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Morfitt & Turnbull

Issue 12   

Mulligan in Miami!
Well ok it was Orlando but I was looking for an alliterative title!

The summer holidays have been and gone now and with it was my first ever trip to America to see Mickey, Goofy and their pals.
I have to say it exceeded my expectations pretty much across the board, from their excellent organisational skills to first class customer service and it is the latter that I was thinking about when I skipped back into M&T last week...

It has always been the cornerstone to the business that we treat everyone as we would hope to be treated ourselves; in a professional way, in a positive way, in a fair way and in a friendly way. Oh and of course we aren't pretending to be American so it's always in a very British way too!

So the decision now is where the next holiday destination will be - and I wouldn't say no to heading back to America again, that's for sure!


Equitable Life Payment Scheme
In October 2011 (issue 1) we told you about this scheme that the Government set up to compensate people who bought an Equitable Life with profits policy between September 1992 and December 2000.

A recent article suggests the scheme is having administrative issues so if you are eligible and have not received any correspondence, please write or call them and make yourself known. There is no guarantee that you will receive a compensation payment but you should receive a letter detailing their compensation calculation.
         Their telephone number is: 0300 0200 150.

Their address is: The Equitable Life Payment Scheme, PO Box 4110, Glasgow, G58 1EL.

If you write to them please include your Equitable Life policy number, full name, date of birth and National Insurance number.

If you do not have your policy number then 'phone Equitable Life on 0845 6036771 and they will provide one.
If you require further information on the scheme they have a website which is: or call them on the number above.

Adam's Technical... Protecting Big Pension Pots
It was well publicised in 2006 that pensions were being "simplified"... If only that were really the case, as there seems to be just layer upon layer of further legislative measures! Adam takes us through the areas to look out for if you have built up a large pension pot...

Current pension legislation dictates that there is a maximum amount that can be built up within pension funds before tax charges are levied, which occurs at the point when the benefits are taken.

This was introduced in April 2006 and known in the pension's world as the Lifetime Allowance (LTA). Initially the LTA was £1.5 million and it steadily increased to £1.8 million by April 2010. This is when the typical tinkering by the politicians began! As a consequence the LTA started to reduce and it is currently £1.5 million but set to drop to £1.25 million in April 2014. Any pension fund over this amount when benefits are taken could see the excess taxed at up to 55%!
Each time the LTA reduces there is the opportunity to protect funds above the reduced amount. For the above change, funds over £1.25 million can be protected. This is called Fixed Protection 2014 and if applied for it means that no further pension contributions can be made. An application form must be received by HMRC before 5 April 2014.

Any previous protection applications do not need to be updated as you are already protected.

A further form of protection, currently referred to as Individual Protection, is being consulted on at present with the final rules to be announced. It is understood this will be for individuals who have over £1.25 million in pension funds on the 5 April 2014. They will be able to protect the amount accrued over £1.25 million up to a maximum of £1.5 million, whilst still being able to contribute - unlike fixed protection. It is expected that the deadline for applying for this type of protection will be April 2017. Once we know more on this we will provide a further update.

On a connected matter, please contact us if you have applied for enhanced protection or fixed protection previously, so you are not caught out following the introduction of auto enrolment.

Gareth Says... 
Unicorns are not so mythical!

As part of the weekly process of reviewing investment funds that clients hold, Gareth also has an eye for future opportunities too and has highlighted here another potential gem...
"The Unicorn Income fund has just been added to the M&T Gold List. It has a 9 year track record, invests in medium and smaller UK companies that offer an attractive dividend and has low volatility in its sector. The current yield is 3.2% and the fund can be accessed via the Aviva and Cofunds platforms for ISA and direct unit trust/OEIC investments.

We have risk graded this as 5 from our usual table and is ideal for clients looking for a decent income from a low to medium risk UK based investment."

Please contact your usual Adviser to see if it is appropriate for your portfolio.

Staff Matters - they matter so much they have to have a pension!
All companies will be affected by the new pensions legislation – yes that's ALL companies!

This means whether you work for a firm, employ staff in your own business or are a professional that represents a company, those firms will need to have a pension plan in place, enrol the staff and keep records. It sounds straightforward but the two inch thick file on the corner of my desk with all the regulations seems to suggest otherwise.

Not only are M&T making sure we organise our own arrangement for the staff here, we will be helping companies plan and implement theirs too - if you need further information or guidance please call Martyn on 01565 624370.



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 Conduct Authority.
Registered Number 740613 England

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