Pensions  

Money Alive updates videos after Budget pension tax changes

Money Alive updates videos after Budget pension tax changes
Screenshot from the Money Alive State Pensions box set.

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Pensions video solution provider Money Alive has updated its box sets to reflect all the changes made by chancellor Jeremy Hunt in the Spring Budget.

As reported, on March 15, Hunt announced the end of the lifetime allowance, as well as increases in the money purchase annual allowance and the introduction of a cap on tax-free cash. 

There were also other changes that sent pension providers and financial advice professionals rushing to educate and update their clients over the changes and the potential effect these would have.

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Andy Kirby, founder of Money Alive, said the updated box sets - which are used by pension schemes and advisers alike - will soon be live with the changes to reflect the Budget.

According to Kirby, it has been a massive undertaking to get dozens of changes made to seven videos in a timely fashion.

He said: "Over the past couple of weeks we have been busy updating our box sets to reflect the changes made by the chancellor in the Spring Budget.

"This work involves script writers, film makers, voice-over artists, animators and our platform team. I’m delighted to say this work is within days of completion (in spite of HMRC leaving it very late before confirming some of the finer details around death benefits)."

There were a number of changes relating to pensions and those affecting the Money Alive box sets include:

  • The increase in the MPAA from £4k to £10k
  • The removal of the LTA excess tax of 55 per cent to be replaced by PAYE (the LTA will not legally be abolished until 2024)
  • The introduction of a cap on tax free cash
  • Changes to calculations of death benefits and the removal of the LTA test at age 75
  • Increase to the state pension amount (although not directly related to the budget)

Kirby said: "Many of you will be aware that we work with industry experts to help create and keep our content up to date and in relation to our pensions box sets we work with Mark Thewlis from the Financial Adviser Academy.

"Thanks to Mark for working to some tight deadlines, in the past few weeks (and weekends), to get this updated."

The box sets being updated to reflect these changes are:

  • Final Salary
  • Drawdown Review
  • Flexible Income
  • Guaranteed Income
  • Pension Freedoms
  • State Pensions
  • Consumer Duty.

Kirby added: "We always appreciate the chancellor giving the industry plenty of warning of changes."

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