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My opinion is that the AE contribution levels are absurdly too low to provide realistic retirement planning. I wish that every employer would find it essential to operate a scheme with a contribution level well above the minimum. I am not at all surprised that members who think about it tend to increase their contributions above the minimum, when the AE default is obviously not going to be adequate for most people.
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FTB - they have been good.
We use a combination of FTB and LexisNexis.
We are waiting for a final opinion from our auditor (big 4) but we are expecting to have to include a provision of a very approximate estimate in the statements under UK GAAP. The argument for not allowing at all for GMP equalisation on the basis that we cannot yet calculate it accurately sounds week to me, and I imagine will not be accepted by auditors generally.
We expect our auditors to require an estimated figure.
We included a provision in our valuation (31 March) of 1% of liabilities and, as far as I am aware, the company is intending to use the same "methodology" and the auditor is happy with that if your financial year end is post Lloyds I think an estimate will have to be provided.
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It can, but it would be an authorised payment subject to the related 40% plus 25% charges. The overseas transfer charge would not apply because it only applies to ‘recognised’ overseas transfers to a QROPS.
The member does not have a statutory right to transfer to an overseas scheme that is not a QROPS, so not allowing it may be an option. I don't see why the scheme should make a payment that will incur a tax penalty against the scheme. Also, as Sue says, the scheme rules may have a restrictions on allowable payments/receiving schemes and the making of unauthorised payments.
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