Welcome to May's Latest News

In this edition of Latest News we unveil our new name for our protection support services – Policy Plus. This follows research that highlighted more than half (56%) of advisers feel that value-added services make clients more receptive to protection.

Next, we have a handy reminder of the tax years that can be used for annual allowance carry forward for this tax year. There's also information on the government's response to its consultation on collective defined contribution (CDC) schemes. Plus details on how we now include investment management insights in our Core and Select Portfolio quarterly investment reports.

And last but not least, we share the news that we won Best Claims Management/Claims Team at COVER Customer Care Awards 2019 for our protection offering.

Read on to find out more.

Annual allowance carry forward for 2019/20

Now we’re into the 2019/20 tax year, it’s worth pointing out that the three tax years that you can use for carry forward purposes are:

• 2016/17;
• 2017/18, and
• 2018/19.

Each year has an annual allowance of £40,000.

Remember though, the 2016/17 tax year was also the year that the tapered annual allowance was introduced. This may mean that if any of your clients have been subject to the tapered annual allowance since then, they could have little or no scope to use carry forward in 2019/20 or in any future tax years.

Read more on carry forward in our frequently asked questions.

Delivering CDC

The government published a response to its consultation on CDC schemes in March 2019.

CDC schemes will be new to the UK with the first step being delivery of a scheme for Royal Mail employees. Beyond that, a wider model may be developed so other UK employers have the option to operate a CDC scheme as an alternative to defined benefit (DB) or defined contribution (DC) schemes.

CDC schemes will pool together set contributions amounts with each member building towards accruing a target level of benefit.

Visit the government's website to find out more.

Investment management insights

We engage with Morningstar, independent investment specialists, to help us select and manage the blend of funds contained in each of our Core and Select portfolios.

We're now including a highlight of their current investment convictions in our:

• Core Risk Profile Portfolios - quarterly investment report, and
• Select Risk Profile Portfolios - quarterly investment report.

Download these now and find out their views on the asset classes we include in these portfolios.

Protection claims team on top

We’re extremely proud to have won the Best Claims Management/Claims Team at the COVER Customer Care Awards 2019.

Our caring and compassionate Claims team helped 1,552 families and businesses who went through difficult times last year. Some of their stories are featured on our claims sales aids - providing case studies that you can use with your clients, showing the true value of protection.

Find out more about our 2018 claims experience and how we supported our customers when they needed to claim.

Fund changes and news

Find out about changes to our insured funds, including governance news, fund closures and fund changes.

Platform tip of the month

Aegon Retirement Choices - monthly income withdrawal and direct debit dates

SIPP – 9th, 18th or 27th
GIA/ISA – sixth working day
Direct debits taken – second working day

Pensions Technical Zone

Visit our home for all our technical material relating to pensions. You’ll find articles covering the latest pensions' issues and links to our comprehensive range of technical FAQs.