Flexible pensions to go ahead in 2015

In his March 2014 Budget, the Chancellor announced that there would be significant changes to allow individuals to have greater access to their pension funds from 2015. The proposed changes have been consulted on during the summer and the Treasury have now published the outcome, together with draft pensions legislation, enabling the new flexible regime to commence on 6 April 2015. The flexibility will apply to Defined Contribution (DC) Schemes such as Self Invested Personal Pensions. However, it will continue to be possible to transfer funds from certain Defined Benefit (Final Salary) schemes into DC Schemes to allow access to the new flexible rules. An Independent Financial Adviser should be consulted to consider the full implications of this course of action. From 6 April 2015 it will be possible to withdraw 25% of the pension fund tax free at age 55, but any additional amounts  will be taxed at the marginal tax rates of 20%, 40% and 45% (depending on level of income). This means that you will need to work closely with us and your pensions adviser so that we can estimate the taxation implications of the amount that you are planning to withdraw. As announced in the Budget, from April 2015 it will be possible to withdraw the whole of your pension fund if you wish. You may recall the Press suggesting that some individuals may decide to spend their pension pot on a Lamborgini! The new pensions legislation will permit more innovative pension products, including the ability to draw lump sums from annuities and flexible annuities as well as flexible drawdown products. Under the current rules, annuities lapse upon the death of the pensioner with no value passing to the children, whereas drawdown pensions can pass to the next generation upon death (subject to a 55% charge on the fund). The Government acknowledge that this 55% charge is too high and will announce the new lower rate in the Autumn Statement on 3 December. Note that the new pensions legislation includes anti-avoidance rules to limit “recycling”.  In other words, someone over 55 might make contributions into their fund to obtain tax relief and then immediately withdraw 25% of the fund tax free. From 6 April 2015, where an individual’s fund is in drawdown, a maximum of £10,000 may be paid in each year for the purpose of obtaining tax relief.

Testimonials

What our Customers Say

The MGroup have really been there for me and my business through the good times and the more difficult ones. Their advice has always been spot on, and has really ...
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Jessica Harvey-Smith
Debate Chamber Limited
The MGroup have really been there for me and my business through the good times and the more difficult ones. Their advice has always been spot on, and has really helped me to plan ahead and to consider angles on decisions which I might not have thought about otherwise. As well as being admirably clear and straightforward, everyone I have dealt with there has been friendly, patient, and thoughtful, and has really taken the time to get to know my business.
Jessica Harvey-Smith
Debate Chamber Limited
Mark has given me excellent Corporate Finance advice and support for 3 years and I would thoroughly recommend him. He is very tenacious in finding suitable companies to acquire and then ...
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Mark Swaby
Management Buy In client
Mark has given me excellent Corporate Finance advice and support for 3 years and I would thoroughly recommend him. He is very tenacious in finding suitable companies to acquire and then good at negotiating and putting deals together, including the all important funding. He is also very innovative in finding solutions to issues arising along the way.
Mark Swaby
Management Buy In client
Without a doubt, I recommend speaking with The MGroup. They are very knowledgeable, very understanding, have a good feel for our business and accommodate us quickly when we need help. ...
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Peter Mace
Managing Director, TT Concrete
Without a doubt, I recommend speaking with The MGroup. They are very knowledgeable, very understanding, have a good feel for our business and accommodate us quickly when we need help. We frequently get approaches from other accountancy firms and I tell them that we have no need to look elsewhere as everything is catered for very efficiently by Peter Smith and his team. I couldn't fault them.
Peter Mace
Managing Director, TT Concrete
I have nothing but admiration and respect for Geoff, Sandie and Lesley, the team at MGroup Corporate Finance who led us through the sale process - they are...
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Dan Graham
co-founder of F45 Training Stratford
I have nothing but admiration and respect for Geoff, Sandie and Lesley, the team at MGroup Corporate Finance who led us through the sale process - they are true professionals. Our key contact was Partner, Geoff Pinder, who took us under his wing, asking the right questions to help us make sensible decisions and protect our best interests. From the very first conversation it felt like they cared as much about our endgame as we did. We were both under a lot of pressure to close the deal and move on with our lives, so having a team we trusted by our side as we navigated game-playing, time-wasting potential buyers, was incredibly helpful. They are all wonderful people, and I would highly recommend you talk to them if you’re planning to exit your business.
Dan Graham
co-founder of F45 Training Stratford

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Ollie Squire

Partner

Chris Denton

Partner

Jordan Lyne

Partner

Jordan has worked with various client’s over his ten years at The MGroup. The services provided range from bookkeeping, VAT returns, annual accounts and management accounts. He has been involved in recruitment of new staff members and helped move the firm on with it’s systems by creating and improving internal controls and procedures.

Jordan manages his resources efficiently to meet deadlines and where clients have specific requirements, he works closely with them to ensure these are both feasible and met in a timely manner. Jordan has clients in various sectors, ranging from international companies to smaller locally based businesses.

Wendy Tatham

Partner

Wendy joined the firm in 2015, after starting in finance for the NHS and then qualifying with another local firm of accountants. She brought with her experience across all areas, having previously managed payroll support, corporate and personal tax compliance and planning alongside other general practice elements.

Wendy works with clients across a range of sectors and enjoys supporting them with their statutory reporting, internal financial processes, corporate and personal tax planning and business advisory services. A key area of interest is working closely with her clients to support them with growing and restructuring their businesses to align with their long term goals.

In her spare time Wendy is the lead volunteer for Oxfordshire Scouts, supporting 95 Scouts groups across the county to deliver a fun programme of activities to young people aged 4 to 24.

Geoff Pinder

Corporate Finance Partner

Geoff has operated in the Mergers & Acquisitions and the corporate finance arena since 2004. He has held Executive roles leading and managing the performance and productivity of cross functional teams focused on delivering a high quality service to clients across complex portfolios.

Selling a business is a life changing event, and Geoff’s passion is working with businesses owners to help them explore the various exit options and strategies available to achieve their objectives, leading to excellent results for all stakeholders.

Geoff has been involved in over 500 deals across multiple industry sectors, working predominantly on the sell side of transactions, including sales to strategic buyers, private equity, and MBO’s.

Darren Green

Partner

Having grown up in North Oxfordshire, Darren joined The MGroup in 1999 as a trainee, qualified in 2003, and became a partner in 2010. Darren is best known for his ability to ‘go the extra mile’ for clients; even changing a flat tyre outside the office when it was discovered after a meeting, helping his clients to safely make their way home.

Aside from changing tyres, Darren enjoys helping clients to grow their varied and interesting businesses, and gaining insights into a wide range of sectors. In particular, he likes working within the corporate finance team, assisting with financial projections and due diligence for prospective buyers. Darren enjoys the challenging and pressurized nature of this type of work. Many of his clients are from manufacturing, technology or start-up backgrounds.

In his spare time Darren is a family man and he also enjoys sport, including football, skiing and running. He has taken part in a 26 mile walk for a cancer charity with colleague Geoff.

Peter Smith

Partner

Peter joined The MGroup in 1990 and became a partner in 1996. Originally from Wiltshire, Peter is a member of the Oxford Chamber of Commerce where he has been a Chamber council member for over 20 years.

Helping to provide a complete finance solution to companies is one of Peter’s key focus areas. He believes this to be a service that sets the partnership aside from its competitors, alongside The MGroup values and employees.

Peter provides financial mentoring, support with strategy and planning, solutions to increase profitability and improve cash flow, and help with expansion/diversification plans. His specialist interest areas include not-for-profit, healthcare and international organisations.

Peter enjoys the opportunities and challenges he is faced with every day at The MGroup and making a difference to clients’ lives. He is also a keen local charity supporter, regularly helping to raise funds and awareness for SeeSaw and SpecialEffect where he is an ambassador.

Outside of work, Peter is a Chelsea Football Club season ticket holder. He likes walking in the local area, especially if there is a pub or café at the end of the walk, and enjoys holidays in Devon, in particular to a secret escape in Dartmouth.

Richard Clayton

Partner

In 1984 Richard became the youngest ever partner at The MGroup at the age of 27 and is now the longest serving partner. Richard is a true team player, having been a prominent local footballer in his early years. He very much brings the team ethos to The MGroup who like to work as an integral part of their client teams.

Richard qualified in 1982 and has worked with many of his clients for decades, evidence of the excellent service provided by both Richard and the firm. Richard is proud of the firm’s exceptional reputation. He continues to develop new strategies and explore improvements to the services they provide and remains highly ambitious and committed. Outside of work Richard enjoys golf, football, spending time with his family and the very occasional glass of wine (normally accompanied by too much food!).

Richard has a depth of knowledge and experience in all areas of the construction industry and also deals with most of the firms agricultural clients. He also deals with a wide range of other clients which include a substantial number of UK subsidiaries of overseas companies together with a number of high profile local businesses. Richard is a firm believer that the role of a trusted accountant is to provide clients with the best possible advice and support. The client does not always have to follow advice but he believes they must have all options on the table to form a meaningful decision.