Warmest congratulations to our managing partner Varun Chandra on his appointment as UK Prime Minister Keir Starmer’s special adviser on business and investment. We are immensely grateful to Varun for all he has achieved over his decade-long tenure at the firm, particularly as our managing partner for the last five years. Holly Morrow (Evans), our deputy managing partner, will now take over on an interim basis while we elect Varun’s successor to lead us into the next chapter, as we approach our 30th anniversary next year.
Hakluyt & Company’s Post
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Why did “up-or-out” become “up-THEN-out”? We are living and working longer, yet some partnerships enforce mandatory early retirement for their most senior people. As Andrew Hill’s article in the Financial Times explains, partners at EY must retire at 60. In UK law firms, partners start getting ushered towards the exit a few years earlier. There are various reasons why “up-or-out” has morphed into “up-THEN-out” in partnerships. Some are openly discussed; others remain unstated. First, seasonal pruning of the oldest partners can keep a partnership healthy, by making space for future generations of partners. This makes sense in partnerships that enforce a strict up-or-out policy at ALL levels, but Big Four firms don’t do this. Instead, they swell the ranks of salaried partners and allow other professionals to plateau, until a downturn forces a shedding of the “excess fat” around the middle of the pyramid. Second, put bluntly, most older partners don’t have the stamina or drive they once had to sustain previous levels of billable hours, though they still potentially have a lot of less tangible value to add to their firms. When remuneration is based on individual performance, rather than lockstep, it should be possible to adjust remuneration downwards to reflect these less tangible contributions. But in practice, this is hard to do. Third, culling older partners can inflate PEP. While PEP tells you nothing about the spread of earnings across the partnership, it is a very public measure of the status of the firm vis its competitors. Culling partners whose biggest selling and billing years are behind them is a simple, though potentially short-sighted, way of massaging PEP. Fourth, older partners are less biddable than younger partners because they are financially secure and have nothing left to prove. They may remember a time when being a partner meant being less subject to management controls. They may be cynical about "new" initiatives because they have watched them fail before. They therefore represent a potential threat to the senior leadership of the firm, either through passive noncompliance or active resistance. Over the past year in particular I have heard one message consistently from the senior and managing partners who approach me for advice: “I can’t do anything with the older partners.” It seems that post-pandemic many older partners have not adjusted to the new world of work and, for understandable reasons, have struggled to remain motivated. And their wisdom and insights don’t seem to be valued anymore. If this sounds familiar, it may help to read my recent Harvard Business Review article on "Three Ways to Prepare for the Future of Work", co-authored with Jennifer Howard-Grenville (see link in comments below). And if you aren't curious about the future of work, then why are you still at work?
In search of chief executives who never grow ‘old’
ft.com
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You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid. #TaxPensionContributions #PensionsTaxRelief
Claim tax relief on pension contributions
pauldollins.co.uk
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You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid. #TaxPensionContributions #PensionsTaxRelief
Claim tax relief on pension contributions
pauldollins.co.uk
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Encouraging more Australians to leverage home equity, along with reforms to stamp duty and the Age Pension, can provide income-poor retirees with a financial boost while also freeing up housing for younger families, as per the Actuaries Institute's paper. The paper, authored by Deloitte Partner Andrew Boal, suggests rethinking the home as a significant financial asset for retirement, proposing several policy changes to better utilise home equity. 𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞 ▶ https://lnkd.in/gQUdhddg
Home
actuaries.asn.au
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Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers who don’t qualify for Carer’s Allowance may qualify for Carer’s Credit. This may also help carers increase their State Pension entitlement. #Carers #CarersAllowance
Entitlement to carer’s allowance
pauldollins.co.uk
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Consumer Housing Advocate/Industry Advisor ⚜️ "Get's it". Done. Consumer advocacy for sustainable, national housing policy reform.
I can't stand to be mocked......I've watched International Brotherhood of Teamsters leader Sean O'Brien mock a few individuals. I have found it wildly entertaining - and even inspiring. This says far more about me than it does S.O.B. "You're going to tell me to shut my mouth?" O'Brien responded before mocking Mullin's opening statement. Me? No, Sean - I won't tell you to shut your mouth. If you mock me. I will likely punch you in the mouth. Teamsters Prez - or not. And once I finally have your attention I will point you to the following example of hypocrisy - mine. And my own attempts at "mockery". The one directed at #housingfinance - and all of it's "f*ckery". You see, #SOB the American Consumer needs you. We are being held #hostage to an institutionalized housing finance system that holds market share greater than 80% - and serves 1%. If ever COLLECTIVE BARGAINING WAS REQUIRED IT IS HERE AND NOW. Job Description Work with the “BIG 1” to drive holistic reform across the #US housing finance system. The Big One? Do you mean the BIG 3? The BIG Three. The name given to the National Association of Home Builders, Mortgage Bankers Association & National Association of REALTORS® by none-other-than- the NAHB, the MBA and NAR. A general observation on life: never is it required to describe oneself as large or “BIG” in the same way it is never required to describe three. I have to assume this is for the benefit of the other two - the same way “it’s okay, it happens to everyone. It's not you. Really." No, really. I mean. The BIG one………. The ONLY one..….The NAHB. You see.......the harsh reality is that the MBA is already underwater having gifted away 33% of the housing finance transaction volume to Institutional Investors (capital I) when it failed to stop the industry underwrite and the MBA’s silent-co sign of FNMA’s Blackstone-owned Invitation Homes deal. And NAR is on the bank. Scared shitless that they will lose yet another lawsuit amidst the distractions, expenditures, and scandals that are likely to ensue making them vulnerable to disintermediation when consumers and industry simultaneously lose patience. #Disintermediation. A deadly word. It means you're out.......We are all out at this point. The only player. That is effectively, “ in”. Is #construction. The only path forward to success for the country is #supply, #supply #supply……#skilledtrades, skilled trades, skilled trades. Housing Finance #Reforms…..Housing/Fi….. No, there is only ONE in this game of housing finance. CONSTRUCTION Known as The Only One. That matters. Followed by #LABOR The Silent One. And only other one that matters. Followed by The Missing One. #American #Consumers The ONE’S. Qualifications You must already be ONE or possess the ability to become ONE of the ONES for the purposes of becoming ONE. Let's go, Sean O! https://lnkd.in/g3-EHb8S
GOP Sen Mullin, union boss almost come to blows in Senate hearing: 'Stand your butt up'
foxnews.com
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The front page of November 14th's Financial Times has two stories about UK leaders. Both are 57 years old… or young. The top story is the return of former Prime Minister David Cameron as Foreign Secretary. He states his six years as prime minister brings qualifications such as experience, contacts, relationships, and knowledge. The other story is about Andy Baldwin, EY Global Managing Partner and 30-year veteran of the firm. He is a contender for the CEO job. Global consultancy EY has a mandatory retirement age of 60 and, if he secures the top role, Baldwin would be unable to complete the four-year term without an extension. The FT story reports that some EY partners have argued against Baldwin’s candidacy as he is too close to the retirement cutoff. The reporting further suggests that Baldwin has warned that taking age into employment considerations violates UK discrimination laws. At 57, is there more to give or have you given enough? There seem to be two answers in the UK.
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More than 1/10 UK company directors are past the state pension age of 67, and there are even 100,000 directors above the age of 80. One of the downsides of this trend is that Directors who are working well past the state pension age could potentially be at greater risk of suffering from a sudden debilitating health issue, which could jeopardise their ability to manage the business. For owner managed businesses, directors typically also have a substantial shareholding in the business and in the event they lack capacity to manage their finances, their rights as a shareholder can only be exercised by an attorney appointed under a Lasting Power of Attorney (LPA) or a Court appointed Deputy . It's vital that company owners working into their seventies arrange an LPA – enabling a family member, a colleague or a trusted adviser – to take the reins of their business if they lose mental capacity. #LPAs have become more common over recent years for people’s personal financial affairs, but it is equally important for business owners to arrange LPAs that cover their business affairs as well. I was quoted on this issue in The Times alongside research conducted by @TWMSolicitors : https://bitly.ws/3hTM5
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Many family offices in Canada are led by a patriarch or matriarch. But on the precipice of retirement, they may feel “stuck” in the absence of a concrete succession plan, as their highly trusted professionals age with them. Succession planning is not just about people; it’s about what’s happening with the whole portfolio, the whole asset base in the family. It’s about preservation and progress. Jeff Noble CMC FEA of BDO Canada writes about the ways senior family members and family offices can prepare for succession and safeguard the wealth and legacy that has been built in this piece for Canadian Family Offices. #familyoffices #wealthmanagement #FEA #CMC #CMA #CanadianFamilyOffices
The staff at most family offices here in Canada have likely served in their respective roles for decades. Now they are on the precipice of retirement, or they feel “stuck” in the absence of a concrete succession plan. And what if someone gets sick? Preparing now will help safeguard the wealth and legacy that's been built, writes Jeff Noble of BDO Canada. #familyoffice #wealth #FEA #CMC #CMA Canadian Family Offices
The exit of your family office team is inevitable. Time to take action
canadianfamilyoffices.com
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After years of few developments, Congress, the Department of Labor and the plaintiffs’ bar are now paying attention to pension lift-outs. However, the current guidance, Interpretive Bulletin 95-1, is nearly 30 years old. With de-risking becoming more affordable, interest in lift-outs is rising, leading to closer examination of fiduciary management. Find out more in this alert by Shipman & Goodwin LLP partner Kelly Hathorn. 🔔 https://lnkd.in/eSttU97r #EmployeeBenefits #Fiduciary #FiduciaryManagement #Shipman
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