Ascentric will offer advisers the latest ISA flexibility
Press Release
27 March 2015
Ahead of April’s ISA reforms Ascentric has today confirmed that it will accept inheritable ISA allowances left to a spouse or civil partner as soon as the rules allow this on 6 April 2015.
Rules around Additional Permitted Subscriptions for ISAs were clarified just over a week ago, leaving a very short amount of time to ensure that advisers’ clients are able to take advantage of the new regime from the very start of the new tax year. The new Additional Permitted Subscriptions are being introduced at the same time as the new pension reforms and Ascentric will be fully ready for both.
Mike Morrow, Sales and Marketing Director of Ascentric, said:
“We recognise the importance of providing this capability at what will be a difficult time for many advisers’ clients. We already have many clients waiting to take advantage of the new inherited ISA rules and we are pleased that we will be able to support their needs as soon as HMRC allows us to do so.”
The new Additional Permitted Subscriptions will be introduced at the same time as the new pension reforms. Ascentric will be ready for the pension freedoms through the introduction of both Flexi-Access Drawdown and Uncrystallised Fund Pension Lump Sum options on its SIPP from 6 April. This is in addition to being able to continue to support capped drawdown for all of Ascentric’s existing customers where it is in place before 6 April. This will enable advisers’ clients to designate additional funds and transfer existing capped drawdown arrangements from other schemes after the new tax year.
Mike Morrow added:
“Providing advisers with all the available options to support their clients has been a priority for us and we are pleased to confirm that we will be ready for all the regulatory changes.”
-ENDS-
For further information please contact:
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Mona Patel 0207 015 2525 / 07919 170740 mona.patel@royallondon.com |
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £82.3 billion. Group businesses serve around 5.3 million policy holders and employ 2,829 people. (Figures quoted are as at 31 December 2014).
The Group is currently moving all of its UK businesses under a new version of the Royal London brand. The Group's independent wrap platform will remain branded Ascentric.
