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Morfitt & Turnbull

Issue 7   

Mulligan at the Movies!

The latest issue arrives on Hallowe'en and so to get into the spirit of this time of year I thought it appropriate to dress accordingly (and no this is not how I look every Monday morning!)...

What's the reason behind the facial improvement then, I hear you ask??? I was roped into being an extra, via a good friend, in a 2 minute film trailer which is being entered into a competition where the winner gets funds to make a longer 20 minute film with the help of film-industry professionals.

So I'm blatantly using this mailshot to urge you to help the film win so please visit, register, watch the clip and then vote for "Wrath" - all help is greatly appreciated! From my own personal view it was a lot of fun to do - and if our trailer wins then obviously Hollywood beckons for me and you'll be able to say "I used to know him...."!

Happy Hallowe'en to one and all...



"We're in!" Hmm... so what's that new ad on the telly all about then?
You may have seen the advert on the television lately with a few business-type celebs such as Karren Brady, Theo Paphitis and Nick Hewer (from The Apprentice that now hosts Countdown!) saying they are "in" and talking about pensions - if you haven't then you can have the pleasure by visiting

Well as this is pensions talk then it's only right I find a home for it here so you have the joy of reading our take on it. It's all about "auto enrolment", the headlines of which are as follows:
  • Within 4 years every company in the UK will be automatically enrolling workers that are eligible into a pension scheme with both the company and the individual paying in.
  • There are minimum amounts that both have to pay in.
  • Pensions can move from job to job.
  • This doesn't replace State Pension entitlement which will continue to be built up.

This is a very brief overview but from M&T's perspective we are able to help with enquiries whether you are in the category of worker, employer or professional working with either individuals or businesses with common questions being:

  • What is it going to cost me?
  • When will I have to start paying in?
  • Where will the money I pay in be held?
  • When can I get it back out again?

There are undoubtedly many others so please call me (Martyn) on 01565 624370 and fire away!

Adam's Technical... Sexy FLEXI
- it's all going on in the pensions world!
Two articles on pensions in one mailshot - financial heaven to me! So here's Adam on a bit of flexibility that may catch your eye...

An option referred to as Flexible Drawdown was introduced in April 2011 as an alternative way for individuals to take their pension benefits. It allows an unlimited amount to be withdrawn from pension funds to give great flexibility, hence the title!

This is only allowed, however, as long as the person is 55 or older, has a "secure" pension income of £20,000 gross paid each tax year and stops making pension contributions. "Secure" means it cannot reduce so you can only really include State pensions, company pensions or conventional annuities.
For example, Mr Neil Downe is age 65 with yearly income of £9,000 from his State Pension plus £12,000 paid from his old company pension. With a further pension fund of £200,000 he could take the entire amount as a lump sum. Part of it is tax-free (25% or £50,000) with the remainder paid after Income Tax is deducted.

Better tax planning can be to take this a step further and drip-feed pension funds into flexi drawdown as and when lump sums are needed. This makes sure the amounts that are not fed in avoid the standard tax charge (55%!) in the event of death before age 75.

So in the above example, if Neil doesn't need all of his £200,000 but instead needs £12,000 for his daughter Dawn's wedding and £5,000 for a cruise round the Med with his wife Ida, that's just £17,000 in total needed for now. See right to how he achieves it.

For those who are eligible, flexible drawdown could be a very attractive feature, either now or at some point in the future. To discuss further please call me (Adam) on 01565 624370.



Pension fund before  £200,000
Transfer to flexi drawdown  £20,000
Payments out to Mr Downe £5,000 tax-free lump sum (25% of fund in flexi drawdown) PLUS £12,000 taxed lump sum (balance of fund, i.e. £15,000, taxed at 20%)
Pension fund after £180,000 paid back in full to beneficiaries on death before 75 and stays invested for tax efficient growth (potentially!) and provides lump sums when needed, e.g. the next cruise!!!

Gareth Says... 
RDR approaches!

We have covered the Retail Distribution Review (RDR) in previous newsletters and here Gareth gives his current thoughts on its impact...

"The biggest change to hit our industry in a generation, RDR, is almost upon us. It will affect us all! At this stage there is no need to do anything and we will let you know when we need anything from you so bear with us as there will be additional paperwork required at some point."

Staff Matters - new kid on the block... introducing Lisa O'Sullivan!

We are delighted to announce the addition of another lovely lady (we do honestly have some already!) to the ranks at M&T - Lisa O'Sullivan arrived earlier in the month with a spring in her step and a smiley face - a prerequisite for working here!

She will be providing valuable sales support, systems updates and overseeing valuations. I'm sure you'll offer a warm welcome as and when you get the opportunity to speak with or meet her!


No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Services Authority.
Registered Number 740613 England

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