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Showing posts from 2016

Assess your Defined Benefit/Final Salary Pension Schemes

New figures last month showed six million people with defined benefit/final salary pensions have seen their transfer values increase in the last year mainly down to interest rates remaining low (reason being is that the transfer value needs to be higher to buy an annuity of worth in the open market). Under the rules of most defined benefit/final salary schemes, workers have the right to swap their pension entitlement for money. With a rising defined benefit/final salary pension worth, some individuals are being offered 'eye-watering' sums, often tens of thousands of pounds more than a year ago, to trade in their scheme for cash.  For someone with a pension income worth £20,000, it is not uncommon to be offered 30 times that amount - in other words, £600,000 in cash. Even though transferring your pension can offer a more flexible retirement, extra tax-free cash and further inheritance tax relief, individuals are being warned that this may not be the most suitable option, as de

Trustees' duties

The role of a trustee The role of a trustee is to hold the trust property and administer it for the benefit of the beneficiaries. The full extent of the duties of a trustee is governed by the terms of the trust instrument and the principles of common law, equity and statute. Before accepting the position of trustee, the trustee should always make sure that there is no conflict of interest between their own personal interest and that of the beneficiaries. General duties of a trustee To comply with the terms of the trust - Trustees should fully inform themselves of the terms of the trust and comply strictly with the duties and directions as set out in the trust instrument. To take control of the trust property - a trustee should ascertain the extent of the trust property, make sure that it is vested in them and any co-trustees, and take steps to make sure it is maintained. To act impartially between the beneficiaries - Trustees are under a general duty to act in the best intere

Allen Tomas & Co Financial Management are now offering mortgage advice

Michael Crisp of Allen Tomas & Co is now offering mortgage advice Michael can advise in the following areas: First time buyers – getting you the best deal when finding your first home Re-mortgage – releasing equity for things like home improvements or consolidating existing financial commitments Product Transfer – switching your mortgage to a better deal and saving you interest Buy-to-let – repayment and interest only options available  Allen Tomas & Co Mortgages can also refer in the following areas: Development finance Commercial borrowing Bridging finance Secured loans / second charge mortgages If you would like to find out what you could potentially borrow or what your monthly payments might be, then contact Michael to discuss your mortgage requirements on 01485 541998 or visit

New premises for professional connection

Congratulations to our professional connections Tom and Jeannette McEwan from Home Instead Senior Care for moving to lovely new premises in Windsor Road, Kings Lynn. They have also recently confirmed 50 new jobs have been created by extending its catchment area to include Swaffham and Dereham. Home Instead offer domiciliary care services and we can provide Long Term Care Planning for these clients to help them maintain their care package and lifestyle. We wish them well.

Court rules pensions are protected in bankruptcy

The Court of Appeal has ruled savers facing bankruptcy will not be forced to cash in their pensions to pay off outstanding debts. The law (section 310A of the Insolvency Act 1986) allows the Official Receiver or trustee in bankruptcy to issue an income payments order that asks a bankrupt individual to agree to make regular payments from their income into the bankruptcy estate for a specific period of time (usually three years). In June this year, it was ruled people facing bankruptcy proceedings do not have to hand over undrawn pension funds by the High Court but this ruling was then challenged. However, on Friday (7 October) the Court of Appeal dismissed an appeal against the earlier Horton versus Henry ruling. Ben Allen, Managing Director of Allen Tomas & Co comments that anyone in this position should relax with the knowledge that the UK legal system appears to acknowledge pensions to be out of the reach of a bankruptcy trustee and agrees with fellow industry professionals

Second Allen Tomas & Co charity golf event is a success!

The second Allen Tomas & Co Charity Golf day was held on September 23rd at Heacham Manor in Norfolk. We are pleased to say we raised over £1,000 for our chosen charities, Norfolk Hospice and the West Raynham ward at King's Lynn's Queen Elizabeth Hospital. With fantastic weather, the day was a huge success with 10 teams competing in a stableford event. The winning team were Johnsons Gift Shops Limited, second place Vitality and third place Hawkins Ryan Solicitors. The two longest drives were won by Gary Fitzjohn and Tom Mcewan and the two nearest the pins were won by Peter Zimmer Smith and Roger Lebbell - each were congratulated with a bottle of Prosecco. We would like to thank Heacham Manor for hosting the event, the fundraising department at Queen Elizabeth Hospital, Norfolk Hospice, everyone who participated and brought raffle prizes, Patric Stuart of Brancaster Golf Club and Richard Boyd for donating golf vouchers, the support of Mark Jenner from Canada Lif