into pensions or estate planning will fare.
Tom McPhail retweeted
Just a reminder that this video of AOC still exists.
What does she have to say now?
Tom McPhail retweeted
A reminder that this person - a contender for the worst MP of all time - was brought into parliament by the Labour Party.
Tom McPhail retweeted
We call on France to exercise restraint when dispersing the freedom fighters on the streets of Paris. These brave warriors for justice must receive immediate humanitarian aid, and their safety must be guaranteed in accordance with international law. Failure to comply will leave us no choice but to bring a case before the ICJ, in close cooperation with that renowned champion of human rights, Afghanistan.
Tom McPhail retweeted
Well, I don’t know about you, but I think 76-year-old Mr Miller deserves a bloody round of applause. 👏🇬🇧
Arrested for wearing a burqa at a protest, then turns up to court wearing the fucking burqa again….. Complete with handbag!🤣🤣
Sir, your level of sarcasm is absolutely outstanding. 🤣
Now, I’m no legal expert, but I do have a functioning brain cell, and even that’s struggling to comprehend the absolute shitshow we’ve become. We live in a country where we’re encouraged to embrace ourselves and individuality, freedom of expression and the right to identify however we please. I could identify as a fucking lampshade tomorrow, although knowing my luck, the government would find a way to tax me for electricity. 💡
Yet here’s a 76-year-old man claiming he’s exploring a religion, wearing religious clothing and asking for the same rules to apply to everyone. And suddenly he’s a criminal defendant?!
Mr Miller says he wasn’t even asked to remove his covering by police, and that his identity was captured on cameras. If that’s correct, surely his argument deserves to be heard!
And now the British taxpayer gets to fund the next instalment of this ridiculous circus.
Police time, court time, legal administration, another trial. Money money money! 💷 Meanwhile, pensioners are counting pennies and families are struggling.
Now, I understand there are laws about covering your face at certain protests. But I also understand the importance of challenging laws and how they’re applied. That’s rather the point of living in a democracy! Well I think that’s what is meant to be about?
Whether you agree with Mr Miller or not, you’ve got to admire a man who’s prepared to stand there, handbag in hand, and question the system. Because this isn’t really about a handbag or a burqa anymore. It’s about freedom and consistency and whether the same rules really do apply to everybody.
Personally, I’m Team Miller on this one. 🇬🇧
Anyway, I’m off to identify as a government-funded project. At least then somebody might throw some fucking money my way.
Mr Miller, take a bow. Preferably without dropping the handbag. 😂👏
