TCF warning on ASPs - Rowanmoor

The SSAS provider says it has seen a number of letters from operators saying benefits for individuals (approaching 75-years-old) electing to go into ASP will have to be donated to charity. Rowanmoor managing director Ian Hammond says it is questionable whether the approach is “treating customers fairly”. “It is perfectly reasonable for an operator to say that it will not permit benefits to remain in their pension arrangement subsequent to the death of a dependant in ASP, because under current legislation this could give rise to an unauthorised payment,” he says. “However it must be remem...