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Client Bulletin

I wanted to update and reassure you that in this time of global crisis, The Blacktower Financial Management Group of Companies and our Nexus Global Network are still very much on hand to assist. We have robust Business Continuity Plans that were rolled out early last week, implementing a robust staffing plan with employees working from home, in conjunction with a limited number of staff being in our offices where appropriate. In line with government advice, client visits to our offices are no longer taking place, so we ask you to use our online services or our telephone service. In a people-focused business these measures have not been imposed lightly, however protecting both your and our own welfare must come first.
 
As I’m sure you’re aware, the knock on effects to financial markets have been severe. We want to make sure we are able to support our clients in any way we can to help manage your financial arrangements and ensure as far as is possible the smooth functioning of all transactions.
 
In line with Governmental travel advice, we have implemented strict policies around travel to and from affected areas, as well as enforcing self-isolation guidance. All of our global offices are adhering to local requirements in their region, whilst also supporting the global network of our Group.
 
Our priority is to continue to deliver our services without interruption and so do not expect any impact to the high level quality of service you are used to receiving from us.
 
Should you have any queries please do not hesitate to contact your usual Financial Adviser in the first instance.

I would like to thank you all for your continued support and understanding during this difficult period for everyone.

 

Your Sincerely  

 

John Westwood

Group Managing Director

Blacktower Financial Management Group of Companies.

Other News

Details of new pension transfers course released

Any person with either a personal or professional interest in pension transfers in Grand Cayman will be interested to learn that the UK’s Chartered Insurance Institute (CII) has announced details of a new pension transfers qualification that is designed to enhance the knowledge of those providing pension transfers advice.

The new level 4 Certificate in Pension Transfers is comprised of four compulsory units, including a new advanced level 6 unit called “(AF7) Pension transfers”, as well as the following three CII level 4 units:

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Defined benefit schemes – a ‘ticking time bomb’?

Following the news that no new buyer was interested in BHS and its £571 million pension deficit, a number of our clients with a working history in BHS got in touch with us to find out their position and options with regards to their future pensions. Unfortunately, it was too late as the window had closed. The BHS scheme got into the Pension Protection Fund, a statutory fund in the U.K., intended to protect pensioners if their pension fund becomes insolvent. What this means is that they are now locked in without any possibility of looking at alternatives and transferring out. For deferred members, this means a potential reduction in pension income as the PPF only compensates 90% of the income up to a certain cap.

Read More

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