(from left) Mark Rogers, of Clay Rogers, Carinthia West, Chris Jagger and Neil Robinson, director of St Paul's Gallery, at the launch of Carinthia's photography exhibition in Birmingham.

Leading financial advisors and guests got to move like Jagger at the launch of a fascinating exhibition of fly-on-the-wall photos of some of the world’s leading rock stars.

Chris Jagger’s Atcha played two live sets to celebrate the unveiling of photographer Carinthia West’s Hanging Out exhibition at St Paul’s Gallery in Birmingham.

Carinthia, also known as a model, actress and journalist, is exhibiting a stunning collection of candid shots taken in the 1970s and 80s of friends including Mick Jagger and Ronnie Wood, Eric Idle, Neil Young, Helen Mirren and many others.

A huge portrait by Carinthia of Mick Jagger was the backdrop for younger brother Chris’s band as they entertained clients and friends of Clay Rogers Partners Ltd, the Birmingham-based wealth management advisors.

Managing director Mark Rogers said: “At Clay Rogers we are always keen to support the arts in Birmingham and it was a real thrill to be able to welcome Chris Jagger and his fabulous band to St Paul’s Gallery. Chris has known Carinthia and his brother Mick for many, many years so his band’s performance was the perfect launch of Carinthia’s photography exhibition.

“We were delighted that so many colleagues, friends and clients were able to join us on this memorable occasion.”  For more information visit www.clayrogers.com.

Carinthia West’s ‘Hanging Out’ exhibition continues at St Paul’s Gallery, Northwood Street in the Jewellery Quarter, until January.

Richard Cresswell – Senior Consultant

The new coalition Government has wasted no time in reviewing pension legislation and we are due a whole raft of changes starting 6th April 2011. The majority of these changes are welcome, but it is important to be aware of their impact on your retirement and estate planning.

After years of lobbying we are finally seeing the effective compulsion to purchase an annuity at age 75 being removed and it will be possible to continue drawing an income from your own pension fund for life. For many people this is good news as annuity rates are very poor, especially if you are in good health.
For individuals wishing to draw pension benefits directly from their own fund Unsecured Pension (USP) and Alternatively Secured Pension (ASP) are to be replaced with ‘Drawdown Pension.’ New income limits are also being introduced with maximum Drawdown Pension income to be 100% of the equivalent annuity, subject to review every three years.

April also sees the introduction of ‘Flexible Drawdown’ available to individuals with guaranteed income of at least £20,000pa. For those individuals meeting this Minimum Income Guarantee requirement there is no upper limit on how much they are allowed to take as Drawdown Pension, funds and suitability permitting.

Changes are also due for the tax charge on lump sum death benefit payments from Drawdown Pension arrangements. This will be set at 55% regardless of age so is an increase for under 75’s but will be a welcome reduction in tax charge on death for over 75’s.

Good news for high earners as anti-forestalling rules on pension contributions are being dropped and the annual allowance for pension contributions will be set at a maximum of £50,000 pa. However, individuals who haven’t made full use of this allowance in previous years can also ‘carry forward’ unused allowance for up to three years meaning contributions of up to £200,000 are still possible for some.

Further ahead, the Lifetime Allowance is reducing from £1.8m to £1.5m from 6th April 2012 and this is the most disappointing news. However, it will be possible to apply for protection from this reduction in the Lifetime Allowance when the application forms are finally made available. Pension planning over the next 18 months is vital for those seeking to take benefits.

If the last few years are anything to go by frequent changes in rules are almost expected so it is important to maintain regular contact with us and we will be able to adapt our advice to your personal situation.

Richard Cresswell
Senior Consultant