Malcolm McDowell, Lifetime Allowance Specialist, Launches Pension Planning Service Responding to UK Pension Tax Reforms

UK pension savers should take advantage of current pension taxation reforms, whilst the opportunity exists, advises UK Lifetime Allowance and Pensions Specialist, Malcolm McDowell from Chase Buchanan.

Following the unexpected changes to UK pension tax treatments announced in the Spring Budget, Malcolm McDowell, Pension Lifetime Allowance Specialist and Private Wealth Manager for Chase Buchanan Wealth Management, has launched a new expert lifetime allowance advisory service with free guide download to help pension savers navigate a considerably different risk profile.

Malcolm is an authority in pensions-related financial planning and provides comprehensive support to his clients as a portfolio manager with a robust range of accreditations, certifications and qualifications, including CySEC Advanced credentials.

He advocates for a systematic approach, analysing each individual's current pension products, anticipated drawdowns and broader circumstances to ascertain the most favourable and tax-efficient strategy, in a dynamic and fast-moving risk landscape, with the potential for further changes on the horizon.

Background and Career Expertise

The reforms to pension taxation have myriad impacts, from decision-making around tax exposure during international pension transfers to maintaining pension freedoms, managing caps and liabilities linked with lump sum withdrawals, and the possible inheritance tax liabilities arising when funds are left to beneficiaries.

Malcolm McDowell has over 20 years of professional experience, with a background in financial advice, alongside corporate consulting roles for global enterprises in property and healthcare.

He has an impressive portfolio and has worked as a consultant, non-executive director and wealth manager around the world, with previous roles in Eastern Europe, the Netherlands, the United Arab Emirates, Switzerland and Germany before settling permanently in the UK.

His methodology is based on sustainable wealth protection and growth fundamentals, providing impartial, valued advice to clients based on a holistic overview of their aspirations, life plans, financial position and tax status.

Clients or prospective clients concerned about their pension value or unsure how best to move forward in light of recent changes to current and future tax obligations, are able to book direct consultations online, from any location, for convenience and accessibility.

As an international wealth manager, Malcolm assists a global network of clients, including expatriates and retirees, ensuring they have full knowledge of all the available courses of action and can make informed, confident decisions to support their financial future.

LTA Specialist Financial Advice

Over the past eight years, having originally joined the Chase Buchanan network in Luxembourg and Germany prior to his UK relocation, Malcolm has built a strong reputation for an in-depth understanding of how markets, cultures and contrasting tax regimes affect his client's wealth planning.

He indicates that a modern, forward-thinking approach is essential, where so many transactions and portfolios are managed and reported digitally while clients absorb information from social media and other online platforms.

Malcolm embraces the connectivity and efficiency digital assets provide and helps clients grow and protect pension and personal portfolios through face-to-face and private Zoom meetings, sharing the latest advice and guidance with a laid-back, jargon-free and transparent dialogue.

Client testimonials reflect the difference this approach can make and how a relaxed and informal discussion removes the stress and complexity often associated with making key financial decisions, with excerpts from reviews as follows:

• “Malcolm helped me transfer my Irish Pension Schemes. His knowledge of the pension system was excellent, and his approach and advice were accurate and informed. He is a pleasure to work with.” K. Boone
• “I have recently transferred out of my final salary company pension and into a SIPP in the UK. During this process, I found Malcolm to be extremely knowledgeable and honest with his advice.” S. Clements
• “Malcolm is not only a great contact to have, he is a great person to know. His wealth of business knowledge and experience speaks for itself, and he will always provide the solution no matter the problem, the investment required or the advice.” P. Suddaby

Further testimonials and recommendations are available through Malcolm’s LinkedIn profile and downloadable Chase Buchanan bio, including contact details.

The Advantage of Expert LTA Pension Planning

Malcolm has launched the new LTA advisory service and free downloadable lifetime allowance guide with a keen sense of urgency for those pension savers with retirement assets of £800,000 or above, who will stand to benefit the most from tactical pension planning to take advantage of the LTA limit being removed.

However, he advises that time is of the essence, with the likelihood that the LTA will be reinstated should next year's general elections see a change in government and because the reforms, while effective immediately, are not expected to be formalised in tax legislation until 2024.

Specialist advice can ensure clients take full advantage of the current tax reforms while remaining mindful of the continuing restrictions on tax-free lump sum withdrawals from some pension funds located within the UK.

The reforms, in short, mean that:

• From April 2023, the LTA limit of £1.073 million has been removed, meaning that pension funds above this cap will no longer attract additional tax obligations of up to 55%.
• The 25% maximum lump sum drawdown, above which a tax liability arises, remains fixed against the previous LTA. Any drawdown above £268,275 will attract a tax charge, regardless of the overall fund size.
• UK-based pension funds, including those that have grown far above the now abandoned LTA, may become exposed to inheritance tax liabilities in the future, with a possible tax burden of 40%.

Varied options remain, including Self-Invested Personal Pensions (SIPPs), HMRC-approved Recognised Overseas Pension Schemes (ROPS) and other investment structures with flexible asset selections, customised risk exposure and tax efficiencies.

Malcolm has summarised the effect of new tax reforms, saying: "The outcome is that the larger the pension, the more you stand to save by taking swift action to capitalise on the removal of the LTA, in terms of inheritance tax, larger tax-free lump sum drawdowns and avoiding the potential reversal of the recent changes.

Now that the government has introduced an opportunity, albeit within a limited timeframe, to reduce your long-term tax bill, there are compelling financial reasons to take it. Everyone has to pay tax, which is a given. However, there is no need to leave a tip.”

For more information or to book a consultation either in-person or online with Malcolm McDowell, please find and connect on Linkedin or book a call www.chasebuchanan.com

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