Normal pension age draft legislation branded ‘hugely complex mess’
Draft legislation confirming the increase to normal pension age – from 55 to 57 in April 2028 – has been issued by HM Revenue & Customs (HMRC) and branded a “hugely complex mess” by one pension...
View ArticleDWP accused of maladministration over women’s state pension communication
The Department of Work and Pensions (DWP) has been accused of maladministration over how it has communicated state pension changes to women. This was one of the conclusions from a review conducted by...
View ArticleFew winners in potential pension tax relief reforms – research
There are few winners from potential plans to reform pension tax relief, according to analysis from the Pensions and Lifetime Savings Association (PLSA). The government has widely speculated that it...
View ArticleGareth James: A stronger nudge, a push or an anvil on your head?
Plenty of focus has recently been devoted to the indirect impact that the FCA’s ‘stronger nudge’ proposals may have on the appetite of savers to seek out or retain the services of financial advisers....
View ArticleRP case studies: Commercial property conversations
Mike and Peter run a small, but very successful, limited company that supplies parts to the motor trade. Their business has outgrown the property it currently trades from and, coincidentally, the...
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Chris Jones: Go on, treat yourself (or your future self)
It is interesting how we think about our spending in different situations. The same purchase could be a necessity, a luxury, or an entitlement depending on where and when it takes place. Lockdown has...
View ArticleCISI confirms it will offer Chartered status to Certified members
The Chartered Institute for Securities & Investment (CISI) has confirmed it will award financial planners with Chartered status. The Sovereign approved the recommendation, which was made by the...
View ArticleChris Read: Paying it forward
Much has been written on intergenerational transfer of wealth. It is a key focus for financial advice and consequently a key opportunity for present and future value across the industry. The...
View ArticleRachel Vahey: Keeping on the right side of the advice boundary
It was hard not to miss the recent headlines screaming about a Financial Conduct Authority (FCA) £1.3m fine for an adviser’s involvement in mis-advising members of the British Steel Pension Scheme to...
View ArticleCharlene Young: Pension age rise could threaten govt’s own engagement drive
I am not the first person in the pensions world to call for joined-up thinking when it comes to the current raft of regulatory change. Last month saw draft legislation released by HM Treasury raising...
View ArticleChris Read: We are all revolutionaries now
We are all revolutionaries now. We are participants and actors in the fourth industrial revolution (4IR). This revolution is a global event, and its intensity is picking up as time goes on. The 4IR as...
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Robin Eggar: How to think about diversification when approaching retirement
The industry has been of the belief in the past that as you get closer to retirement you need to protect your investment value at all cost, so you can maximise withdrawals that you wish to take in...
View ArticleAegon joins with Edinburgh uni on financial wellbeing
Aegon and the University of Edinburgh have announced a partnership in a bid to develop a new approach to financial engagement. The ‘knowledge transfer partnership’ will last for two years and will see...
View ArticleDWP: 88% of eligible workers enrolled in workplace schemes
Almost nine in ten eligible pension savers across the UK were participating in a workplace schemes last year, with the figures proving a steady increase since 2012 is being maintained. The Department...
View ArticleSIPP commercial property queries shoot up during pandemic
Self-invested personal pensions (SIPP) commercial property queries at provider Curtis Banks increased 56% in the first half of 2021 compared to the same period last year. It said commercial property...
View ArticleNeil MacLeod: Diversify wrappers to maximise tax-free allowances
Financial planning often requires the ability to recommend a suitable “income” strategy for a client. You could be dealing with a business owner, someone in retirement or the trustees of a trust. But...
View ArticlePM confirms 1.25% NI tax increase to fund health and social care
Prime Minister Boris Johnson has confirmed that National Insurance (NI) tax will increase 1.25% from April 2022 to fund social care reform and the NHS. Laying out funding plans for health and social...
View ArticleDividend tax hike hits ‘entrepreneurial spirit of the nation’
Prime Minister Boris Johnson’s announcement that dividend taxes will increase by 1.25% to fund social care reforms has been described as a “last-ditch attempt” to spread the costs across society, with...
View ArticleConservatives suspend state pension triple lock for 12 months
The state pension triple lock has been suspended for one year, the government has confirmed. The change comes from the government’s concern that a post-pandemic rise in average earnings would have seen...
View ArticleCost of health and social care reform will be a ‘bitter pill to swallow’
Advisers and financial services experts say that the increase National Insurance (NI) tax provides some clarity on social care and NHS issues, but will increase financial vulnerability, especially for...
View ArticlePunter Southall Aspire links with providers to push ‘National Pension Tracing...
Punter Southall Aspire has joined forces with four of the country’s biggest pension providers to launch National Pension Tracing Day on 31 October to highlight the issue of missing or lost pots, which...
View ArticleDavid Downie: The crucial role of advisers (and cashflow models) in 'no...
Is this the end of the blame game? In April next year, the Divorce, Dissolution and Separation Act 2020 – designed to allow married couples in England and Wales to issue divorce proceedings without...
View ArticleRegulator asks pensions industry to help build savers’ understanding
The industry must work together to help savers better understand their options before they reach retirement, according to The Pensions Regulator (TPR). Speaking at PA’s sister title Professional...
View ArticleChris Read: Building long-term care provision into centralised retirement...
In one of my recent lockdown thought pieces which Retirement Planner kindly gives space to each month, I alluded to the perils of failing to prepare for long-term care (LTC) provision. I mentioned the...
View ArticleBob Champion: The cost of care
I recently saw a Twitter thread on the cost of care. This was not the usual thread started by a care professional but one beginning with a person’s experience in finding appropriate care for their...
View ArticleRP case studies: A tangible (moveable) challenge
Jake and Bill run a flourishing supply chain business dealing with all sorts of consumer goods. In fact, things have gone so well for them over the past few years that their limited company business...
View ArticleChris Read: Working 9-5?
Will St Benedict become the patron saint of office workers in a post-Covid world? Work is an integral part of the rhythm of Benedictine monastic daily life. Monks and nuns work to earn a living and...
View ArticleCombined auto-enrolment and personal pension provider Collegia launches
A combined auto-enrolment (AE) and personal pension provider has launched in a bid to provide savers and employers with a seamless, greener and engaging proposition. Founded by Eduardo Chazan and...
View ArticleGovt to pay out £1bn after chronic state pension underpayment
The government is to distribute up to £1bn to 134,000 people after underpaying their state pension over the course of several decades with 90% of those affected being women. Out of 134,000 cases, about...
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Chris Jones: I who have nothing
One of the traditional sayings about financial objectives is: ‘For the cheque to the undertaker to bounce.’ What was meant by this was that you spent all your money during your lifetime yet never ran...
View ArticleRP case studies: Using flexible expression of wishes to avoid death benefits...
The Situation Graham’s client Bryony has asked if they can meet to discuss the expression of wishes on Bryony’s SIPP. Bryony is 76 and divorced. Her current expression of wishes names her only son,...
View ArticleGareth James: Should we be encouraging drawdown savers to take a Pension Wise...
It’s seemed over the last few years that the higher the profile of a current event, the greater has been the polarity in opinions offered up to the general public. Whether the topic has been Brexit,...
View ArticleLisa Webster: Flexibility key for self-employed savings
The latest Financial Resources survey from the DWP showed that in the 2019/20 financial year only 18% of working-age adults that were self-employed were participating in a pension. This is compared to...
View ArticleStephen McPhillips: Why SSAS remains a popular choice
As regular readers of my articles will be aware, small self-administered schemes (SSAS) have been around for decades. Once the ground rules were laid down in 1979, and more products were launched onto...
View ArticleJessica List: Four questions to ask your provider about death benefits...
The death benefits rules for defined contribution pensions offer scope for a lot of creativity when it comes to planning how to pass any remaining benefits to a client’s beneficiaries. However,...
View ArticleChris Jones: It’s not unusual
“You’ve got to think for yourselves! You’re ALL individuals!” said Brian. “Yes! We’re all individuals!” said the crowd. “You’re all different!” said Brian. “Yes! We ARE all different!” said the crowd...
View ArticleAndrew Megson: Property or pension investment?
In the current economic climate, many individuals might be left feeling short-changed. In an environment where high inflation and low interest rates is chipping away at the buyer power of savers’...
View ArticleRP case studies: Ill-health early retirement
The Situation Julia is 51. She has suffered from osteoarthritis since her early 40s, which has gradually been making it harder for her to continue running her boutique clothing store. Julia has been...
View ArticleChris Read: Onwards and upwards
It’s a busy time indeed for headhunters and recruitment agents alike. Demand is outstripping the supply of talent, and I’m not just talking about the scarcity of HGV drivers now. As the hybrid...
View ArticleThank you and goodbye from Retirement Planner
Retirement Planner is, itself, retiring on Thursday 15 October 2021. The much-loved title, in operation since 2004, is closing its doors this week but, dear readers, you will find all the best...
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