Long-running Staveley case clarifies ill-health pension transfer rules
The long-running HM Revenue & Customs (HMRC) v Parry & Ors case, otherwise known as the Staveley case, has concluded Staveley’s actions gave rise to an inheritance tax bill, bringing clarity...
View ArticleSchemes face ‘multi-million pound’ dashboard compliance bill
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP). LCP...
View ArticleClare Moffat: What advisers need to know about the Staveley case
The long-running case of Commissioners for Her Majesty’s Revenue and Customs (Respondent) v Parry and others (2020) – also known as the Staveley case – has hit the press again. While the facts of the...
View ArticleSam Liddle: Shielding the pension pot in a ‘perfect storm’
Although we are by no means out of the woods, we have seen something of a return to normality in Britain. Shops have reopened, we can eat in restaurants, and just prior to the news that the UK is...
View ArticleAdrian Boulding: Managing decumulation journeys through Covid-19 market...
There is no doubt that the impact of the global pandemic on markets has prompted many pensioners already drawing on their retirement savings or preparing to, to give their advisers a call. Many...
View ArticleAverage DB pension transfer tops £500,000, research finds
The average size of a transfer from a defined benefit (DB) pension scheme in the last quarter reached £556,000, according to research by Lane Clark & Peacock (LCP). According to the firm’s...
View ArticlePFS warns of post-lockdown pension transfer request ‘spike’
A potential surge in pension transfer requests as a result of the economic fallout from lockdown could see demand for advice rocket, putting increased pressure on the profession, the Personal Finance...
View ArticleChris Read: London work trip concentrates the mind on workplace change
It’s my first trip to London from the south coast since March. I’m meeting an old colleague for lunch. I am hoping he may be interested in re-joining us. I must say, I’ve been quite excited all...
View ArticleLisa Webster: Lifetime allowance enhancements explained
Most of the pension industry would agree that pension simplification was a good thing. The idea of removing all the various regimes that had gone before in one fell swoop and replacing them with one...
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Stephen Lowe: What the Money and Pensions Service can learn from Jaws
Stephen Lowe shares his views on the Money & Pensions Service ‘stronger nudge’ research and urges all parties to think big when it comes to the take-up of retirement guidance The most famous line...
View ArticleGovt confirms plans to raise private pension access to 57
The government has confirmed plans to raise the age individuals are allowed to access their private pensions from the current age 55 to 57 by 2028. In a written question to the Treasury, Labour MP for...
View ArticleTPR needs power to halt suspected fraudulent transfers, report urges
Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension...
View ArticleNearly half of advisers could exit DB market in 12 months – Royal London and LCP
Nearly half of financial advisers currently operating in the defined benefit (DB) transfer market could exit by this time next year, with issues surrounding PI insurance appearing to be the main driver...
View ArticleClaire Trott: Retirement age on the up (again)
We have all known for a long time that the normal minimum pension age is going to rise again in 2028 – this time to 57. Back in 2014 when it was announced, it seemed so far away and so much has...
View ArticleRP case studies: Using a SSAS to create liquidity for benefit payments
The Clarke family run a small, but thriving, creative agency limited company business. Initially established by Mr and Mrs Clarke, the board of directors now includes their two daughters, Kathy and...
View ArticleMartin Jones: Pension recycling – more leeway than you think?
In broad terms, recycling means taking money out of a pension scheme and paying it back in as a contribution. Some or all of the withdrawals might be tax-free on the way out. The contributions should...
View ArticleHalf of post-lockdown pension transfers trigger scam ‘red flags’
More than half of pension transfers covered by the XPS scam protection service have been flagged as at risk of fraud since the start of the pandemic, the provider has said. The figure is part of the...
View ArticlePensions Awareness Day 2020: Savers ‘ignoring’ schemes’ fraud warnings
Warnings from pension companies to savers who are looking to transfer their pension somewhere that does not look right are often ignored, says Phoenix Group. In research conducted in light of Pensions...
View ArticleChris Read: Bringing life back to the office
It’s September and the swallows are mustering to head south for warmer climes. Restlessly, they meet – sensing their imminent departure. A grand plan with a clear objective to fly south to southern...
View ArticleWomen lose state pension age appeal
Two women fighting against changes to the state pension age implemented by the government have lost their Court of Appeal legal challenge. The case, backed by the campaign group BackTo60, was brought...
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