XPS partner with Tax Help for Older People for a second year
Since the introduction of pension freedoms in 2015, the options available to members at retirement have increased and as a result the complexity of taxation. With more choice members need more help and an increased level of support is required to ensure they make the best informed choices when making life-long non-reversible decisions.
XPS Pensions Group are proud to be partnering with Tax Help for Older People for a second year. Recognising the need for an increasing level of support for members. Tax Help for Older People provide a valuable free service to XPS pension scheme clients whose members over 55 can call a free phone line to get help with the tax implications of their retirement decisions.
The charity is particularly focussed on 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.
Colin Miller, Centre of Excellence Director at XPS Pension Group said: “We partnered with Tax Help originally to provide additional support to those members we were working with on over 120 trivial commutation exercises. They have helped many members of DB pension schemes with the tax implications of commuting small pension pots into a one-off cash lump sum. Our recent survey on Member Outcomes also highlighted the growing number of those members exercising freedom and choice and with the average pension pot being transferred around £275,000 we understand how valuable it is for those on lower earnings who don’t necessarily have access to financial advice be given the opportunity to receive free and impartial tax advice. We are delighted to continue our partnership with Tax Help for Older People, providing a valuable advice service for those who are most vulnerable
Gary Millner Chief Executive for Tax Help for Older People said: “Having the support of XPS Pensions Group over the last year has been a huge help in getting the message out to more members who are unaware of the tax implications when exercising their pension choices. The continuing partnership and spreading the word of our caring and friendly help and advice service on personal tax issues is a clear indication of the value members put on our service. The service we provide ensures that individuals are not disadvantaged by failing to understanding the tax implications when making important financial decisions.”
To understand the role of Tax Help for Older People, click here.