We just put a note in our next bulletin - the wording as to what and when to communicate is quite vague and the lawyers were happy. Obviously, we spoke to the candidates directly which is the same as for any job interview.
We inform our pensioners via our regular newsletter. Active members are informed via an internal communication. Deferred members are informed via our annual report.
Yes, it applies if they have 'flexibly' accessed pension funds to take cash i.e. using the new freedoms so as not to be bound by the old 25% maximum. It was already possible to take 25% cash but leave the 75% invested to be taken as taxable income later, and doing that will not reduce the AA to the MPAA.
As expected, the Treasury have now announced that the proposal to lower the MPAA from £10K to £4K will become legislation after the summer recess and this cut will apply from April 2017.
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We have just done an exercise for retirees under age 80 as advice from the lawyer was they were vulnerable. We sent out 523 letters and to date over 300 have accepted the offer and been paid. We used transfer values to calculate the lump sum.
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We use Citibank and pass on the cost to the pensioner.
We also use Citibank and pass the cost on to the pensioner.
Our overseas pensioners have the bank charge deducted from their pension. However, the can opt to have quarterly payments if they wish to reduce the charges from 12 per year to 4.
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