Having undertaken trivial commutation exercises for over 100 pension schemes, across thousands of scheme members, we generally see 60-70% of members participating.
Even though these members have small pots, it may not be their only source of income and it is important that they receive tax advice. As part of its commitment to helping members find their best options in retirement, Xafinity Punter Southall not only provides educational materials on the tax implications of taxing a lump sum benefit but has also partnered with Tax Help for Older People – www.taxvol.org.uk.
Tax Help for Older People is a service from the charity Tax Volunteers providing free, independent and expert help and advice for older people on lower incomes who cannot afford to pay for professional tax advice. They have over 400 trained tax volunteers, recruited from the professional tax sector and ex-HMRC officers, across the UK.
Gary Millner for Tax Help for Older People said: “We provide a caring and friendly help and advice service on personal tax issues through our own expert advisers. It is jargon-free, independent, confidential and based on an individual’s personal needs. We are pleased to be working in partnership with Xafinity Punter Southall to spread the word on this service and make sure that individuals are not disadvantaged by failing to understanding the tax implications when making financial decisions.”