Estella Bogira

Partner

Estella specialises in pensions and private wealth, including all aspects of UK pensions, the UK tax treatment of overseas pension schemes and complex, private wealth pension matters.

Estella has a strong occupational pensions practice, advising employers and trustees on all aspects of work-related pension provision. Estella has extensive experience of advising on benefit design changes, member complaints, automatic enrolment, scheme mergers, liability management exercises, corporate transactions, and general pensions law queries.

Estella enjoys working with smaller employers and not-for-profit organisations as well as large corporates. Estella regularly advises employers, trust companies, and individuals on matters relating to overseas pension arrangements including QROPS, QNUPS, EFRBS and IPPs. Estella's private client pensions practice involves advising individuals on all matters related to pensions, and in particular pensions tax in connection with retirement and succession planning.

Estella's private clients typically have an international dimension; whether through overseas pension savings, or their own current or intended non-UK residency status.

Estella's clients appreciate her ability to communicate highly technical legal concepts in an understandable way, her focus on providing commercial, practical advice, and her personable manner.

Insights

The Autumn Budget 2024: what does it mean for pensions?

Much of the Government's commentary in the run up to this week's Budget focussed on the "£22 billion black hole" the Chancellor has identified in the public finances. Indeed, those who played "Budget Bingo" while watching on Wednesday will have been excited to hear Rachel Reeves mention the £22 billion black hole no fewer than five times. The cost of current pensions tax relief is estimated to be £48.7 billion. So, no surprises that the Chancellor is seeking to plug that black hole with further limits on pensions tax relief.

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Lifetime allowance abolition – an update

The UK Lifetime Allowance (LTA) tax charges ceased to apply from 6 April 2023, and the LTA itself was abolished with effect from 6 April 2024. Rather than a simple abolition, the LTA has, however, been replaced by lump sum allowances which continue to limit the amount of tax-free cash that an individual can receive from registered pension schemes and from some overseas schemes that hold UK tax-relieved amounts.

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Lifetime allowance abolition – an update

The abolition of the Lifetime Allowance (LTA) is being undertaken in two stages. The first was the removal of the LTA tax charges from 6 April 2023. The second will be the abolition of LTA itself from 6 April 2024. Rather than a simple abolition, the LTA is in effect being replaced by lump sum allowances which will still control the level of tax-free cash that an individual can receive from registered pension scheme arrangements. On 4 January 2024, HMRC published an updated newsletter providing further guidance on the how this will work in practice.

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