Curtis Banks helps advisers with intergenerational planning

Curtis Banks helps advisers with intergenerational planning

Curtis Banks has unveiled a collection of case studies designed to help advisers when dealing with complex intergenerational financial planning. 

Self-invested pension provider Curtis Banks has attempted to tackle the problems advisers face when dealing with intergenerational planning by creating case studies focused on defined benefit transfers, death benefits and inheritance.

Advisers are increasingly coming across complex intergenerational planning cases due to the introduction of pensions freedoms in 2015, which give clients more options when cashing in their pension.

Pension freedom rules mean those aged over 55 no longer have to purchase an annuity to access their pension income but can instead enter drawdown or take a cash amount.

This in turn creates complications for savers when choosing how to pass their wealth to younger generations.

Advisers can use the Curtis Banks case studies to show their clients how family members can be adequately provided for in the future and show how wealth can be passed on in the most tax efficient way.

The case studies cover a wide range of scenarios across the generations including:

  • decisions following a DB transfer;
  • charity lump sum death benefits;
  • disqualifying pension credits;
  • contributions from death benefit;
  • assets on expression of wishes; and
  • group connected party purchase.

Gregory Kingston, group communications director at Curtis Banks, said: “Savers who were focused on DB transfers are likely to now be considering their broader needs as they approach retirement. 

“When seeking advice, they are likely to focus on their future needs and post-retirement options. This is why we believe these case studies will be an invaluable tool to advisers and clients considering intergenerational planning.

Mr Kingston said the case studies have been created with input from advisers and will continue to be added to.

He added: “Our business development managers work with advisers to help them provide the best advice and technical information for clients. Feedback from advisers has been focused on intergenerational planning and the importance of transferring wealth across the generations, and the Meet the Joneses case studies have been specifically created to help demonstrate the importance of this to advisers’ clients in a simple to understand way. 

“The case studies cover a number of common scenarios, and will continue to be added to as we roll these out and discuss them with advisers.”

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