As we enter the 2019/20 tax year, there are some changes that you need to be aware of.


Updates to our charges

We recommend you view the latest charges schedule for your James Hay product for an up to date overview of the charges. From 1 April 2019, VAT has been added on some SIPP charges and we have updated our product literature to reflect the changes. You can view our product literature here.

In addition, following the changes to the Average Weekly Earnings (AWE) index, some charges may have increased.


Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme’s (FSCS) is the UK's statutory deposit insurance and investor compensation scheme.

From 1st April 2019, the compensation limit on investments has increased from £50,000 to £85,000 and so is now consistent with the limit for bank and building society deposits.


Lifetime Allowance

For the 2019/20 tax year, the Lifetime Allowance has increased from £1,030,000 to £1,055,000. The Lifetime Allowance is the overall limit of tax privileged pension funds you can build up during your life before a tax charge applies.


James Hay Services Limited

James Hay Insurance Company Limited (JHIC) has now changed to James Hay Services Limited and will remain a Jersey Company.

Find out more


Scottish and Welsh tax

Basic rate tax relief is 20%. If you are a Scottish resident (as determined by HMRC) your tax rate may differ. The current starter rate for Scottish taxpayers is 19% - however for the 2019/20 tax year, we will still be able to claim 20% tax relief where applicable.

From 6 April 2019, the Welsh government also has the power to amend the rate of income tax paid by Welsh residents, and if they do, this may impact the amount of tax we can reclaim on contributions made by Welsh residents. The Welsh government has indicated that they will not amend the rate of income tax for the 2019/20 tax year.