Pensions - FSAVCs (Up To And Including 5.4.2006)

Below is a selection of our most recent updates on this subject.

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FSA Issue Revised Versions Of Consumer Leaflets / Factsheet

The FSA's has revised its consumer leaflets on 'topping up your occupational scheme' and on 'annuities and income withdrawal' as well as issuing a revised factsheet on 'AVCs, FSAVCs and stakeholder pensions'
Thursday, February 12, 2004

FSAVC Review Bulletin Number 8

The FSA's latest FSAVC bulletin provides explanatory information on the treatment of windfalls and reporting progress.
Tuesday, August 06, 2002

FSAVC Review Bulletin Number 7

The FSA's latest FSAVC bulletin provides explanatory guidance in seven separate areas of the review including Pension Schemes Office Update 122 dealing with compensation payments made as a result of the FSAVC review; closing the FSAVC review; and penalties for late submissions.
Monday, May 20, 2002

FSAVC Review Bulletin Number 6

The FSA's latest FSAVC bulletin provides explanatory guidance in ten separate areas of the review. These include treatment of 'windfalls', dealing with complaints arising from the FSAVC review and delays between offer of redress and acceptance.
Tuesday, March 12, 2002

Pensions Update 122: Free Standing Additional Voluntary Contribution Schemes

The IR SPSS has published guidance in a pensions update which in summary means that when dealing with an identified case of mis-selling, the compensation payments made as a result of a review required by the Financial Services Authority / Personal Investment Authority are tax-free.
Tuesday, February 26, 2002

Transfer Of FSAVC Benefits

Where an FSAVC scheme has adopted the additional flexibility concerning the timing of benefit payments included in PSO Update 54, the Inland Revenue have now confirmed that a transfer of FSAVC benefits can be made to a personal pension, even where the member's main scheme benefits, to which the FSAVC is linked, have come into payment
Wednesday, December 19, 2001

Compensation In Respect Of Mis-Sold FSAVC Contracts

The IRSPSS have confirmed that any lump sum compensation payments paid as part of the FSA/PIA led review of FSAVC sales to make up arrears of annuity/pension instalments are within the tax exemption brought in by Extra Statutory Concession A99.
Monday, November 26, 2001

The FSA Publishes Fifth FSAVC Review Bulletin

The FSA's latest bulletin provides explanatory guidance in twelve separate areas of the review. These include N2 and the FSAVC Review, treatment of 'windfalls' and gathering occupational pension scheme information.
Wednesday, November 21, 2001

FSA Publishes Fourth FSAVC Review Bulletin

The FSA's latest bulletin gives explanatory guidance in a number of areas. Its initial comments relate to the requirement for firms to continue to carry out the FSAVC Review after N2 (midnight on 30 November 2001) in accordance with the standards applicable to them immediately before N2.
Monday, September 24, 2001

2001 Avc Survey

The latest Bacon & Woodrow AVC Survey shows that the introduction of stakeholder pensions has caused a widespread shake-up in the AVC market, halving charges, spearheading a move to more sophisticated contract designs and placing increased pressure on providers to survive.
Monday, August 13, 2001

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