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The government’s plans to remove the age-75 annuitisation rule will make scheme pensions far more attractive to IFAs and clients, Hornbuckle Mitchell claims.
The provider believes the removal of the requirement to annuitise by age 75 means more retirees in capped drawdown will look to scheme pensions as an option.
"These are only proposals but what we know so far raises a number of intriguing opportunities for financial advisers," says Mary Stewart, director of Hornbuckle Mitchell.
"Under scheme pensions, the maximum income that can be taken is set by an actuary based on the individual's own health and wealth rather than GAD rates which are partly calculated on average life expectancy. This gives potential to raise income as age increases and health deteriorates.
"The capped drawdown proposals raise the prospect of a wider spread of clients, in particular those individuals with substantial funds outside their pensions who want maximum income but can't meet the minimum income requirement necessary to move into flexible drawdown."
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Hornbuckles Bad Service
This is similar to my own experience. They are totaly incompetent and I no longer trust them at all. I am in the process of moving my sipp to another provider (at great expense to myself) simply to get out of their clutches. Stay well clear!!
Posted by: Phill Fenton
Atrocious Hornbuckle Mitchell
We used them to set up a SIPP which then purchased a small office. Hornbuckle Mitchell were unremittingly awful from beginning to end. They didn't get all the correct forms signed, they failed to register the scheme for VAT having agreed to do so, the attitude of their "technical team" ranged between incompentant, flippant and insulting. I ended up spending several weeks effectively managing one of their team myself to get the SIPP and the property purchase over the line. Even now, whilst dealing with our multiple complaints a letter from the MD simply finished mid sentence - so clearly the attention to detail issues start at the top. Avoid at all costs.
Posted by: Carole Hailey
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Hornbuckle's bad service
In mid-February my solicitor asked two simple questions of Hornbuckle Mitchell in Edinburgh to inform the writing of wills for my wife and me. It's the beginning of the second week in April and 35 emails later still no useful answer. An email to the MD 3 weeks ago remains unacknowledged with no action anywhere as a result. Lots of confusion in the local office and the only follow up from anyone was when I made my second phone call to their complaints people. Buyers beware - this is a shabby outfit.
Posted by: Trevor Davies