31Aug, 2012

Pension Rules

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I have alluded in previous newsletters to the laughable concept of pensions simplification.  Current pension rules are even more complex than ever and practitioners and their accountants need to be alert to the potential problem of over-funding.  To determine your contribution eligibility involves taking into account not only the contribution limit of £50,000 per annum, but also by how much your occupational scheme benefits have increased from one year to the next. For many practitioners these rules will not affect them. However, there is a large minority for whom these […]
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28Aug, 2012

Critical Illness Insurance Reviews

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Many of you will have had, or may yet receive, a letter from your critical illness insurance provider announcing a review of both the cover and the cost.  These contracts were essentially implemented to provide the maximum cover for the minimum outlay at a time when you were arguably at your most vulnerable. The premiums were kept to a minimum for 10 years, at which time the company retained the right to review the benefits and either increase the premium or reduce the sum insured. Whether or not the plan […]
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24Aug, 2012

Warning – Partnership Agreements

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On the advice of their solicitors or advisers, most doctors and dentists in general practice will have partnership life insurance so that, in the event of premature death and in some circumstances earlier critical illness, the surviving or fit partner or partners have sufficient funds at their disposal to be able to buy out the deceased or ill partner’s share.  This is of particular importance in the event of premature death so that the surviving spouse can receive both adequate and speedy compensation at what would be a most traumatic […]
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