Technical Update 18 February 2014
	The Annual Allowance & Pension Input Periods This Technical Update gives an overview of the annual allowance for pensions. It covers what the annual allowance is made up of, pension input and pension input periods and how individuals can use carry forward of previous years’ allowance to mitigate any potential tax charges they may face. If you have any queries regarding this issue, please contact: helpdesk@paradigmgroup.eu or call 0845 620 1998 The Annual Allowance Individuals can save as much as they like towards their pensions each year, but there is a limit on the amount that will get tax relief. The maximum amount of pension savings that benefit from tax relief each year is called the annual allowance. It includes employer contributions as well as individual and third party contributions. If the total from all sources – which is called pension input – is higher than the annual allowance then individuals may have to pay a tax charge on the excess amount. The pension input is the increase in an individual’s pension savings over what is known as the pension input period. It is not necessarily the same as the contributions that have been made and received tax relief within the tax year. If there is unused annual allowance from the three previous tax years then this can be carried forward to mitigate any excess pension input in the tax year in question. The annual allowance charge is not payable in the tax year in which an individual dies and there is also no pension input for pension arrangements from which an individual becomes entitled to a serious ill health lump sum or a severe ill health pension where they are unlikely to be able to work again. The annual allowance for tax year 2013/2014 is £50,000 as it was in 2011/2012 and 2012/2013. It reduces to £40,000 in 2014/2015 and is unlikely to increase in value before at least 2018. The Pension Input The pension input is made up of The total annual increase in the value of an individual’s defined benefit (DB) pension rights for the pension input period, and The contributions by or on behalf of the individual to defined contribution (DC) schemes for the pension input period. In a DB scheme, the pension input is the difference, taking into account inflation, between the capital value of the pension an individual would have been entitled to receive at the start and end of the pension input period. Early retirement factors, contributions to added years AVCs and the value of death in service benefits can be ignored. The opening and closing values for pension rights are calculated using a factor of 16:1. If the DB scheme provides tax free cash in addition to the pension rather than by commutation then the amount of the tax free cash at the start and end of the pension input period is added on to the opening and closing pension values. To take inflation into account, the opening value of the individual’s DB pension rights is increased by the annual rise in the Consumer Prices Index (CPI) to the September in the tax year before the one in which the pension input period ends, that means that the 12 month CPI increase to September 2012 is to be used to revalue the opening value of any pension input period ending in tax year 2013/2014. Emma is a member of a final salary scheme that provides for each year of service a pension of 1/80th and an additional tax free lump sum of 3/80ths of annual pensionable salary. The scheme year and pension input period runs from 1 April to 31 March and in March 2014 Emma has completed twenty years pensionable service. Her pensionable salary increased from £42,000 to £50,000 following a promotion. Her pension input amount for the 2013/2014 tax year is: Input period Start date End date Completed years of pensionable service 19 20 Pensionable salary £42,000 £50,000 Accrued pension £9975 £12,500 Accrued pension x 16 £159,600 £200,000 Tax free cash £29,925 £37,500 Opening value increased by CPI (2.2% Sept 2012) £193,694 Closing value £237,500 Pension input £43,806 There is no pension input for deferred members of DB schemes as long as their benefits do not increase in value by more than CPI (or, if greater, in line with the scheme rules that applied at 14 October 2010) and they were deferred members for the whole of the pension input period. Pension Transfers Pension transfers don’t count towards the annual allowance unless they are a pension credit as a result of divorce from a non registered pension scheme. Any contributions paid to the original scheme before the transfer are still tested against the annual allowance in the usual way. The Pension Input Period The pension input period does not have to match the tax year. Any pension input amounts paid after the pension input period end date but before the end of the tax year will not be tested against the annual allowance in that tax year but in the following tax year. Individuals can have different pension input periods for different pension schemes they are a member of and there can be different pension input periods for different arrangements within the same scheme. For a DC pension the first pension input period starts when the first contribution – no matter what the source – is made into it after 5 April 2006. Transfers in do not count and contracted out rebates did not either before they were abolished. For a DB pension the first pension input period starts when benefits start accruing after 5 April 2006. For members before 6 April 2006, this will be 6 April 2006 and for individuals who join after 5 April 2006 this will usually be the date of joining pensionable service. The first pension input period end date depends on whether the input period started before 6 April 2011 or not. If it started before 6 April 2011 it would have ended on the anniversary of the start date unless it was changed. If it started on or after 6 April 2011 it will end on the following 5 April unless it is changed. Subsequent pension input periods start the day after the end of the previous input period and last a year unless it is changed. For example, a first pension input period that started on 29 January 2007 would normally have ended on 29 January 2008 and subsequent pension input periods will normally run from 30 January to 29 January while a first pension input period that started on 29 January 2014 would normally have ended on 5 April 2014 and subsequent pension input periods will normally run from 6 April to 5 April. If an individual dies or takes all their benefits from an arrangement the pension input period will continue to the end date. The pension input period end date can be changed although it depends on the type of scheme as to who can change it. If it is a DC scheme it can be changed by either the scheme administrator or member. If it is a DB scheme it can only be changed by the scheme administrator. When changing the end date the following rules apply A pension arrangement can only have one pension input period end date in a tax year. The new end date can only be the current date or in the future. Before 19 July 2011 it could have been changed retrospectively. If the first pension input end date started after 5 April 2011 the first end date is automatically the next 5 April. This can be ended sooner, or later than 5 April as long as it’s within a year of the start of the first pension input period. Subsequent pension input periods normally last a year but can be closed early or extended to any date in the tax year following the tax year in which the pension input period started. DB scheme administrators generally change members’ pension input periods so that they tie in with the scheme year end date or company accounting date. HMRC does not have to be informed about changes to pension input periods. If an individual wants to change the pension input period end date they need to contact the scheme administrator who may need the request in writing. If both an individual and a scheme administrator change the end date for the same pension input period then it’s the first request which determines which date applies. Carry Forward of Unused Annual Allowance From tax year 2011/2012 individuals can carry forward unused annual allowance from the previous three tax years to the current tax year. This allows individuals to have pension input above the annual allowance in a tax year without facing a tax charge. This can be useful for people who have an unusually high level of pension input in a tax year, for example, because of promotion or a sudden pay rise. Unused annual allowance can only be carried forward to the current tax year from the previous three tax years. This can only be done after the current year’s annual allowance has been used up. Unused allowance is used up starting from the earliest year available. The individual must have been a member of a pension scheme at some point during the tax year being used to carry forward unused allowance. This could be as an active, deferred or retired member of a scheme. For tax years 2008/2009 to 2010/2011 the annual allowance is deemed to be £50,000. Following the reduction in Annual Allowance for 2014/15, the Carry Forward entitlement for previous tax years, up to and including 2013/14, will remain at £50,000 If there’s unused annual allowance to carry forward from a previous tax year but the annual allowance has been exceeded in a later tax year within the three year period that excess will use up some of the unused allowance from the previous tax year. This does not apply to tax years 2009/2010 and 2010/2011 as any excess over £50,000 in those years does not use up previous years’ unused allowance. The excess is treated as zero. However, if contributions in 2010/11 or 2009/10 exceeded £50,000, no carry forward allowance is permitted. For DB schemes, the pension input calculation method outlined above is used for all tax years to determine whether there is any unused allowance. Although carry forward is from previous tax years, it is based on pension input in the pension input periods that end in the previous and current tax years. Carry Forward & Tax Relief There is no carry forward of tax relief from previous tax years. Tax relief is only given in the tax year the pension contribution is made. Individual and employer contributions made to use up unused annual allowance are subject to the usual tax relief rules. Employer contributions are subject to the ‘wholly and exclusively’ test at the time they are made and tax relief on individual and third party contributions are limited to 100% of the individual’s UK relevant earnings (or £3600 if greater) in the tax year the contribution is made. Stephen is a member of a defined benefit pension scheme and also has a SIPP which he funds from self employed earnings. He varies his contributions to the SIPP with a view to maximising them where possible as his self employed earnings change. In 2013/2014 he has made contributions in excess of the annual allowance after estimating what his pension input for the defined benefit scheme would be. The final position after confirmation of the pension input into the defined benefit scheme is: Tax year Pension input Annual allowance Unused allowance Cumulative carry forward available 2008/2009 £25,000 £50,000 £25,000 N/A 2009/2010 £62,000 £50,000 £0 N/A 2010/2011 £30,000 £50,000 £20,000 N/A 2011/2012 £70,000 £50,000 (£20,000) £45,000 2012/2013 £40,000 £50,000 £10,000 £20,000 2013/2014 £85,000 £50,000 (£35,000) £30,000 In 2011/2012, there was £45,000 unused allowance available. The pension input was £20,000 in excess of the annual allowance for 2011/2012 and has therefore used up £20,000 of the unused allowance from 2008/2009. The remaining £5000 unused allowance from 2008/2009 is lost for future tax years and the £20,000 unused allowance from 2010/2011 can be carried forward to 2012/2013 and if not used up to 2013/2014.In 2013/2014, there was £30,000 unused allowance available made up of £20,000 unused allowance from 2010/2011 and £10,000 from 2012/2013. The pension input was £35,000 in excess of the annual allowance for 2013/2014 and therefore uses up the £20,000 unused allowance from 2010/2011 and the £10,000 unused allowance from 2012/2013. There is still an excess of £5000 on which an annual allowance tax charge will be payable. There is no carry forward available for 2014/2015. Information requirements From tax year 2011/2012 scheme administrators must provide annual allowance information if individuals request it. If an individual’s pension input to a pension scheme is greater than the annual allowance then the scheme administrator must provide details of the pension input to the scheme and the annual allowance for the tax year and each of the three previous tax years. This information must now be sent by the next 6 October following the tax year. For 2011/2012 this didn’t need to be done until 6 October 2013. If an individual asks for annual allowance details the scheme administrator must provide it within three months, or by 6 October following the tax year if this is later. Annual Allowance Charge If the pension input exceeds the annual allowance and any carried forward unused allowance then there is a tax charge of up to 45% on the excess. The amount payable depends on the rate of income tax that an individual would pay if the excess amount was included in their taxable income as the top slice of that income. The chargeable amount is 20% on any excess that falls into the basic rate tax band 40% on any excess that falls into the higher rate tax band 45% on any excess that falls into the additional rate tax band Where a relief at source pension contribution, usually to a personal pension, or a gift aid payment has been made in the tax year the basic rate tax band is extended as normal. Example Laurent earns £150,000 and as a result of contributions he has made to his personal pension and the increase in the value of his current employer’s defined benefit arrangement he has £32,000 excess pension saving on which the annual allowance charge is due. Laurent’s contribution to his personal pension was £20,000 gross which means his higher rate and additional rate thresholds are extended by £20,000. His additional rate threshold would therefore start at £170,000. Adding the £32,000 excess to Laurent’s earnings means that £20,000 of the excess will fall below his additional rate threshold and therefore be subject to 40% tax and the remaining £12,000 will be in excess of the additional rate threshold and be subject to 45% tax. Laurent’s annual allowance charge will therefore be £13,400 (£20,000@40% + £12,000@45%). The charge payable is the same whether a contribution is paid to an occupational pension or a personal pension. Paying the Charge The annual allowance charge is normally paid through self assessment. If an individual who does not complete a tax return incurs a liability then they should contact their tax office. The charge is payable even if the individual is not resident in the UK. The charge can sometimes be paid out of pension benefits. This has been allowed since tax year 2011/2012. Pension schemes can choose to offer this but they only have to pay the charge on an individual’s behalf if The charge is over £2000 The pension input to that scheme was greater than the annual allowance, and The individual chooses to have the scheme meet the charge from their pension benefits. The individual must choose to have the scheme to pay the charge by 31 July in the year following the end of the tax year the charge relates to. This means for a charge due for 2013/2014 the individual must make the decision for the scheme to pay by 31 July 2015. The individual can only require that the scheme pays the charge on any excess over the annual allowance which occurred under the scheme. If the scheme pays then the individual’s pension benefits are reduced. In DC schemes the individual’s fund value is reduced by the amount of the charge. In DB schemes the member’s pension rights are reduced actuarially. Pensions in payment can also be reduced actuarially to pay the charge but GMP benefits cannot be reduced so in some cases the scheme may not be able to meet the liability.

Technical update: Pension Fixed Protection and Individual Protection 2014

Pension Fixed Protection (and Individual Protection) 2014

As announced in the 2012 Autumn Statement, the Lifetime Allowance for pensions will reduce to £1.25m with effect from the 6th April 2014. As previously notified in Target (June 2013) the government has introduced a Lifetime Allowance protection regime, similar to the 2012 scheme. To remind you, there are two types of protection available – Fixed Protection 2014 and Individual Protection 2014. Individuals may apply for one or both levels of protection, depending on their individual circumstances. The granting of Fixed or Individual Protection 2014 will automatically result in the loss of any existing protection which may already be in place. In most cases, this will not be in a client’s best interest, as the previous protection regimes offer a higher level of pension protection. It is no longer possible to apply for Primary, Enhanced or Fixed Protection 2012. Fixed Protection 2014 – The Details When is it available? Fixed Protection is available now, but must be applied for by 5th April 2014. Who should apply? Anyone with a pension pot which is already in excess of £1.25 million, or is likely to be so by the time they reach their chosen retirement age, should consider applying for Fixed Protection 2014 Also, anyone currently in Income Drawdown, who has used all, or most of their Lifetime Allowance %, and who anticipates having unused drawdown funds at age 75, which may give rise to a Lifetime Allowance charge (see below) What benefit do I receive? Fixed Protection 2014 will give you a personal Lifetime Allowance of £1.5 million. In the event of the statutory lifetime allowance increasing above £1.5m, the higher limit will apply. My fund is currently less than £1.25 million. Is there any restriction on applying? Anyone may apply for Fixed Protection 2014, if they feel their pension fund is likely to be in excess of the standard lifetime allowance at their retirement date. However, it is a condition of being granted Fixed Protection 2014, that no further benefit accrual may take place. This will effectively ‘freeze’ the value of your pension pot at today’s value, with only future investment growth and inflation linking being permitted (see below). For a money purchase scheme, any future growth will therefore be limited to investment growth achieved by the fund. For a Defined Benefit, or final salary, scheme, future benefit entitlement will mostly be limited to ‘inflation proofing’, but some salary related increases may also be permitted. What if I, or my employer, make any future pension contributions? In most cases, any further contributions to a registered pension plan will result in the loss of Fixed Protection 2014. Should the entitlement to Fixed Protection 2014 be lost, responsibility for reporting this to HMRC lies with the individual. Failure to do so may result in a fine. What about Auto Enrolmemt? If you apply for Fixed Protection 2014, and are subsequently ‘auto enrolled’ in a workplace pension scheme by your employer, you must opt out of the (auto enrolment) scheme, in order to retain your Fixed Protection. By opting out, any premiums collected from you and paid into a workplace pension will be refunded to you, and you will be deemed to have never joined the workplace pension What about Life Cover? If your pension plan includes death benefit protection, provided such contributions are either not tax relievable, the policy was in place before 2006, or otherwise qualifies under ‘protected policy’ status, Fixed Protection will not be lost. What about Drawdown Contracts? If you have ‘uncrystallised funds’ which have NOT been designated into drawdown (ie tax free cash has not yet been taken from the fund), you may be affected by the reduction in LTA. This will depend on the value of your uncrystallised funds and your remaining lifetime allowance %. You may wish to consider applying for Fixed Protection 2014 to protect the balance of your fund against a future LTA charge. If you are already fully in drawdown, but do not anticipate fully annuitising or drawing your funds before age 75, you may be subject to a future LTA charge (BCE 5A). The value of your remaining drawdown fund will be compared at your age 75 against the original crystallisation value, and investment growth tested against your remaining LTA entitlement (based on the Lifetime Allowance at your age 75). Any excess will be subject to a LTA charge. If you used a significant % of LTA when designating funds to drawdown (or from vesting any other pension benefits), you may wish to apply for Fixed Protection 2014 to protect against a possible future LTA charge at age 75. Funds fully placed in drawdown before April 2006 will not be affected by the reduced Lifetime Allowance. Individual Protection 2014 What if I want to make further pension contributions? In recognition of the fact that some individuals may already have a pension fund in excess of the new, lower, lifetime allowance of £1.25 million, but may still wish to contribute to pension planning (or remain a member of their defined benefits pension scheme), the Government is also introducing Individual Protection 2014. This can be applied for after 6 April 2014 How does Individual Protection 2014 work? Although formal legislation is not yet in place, the Government is proposing to allow individuals with existing pension pots up to the value of £1.5m to continue to contribute to pension planning. Individual Protection 2014 (IP14) will protect the level of any accrued pension savings at 5 April 2014 (subject to a maximum £1.5m), but will allow further pension savings to be made. This is different to Fixed Protection 2014, which does not permit ANY further pension contributions to be made. An individual may apply for both FP14 and IP14, but FP14 will be lost if any further pension contributions are made. When is IP14 available? The intention is for IP14 to be available from 6 April 2014 (the deadline for applying for FP14 is 5 April 2014). It is anticipated IP14 will be available until April 2017. Is there any point in applying for Individual Protection 2014? In its Consultation Document for Individual Protection, published in June 2014, HMRC noted: ‘The option of IP14 would therefore be of particular benefit for those who want to continue saving in their pension scheme after 5 April 2014, albeit that they would normally have a lower LTA than with FP14 and will be subject to LTA charges on the additional savings. IP14 may also be beneficial to an individual whose employer normally contributes towards their pension scheme but, if the individual opted out of the pension scheme, they would not be able to receive the value of those employer contributions in another form such as higher pay. In such cases they may prefer to remain an active member of the scheme and continue to receive the benefit of the employer contributions, albeit that these will be subject to an LTA charge when benefits are taken.’ It is intended that Individual Protection (or personalised protection) will give individuals a lifetime allowance of the greater of the value of their pension rights on 5 April 2014 (up to an overall maximum of £1.5 million) and the standard lifetime allowance (£1.25 million from April 2014). This personalised LTA will remain at that level unless the standard LTA rises above this figure, in which case the higher LTA will apply. Thus, whilst protecting existing pension benefits at the 05/04/14 value, the individual will be able to continue to contribute to pension planning, in expectation of the LTA increasing above the level of their personalised LTA in the future. This strategy may be appropriate for younger individuals with some years to go until their intended retirement age, who might reasonably expect the LTA to increase in the meantime. Should the LTA not increase, the value of any pension benefit in excess of the applicable LTA, or the Individual Protection level (if higher) will be subject to a Lifetime Allowance charge on vesting. This is currently 55% of the value of the excess fund if taken as a lump sum benefit, or 25% of any retirement income amount (in addition to any income tax applying). The time limit for applying for Individual Protection 2014 is expected to be three years (ending 5th April 2017). In the event of an individual being granted both Fixed Protection 2014 and Individual Protection 2014, Fixed Protection will take precedence. How do I apply for 2014 Protection? Both Fixed Protection and Individual Protection may be applied for on-line, via the HMRC website. Downloaded paper versions of the application may also be submitted by post. If you have any queries regarding Fixed Protection, please contact: helpdesk@paradigmgroup.eu or call 0845 620 1998

Our latest Edition of Financial Focus

With a new year many turn their attention to their financial planning. To download our latest newsletter please visit http://www.in2matrix.com/cms-assets/documents/145735-660013.in2matrix-q4-2013-financial-focus.pdf



This edition includes

- Our feature this edition is on how much income you will need in retirement and looks at the results of a report recently published by the Department for Work and Pensions in answering this question.

- Also an article on planning your financial protection needs. At least every two or three years, you should take a good look at your life assurance to see if it still provides what you need.

Our other stories include:

- Should you protect your pension now? Tax relief is likely to be more and more restricted in the future. This has been the trend of recent years and seems likely to continue.

- Another view on annuities: our annuity table has been updated, giving new insights into the huge variability in rates.

- Forward guidance goes backwards: The world’s central bankers have new interest rate tool: it is called ‘forward guidance’.

- Premium bond prizes shrink From 1 August, National Savings and Investments (NS&I) cut the prize money interest rate of premium bonds from 1.5% to 1.3%

To download our latest newsletter please visit http://www.in2matrix.com/cms-assets/documents/145735-660013.in2matrix-q4-2013-financial-focus.pdf

If you would like to find out more please about our tax and financial planning services please contact  edward.grant@in2matrix.com for more information.

The information is intended to provide information only and reflects our understanding of legislation at the time of writing. Before making any decision, we suggest you take professional financial advice.

The value of investments can fall as well as rise and any income from them is not guaranteed. You should be prepared to lose your investment. Past performance is not a guide to future performance.

In2Matrix Autumn 2013 Financial Focus

We are almost three quarters of the way through the year already, the holidays are over and 2014 is not far off! Forward planning never hurts, so our Autumn newsletter covers some of the major issues which could be relevant to you or your business now or in the future. 

Our feature this edition is on working after age 65 and whether it is a choice or necessity. You may not be thinking about retirement quite yet, but if you want to be able retire at 65 without financial worries, it is worth making plans now. Let us know if you wish to discuss your options. 

Our other stories include: Tackling the financial aspects of divorce with divorce a likely event for many British households, people are increasingly turning to financial advisers, as well as lawyers, when they split up. We are here to advise you, should you decide to part ways. 

Why your estate might now be subject to more tax Thanks to an unheralded clause section in this year’s Finance Act, you could now be in the position that without actually doing anything, your estate has suddenly increased in value for inheritance tax (IHT). 

Spreading your ISA contributions have you made your full 2013/14 ISA investment yet? In volatile market conditions, drip feeding your investment could be a sensible idea if you want to build up a nest egg. 

Where there’s no will...Have you considered what would happen if you die without a will? The answer is that the rules of intestacy apply and the distribution of your estate could be more surprising than you think. Do you need a better reason to update your will today?   

The Care Bill comes into focus The Care Bill, the legislation to reform long term care, has emerged. How will your financial situation affect the funding you may be entitled to should you need long term care?  

Also included is an article on minimum wage and maximum pension. 
For those wanting more information we have created a link to request a call. The link is https://in2autumn2013.eventbrite.co.uk/

View brochure PDF

Tackling the financial aspects of divorce

Britain has the highest divorce rate in Europe, according to the EU’s statistical office Eurostat. So, with divorce and separation an occurrence in many households, couples are increasingly turning to financial advisers, as well as lawyers, to sort out their financial affairs when they separate. 

A family breakdown can lead to a wide range of outcomes, partly depending on whether the couple are married or not. An unmarried dependent partner is considerably less protected than a married spouse, which often comes as a surprise to many people when they split up. A dependent partner, however, could have some rights, as may any children.

If a married couple – or civil partners – separate or divorce, the protection is much greater. Nevertheless the position will vary considerably according to whether the split is a clean break or there is an ongoing financial dependency.

The key areas where the financial adviser’s skills and knowledge are critical include:

Pensions A couple’s pension rights are often their most important asset, or at least their next biggest asset after a property or business. There are three main ways to deal with pensions after divorce. The most popular is offsetting, where each party keeps their pension rights untouched but their value is taken into account in the division of the rest of the property. So, in a simple example, John may have a pension fund worth £500,000, and the family home after deducting the mortgage is worth the same amount. Under an offsetting agreement John would keep his pension and his former wife would take the home (subject to some adjustment for tax).

A less common approach is for the divorce court to earmark one spouse’s pension so that part of it is paid directly to the other spouse when the pension scheme member retires.

Alternatively, the courts can demand each individual’s pensions rights be subject to a division at the time of divorce. Each option has its pros and cons and there can be complications in valuing the pension rights themselves.

The home is likely to be a matter of contention with particular issues around arranging mortgages for the existing property or separate new ones.

Investments With people divorcing later in life, it is increasingly likely that a couple will have a portfolio of investments. As each ex-spouse takes their share of the investments, they often discover that their needs have changed following the split.

Where they previously might have wanted to maximise capital growth for the future, the higher priority might now be to generate an immediate income. Likewise, a person who is now on their own for the first time in many years might  develop a different view of the risks they are willing and able to take with their investments.

Life assurance and other cover will need reappraising and probably reorganising. Where one spouse is paying maintenance for children or to the former spouse, it generally makes sense to insure the policy holder’s life and probably their health as well. This might involve adjusting existing policies and their associated trusts or it could mean taking out new ones.

Estate planning and wills also generally require some attention. Divorce will automatically invalidate an existing will and most people prefer to change their wills in any case under these circumstances.

The fact is there are a lot of technical financial issues surrounding divorce and we are here to advise you should your marriage or civil partnership come to an end. The value of your investment and the income from it can go down as well as up and you may not get back the full amount you invested. Tax and divorce/separation laws can change.

The FCA does not regulate will writing and taxation and trust advice.

 

If you would like to find out more please about our tax and financial planning services please contact  edward.grant@in2matrix.com for more information.

The information is intended to provide information only and reflects our understanding of legislation at the time of writing. Before making any decision, we suggest you take professional financial advice.

The value of investments can fall as well as rise and any income from them is not guaranteed. You should be prepared to lose your investment. Past performance is not a guide to future performance.

1st Global BrokersLink Employee Benefits Conference: watch the video http://youtu.be/erpSyh8X5mw

Release date 1st September 2013

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P R E S S  R E L E A S E

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BrokersLink Conference: Watch the Video

This summer saw the first BrokersLink Global Employee Benefits Conference in London hosted by In2Matrix. The worldwide partners came together to share best practice and expert-led training on employee benefit solutions for multinational companies.

The BrokersLink Employee Benefits Practice was launched in April 2013 as a ‘Centre of Excellence’ designed to facilitate access to the international market for the network’s shareholders and clients.

Gerard Baltazar, Chairman of the BrokersLink Employee Benefits Practice, commented in his opening address that, “only those who are prepared to be innovators for their clients in offering new services and solutions will thrive in the rapidly-changing business world”.

To give you a flavour of this inaugural event we have launched a short video capturing the keynote speakers and themes. This can be accessed via http://youtu.be/erpSyh8X5mw

Research shows women are the breadwinners

A third of working mothers are now the main breadwinners in their families, taking a lead on family finances and future planning.

A report by the Institute for Public Policy Research (IPPR) showed that more than 2.2 million women are now the main source of income in their households - a rise of 83% since 1996/97.

This means one in three working mothers is the primary breadwinner for their family, either because they earn more or the same as their partners or because they provide a household's sole income, the IPPR said.

The authors of the report, Condition of Britain, said: "This change is due to a higher rate of female employment, changes in family structures, and shifts in men's employment - especially the employment of low-paid men, whose wages have largely stagnated."

The report found a wide regional disparity in the number of families where women earn more or the same as their partners.

Scotland had the highest level of maternal breadwinning, at 32%, with 31% in Wales and the north-east and the north-west of England. This compares with just 26% in the east of England and the south-west and 27% in London and the South East.