ATFM

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...

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...

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 www.allentomasmortgages.co.uk