The Paraplanners' Assembly Podcast

What can you do to treat a case of fluctuating emoluments?

Join Barnett Waddingham’s James Jones-Tinsley as he takes us on a third exploration of old pensions jargon for paraplanners – that’s what.

James joins host Richard Allum to shed light on acronyms and concepts that paraplanners may encounter in the wild including FURBS, UURBS, cash balance schemes, the difference between final salary and career average, CARE, fluctuating emoluments and straddling PIPs.

Didn’t catch the previous two episodes in James’s popular plain English trilogy? Visit the post about this episode at our website to catch them there.

In part one, which was recorded in May 2022, James covered s226, s32, AVC, FSAVC, EPP, GMP, with profits annuities, GAR and SSAS.

And in part two, he lifted the lid on UFPLS, NMPA, master trusts v deeds, SERPS, S2P, QROPS, ROPS and TIEA. This episode was recorded in January 2023.

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Ever-popular Assembly regular, Les Cameron of M&G Wealth, joined us to answer the question ‘What’s going on with the lifetime allowance?’

Why? Because in his Budget statement to the House of Commons earlier this year, the Chancellor of the Exchequer, Jeremy Hunt, announced the removal of the amount you could hold in pension savings before becoming liable for tax.

And that’s quite the change. Because it’s not all that long since Hunt’s predecessors stood accused of levying ‘stealth taxes’ by freezing the LTA at to £1,073,100 – potentially exposing an influx of pension savers to tax liabilities thanks to the effect of inflation.

So with proposed legislation removing the LTA and introducing a rise in the annual allowance, doesn’t the future look rosey for pension savers and their pots?

Or do other proposed measures – like setting a limit of £268,275 on tax-free lump sums – muddy the waters a bit?

Well, that’s where Les came in. Because over the lunch-hour session he:

• recapped the saga of the lifetime allowance so far
• explained the changes that the government has proposed
• explored what’s already happened (and what’s still left to happen); and 
• considered what it all means for paraplanners working on retirement planning cases for clients.

Be honest. This stuff is like catnip to a paraplanner isn’t it?

Useful links

M&G Wealth have created a page on their website where you can download Les’s slides AND complete a brief test to obtain your CPD certificate for taking part. To visit, just tap the link below.

Slides and CPD

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Timeline’s Laurentius van den Worm returns for the second in his series of four fast-paced fact-filled bite-sized Assemblies.

Last week it was modern portfolio theory (you can watch or listen to after this). This week, investment strategist Laurentius takes on the topic of asset allocation.

Tune in and in less than 20 minutes you’ll have explored what asset allocation is and why it’s important. You’ll consider the characteristics of assets classes and what different types are.

What’s more, you’ll have dug into the question of whether asset class really are helpful if you want to diversify risk. Plus you’ll discover what the nature of the risks are.

Next, Laurentius tackles property and asks why real estate is important before setting out the potential routes to gain exposure to property in a portfolio.

Finally, he takes a look at the performance of real estate investment trusts vs global equities – including a brief look at the correlation between global equities and real estate and what it tells us about the nature of diversification benefits.

Throughout his talk, Laurentius refers to a slidedeck. Follow the link below to download the slides as a PDF.

Slidedeck: Asset allocation and diversification (opens a PDF)

Laurentius has seven years experience in the South African investment markets. In his previous role, he served as an investment analyst and financial consultant in the wealth management industry in South Africa, where he gained experience in various financial activities, including portfolio management, investment research, financial analysis, and wealth management.

Laurentius holds a Bachelor of Commerce degree in Investment Management and a post-graduate diploma in financial planning from Stellenbosch University. He obtained his CFP® designation in South Africa in 2017 and is CFA Level 3 qualified in the UK.

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Timeline's investment strategist, Laurentius van den Worm, serves up a fast-paced fact-filled bite-sized Assembly exploring the elements of modern portfolio theory.

After a whistle-stop summary of the origins of modern portfolio theory, Laurentius introduces the five key principles driving the approach: risk and return trade-off, diversification, risk assessment and the correlation of assets.

And if you're wondering 'But that's just four principles!?', you'd be right. That's because Laurentius goes pretty deep into the fifth principle: the idea of the 'efficient frontier'.

First he looks at the efficient frontier in theory before seeing how it really plays out in practice (using Timeline's technology to illustrate it, of course).

Along the way, he considers criticisms of modern portfolio theory too.

Altogether, it's a great primer that's packed full of insights and information that will appeal to paraplanners at every stage in their career.

Throughout his talk, Laurentius refers to a slidedeck. Follow the link below to download the slides as a PDF:

Slidedeck: Modern Portfolio Theory

Laurentius has seven years experience in the South African investment markets. In his previous role, he served as an investment analyst and financial consultant in the wealth management industry in South Africa, where he gained experience in various financial activities, including portfolio management, investment research, financial analysis, and wealth management.

Laurentius holds a Bachelor of Commerce degree in Investment Management and a post-graduate diploma in financial planning from Stellenbosch University. He obtained his CFP® designation in South Africa in 2017 and is CFA Level 3 qualified in the UK.

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Patrick Ingram from Parmenion joins host, Richard Allum, for a lunch-hour Assembly exploring the issue of capacity for loss.

Even though the combination of a client’s capacity for loss and their attitude to risk are significant factors when you’re working on a case, Patrick shows why both ideas are so different – and what that means for clients.

He digs into ideas like ‘client balance sheet’ and ‘wealth ratios’ and explore how they offer both strategic and practical ways to settle on an investment approach that fits their financial position.

And then he explores the idea of a ‘safety margin’. What is it? And how does the idea help insulate clients from financial risks while still allowing them the flexibility to adapt their strategy through life’s ups and downs? 

When capacity for loss is such a significant feature of the day job, this a great chance to catch up with the latest thinking.

Visit the event page at the Paraplanners' Assembly website, scroll down, and you'll see a 'Useful links' section with a link to download the slidedeck that Patrick refers to during the episode.

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We all occupy our place in a neurodiverse world.

But if the way we think is plotted on a spectrum, most of us would be considered 'neurotypical'.

Yet plenty of us - at least 1 in 10 in the UK - function, learn and process information differently from the neurotypical.

So we may be neurodifferent but, despite thinking differently, we're expected to adapt and succeed in a world that's geared towards neurotypical people.

Inspired by a post and thread at The Big Tent, we invited consultant and founding director of About Consulting Group, Jon Dunckley to join Richard to talk about neurodifference and paraplanning.

In a really absorbing, practical and illuminating hour, Jon - who is autistic - offers insights and ideas that will be invaluable to you if you're neurodifferent, or work with, live with or know people who are.

British Dyslexia Association: Dyslexia-friendly style guide

The Neurodiverse Workplace by Victoria Honeybourne

Think Human Business Writing course

BTS podcast: Neurodiversity and studying for regulated exams

PFS Power: Working with vulnerable clients

Cornell note-taking system (YouTube video)

Online Assembly: Design principles for reports

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There are already plenty of reasons for business-owning clients to consider investing surplus profit rather than, for instance, taking it as income. And April’s 6p rise in corporation tax could add impetus to business owners’ interest in weighing up their options.

But with so much uncertainty around these days what strategies should you be considering for clients with businesses?

Les Cameron of M&G Wealth, joined host Richard Allum for an online Assembly to explore investment options, tax treatments and suitability.

Les walked through a set of sides during the Assembly so it's definitely going to be worth your while grabbing a copy for yourself.

That's why M&G Wealth have created a page on their website where you can not only download Les’s slides AND complete a brief test to obtain your CPD certificate for taking part. To visit, just tap this link:

https://bit.ly/3QYlu1B

You can also find the page for this Assembly at our website which includes related links to previous Assemblies at which Les has appeared. Here's the event page:

https://paraplannersassembly.co.uk/event/investing-for-businesses-these-days/

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We recently teamed up with friend of the Assembly, Steve Sayer of Utmost International, to record a three-part series of special Assemblies. Each one-hour session explores the issues affecting tax and tax planning, and offers practical ideas that paraplanners can consider for their firms' clients.

In the first part of the series, Steve looked back at the last two budgets - the 'mini-budget' in September 2022 and April 2023 - to demonstrate the cumulative effect of 'stealth' tax rises and explore strategies to alleviate their effects.

In the second episode, he explored the flexibility of loan trusts and their potential for inheritance tax planning – especially in the wake of the freezes in inheritance tax allowances for nil rate and residence nil rate bands announced by Jeremy Hunt in April 2023.

In the final part of the trilogy, Steve considers discounted gift trusts as an alternative to loan trusts for inheritance tax planning.

In sharp contrast to loan trusts, the decision to execute a gift trust brings no flexibility but their appeal is the immediate inheritance tax advantages.

Whether they're the right vehicle will depend on a number of planning considerations such as the ages of the applicants and the types of gift trust.

During his talk, Steve looks at the difference between absolute trusts and discretionary trusts, touches on issues like the consequences of pre-2006 flexible power of appointment arrangements, plus making gifts and insurance policies.

In the accompanying slidedeck (which you can download below), you'll find two case studies: the first explores a couple choosing between a joint settlor or single settlor discounted gift trust. The second involves a client who wants to invest in a discounted gift trust but wants to be able to secure a fixed level of withdrawals. By combining discretionary and absolute trusts they're able to achieve their objective without exceeding their nil rate band.

Steve's talk is ideal if you're handling cases where clients are weighing up planning opportunities for inheritance tax, this is the special Assembly for you.

We've 'chapterised' the video above so you can navigate the video however you'd like – and provided the slide number/s too for easy reference.

To download a PDF version of Steve's slidedeck, just tap the link below. You can also download a CPD certificate as a record of viewing the recording, and links to other resources mentioned during the recording. 

CPD, downloads and links

Slides: Discounted gift trusts (opens a PDF in a new browser tab)

CPD certificate »

Utmost International

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In the first part of the series, Steve looked back at the last two budgets - the 'mini-budget' in September 2022 and spring Budget in March 2023 - to demonstrate the cumulative effect of 'stealth' tax rises and explore strategies to alleviate their effects.

In this episode, Steve explores the potential for loan trusts to feature in inheritance tax planning – especially in the wake of the 'stealth taxes' announced by Jeremy Hunt earlier this year.

Perhaps typecast as a bit of a 'slow burn' option in the past, Steve reveals the surprising flexibility that loan trusts offer clients. For instance, offering the ability to begin inheritance tax planning but not cutting off access to cash.

While the inheritance tax advantages of a loan trust may not be so significant initially, the growth of the funds outside the estate over time can accumulate to a substantial amount, providing future planning flexibility.

If you're handling cases where clients are weighing up planning opportunities for inheritance tax, this is the special Assembly for you.

We've 'chapterised' the video above so you can navigate the video however you'd like – and provided the slide number/s too for easy reference.

To download a PDF version of Steve's slidedeck, just tap the link below. You can also download a CPD certificate as a record of viewing the recording, and links to other resources mentioned during the recording.

CPD, downloads and links

Slides: Planning with loan trusts (opens a PDF in a new browser tab)

CPD certificate »

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We recently teamed up with friend of the Assembly, Steve Sayer of Utmost Wealth International, to record a three-part series of special Assemblies. Each one-hour session explores the issues affecting tax and tax planning, and offers practical ideas that paraplanners can consider for their firms’ clients.

In the first part of the series, Steve takes a look back at the last two budgets - the 'mini-budget' in September 2022 and spring Budget in March 2023 - to demonstrate the cumulative effect of 'stealth' tax rises and explore strategies to alleviate their effects.

During the hour-long talk he deals with changes in income tax, capital gains tax, corporation tax, and inheritance tax.

To download a PDF version of Steve’s slidedeck, just tap the link below. You can also download a CPD certificate as a record of viewing the recording, and links to other resources mentioned during the recording.

CPD, downloads and links

Slides: Post-April 2023 personal tax changes (opens a PDF in a new browser tab)

CPD certificate »

Top slicing relief: planning strategies – online Assembly, 16 November 2022 »

Talking top slicing relief – online Assembly, 29 June 2022 »

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