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IFS: Pensions still the best way to save despite tax reforms
Pensions will still be the most effective way to save even if higher earners get less tax relief under the chancellor’s expected reforms, according to the Institute of Fiscal Studies (IFS). In The...
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Deja vu: Will flat-rate tax relief make pensions even more complex?
As the Budget fast approaches, there has been much speculation as to the outcome of the Green Paper – Strengthening the incentive to save: A consultation on pension tax relief. The aim of the...
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Food for thought: The wacky world of SIPP pricing
Picture the scene, Andrew Bailey and friend’s rock up at their favourite Chinese restaurant in Canary Wharf to celebrate his recent appointment as head of the Financial Conduct Authority (FCA)....
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How do VCTs and EIS compare for retirement planning?
How do VCTs and EIS compare for retirement planning? Philip Cook, private client partner, Thomas Miller Investment VCTs and EIS complement pensions VCTs provide tax-free dividends, which makes them...
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The big five: Advisers rate their largest worries for 2016
From looming pension tax changes in the March Budget to a possible exit from the European Union, advisers will be braced for a number of bumps this year. Insurer Zurich asked 131 advisers to rate the...
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Aegon CEO: Expect adviser windfall in pensions ‘perfect storm’
Advisers will benefit from an advice demand windfall as market conditions build a “pensions perfect storm” and consumers will realise the “value of advice has never been greater”, Aegon UK chief...
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Pension savers ‘at greater risk’ after High Court transfer ruling
Savers will be at “greater risk” from pension scams following a landmark High Court ruling which saw a provider’s decision to block a suspicious transfer overturned. The case, Hughes v Royal London,...
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Habitual spending: Client income still top priority
How’re you doing with your New Year resolutions? A distant memory? You’re not alone! But there are some things that you can take control of at any time of the year. Throughout the year, our spending...
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Giveaways: Govt can save money and keep EET tax relief
At a glance We expect an announcement on pension tax relief in the Budget. There are other options available than a shift to a taxed, exempt, exempt structure. While the UK still has a big gap in...
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Safeguarded benefits: Pension transfers and opt-outs
At the end of January, the Department of Work and Pensions (DWP) published a short, but long-awaited paper Pension benefits with a guarantee and the advice requirement. In this factsheet, the DWP...
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Steve Webb accuses Chancellor of ‘daylight robbery’ over pension tax reforms
Ex-pensions minister Steve Webb has accused the Chancellor of orchestrating a ‘daylight robbery’ with his proposed options to reform pensions tax relief, which would “steal billions of pounds in tax...
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Suspicious transfer case: High Court was right but ‘missed the point’
The High Court has overturned a Pensions Ombudsman ruling concerning a suspect pension transfer. On 19 February, Hughes v Royal London reversed the ombudsman’s ruling and found the provider was wrong...
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Pension freedom: Is shopping around falling out of fashion?
If the idea behind pension freedom is to deliver better retirement outcomes then roll on version 2.0. Rather than encouraging competition for pension savers’ money, the new rules appear to be stifling...
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Mind the (lifetime allowance) gap
Have you noticed lately that when you get off a train, the gap seems to be much bigger than it ever used to be? As you alight the train, the conductor tells you to mind the gap. Gazing down, you see a...
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Pension industry ‘failing customers’ on in-specie transfers
Customers are getting a raw deal on in-specie pension transfers. It takes ten times longer to transfer a pension in-specie than it does for a stocks and shares ISA. And the impact on customers will...
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Advisers report client backlash after lump sum tax scare
Advisers are working hard to combat client fears following recent speculation that pension savers may lose their 25% tax-free lump sum following the April 2016 Budget. The Sunday Times recently quoted...
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Ex-CBI chief John Cridland to review state pension age
John Cridland has been appointed to independently review the state pension age and will report his conclusions by May next year. The former director-general of the Confederation of British Industry...
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Scottish Widows to scrap workplace pension exit fees
Scottish Widows is to remove all exit fees across its workplace pension schemes. The government has announced plans to curb “excessive” pension exit penalties to ensure everyone has easy access to...
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Mike Morrison: Will tax relief reform doom pension saving?
In two weeks’ time, all the speculation should be over (or, knowing the pensions world, just starting!) as we expect the Chancellor to stand up in the Budget and outline his plans for pension tax...
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SOLLA aims to boost accredited advisers by 40% this year
The Society for Later Life Advisers (SOLLA), set up in 2008 to help advisers working in the later life market, has become one of the ‘go to’ organisations for this sector. The not-for-profit...
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