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FCA to review pension transfer redress system
The method for calculating pension transfer redress following unsuitable advice looks set to be overhauled by the Financial Conduct Authority (FCA) later this year. The regulator today said it intends...
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Interest rate cut means now is ‘worst time ever’ to retire
The Bank of England’s decision to cut interest rates means now is probably the “worst time ever” to make a retirement income decision and people looking to buy an annuity should consider deferring,...
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MPs launch probe into DB pension regulation
The Work and Pensions Committee has launched an inquiry into the regulation of defined benefit (DB) pension schemes which could see The Pensions Regulator (TPR) handed extra powers. The probe will...
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Condensed: DC code in eight key points
The Pensions Regulator (TPR) has updated its defined contribution (DC) code of practice and released six guides on complying with legal obligations. Here are the key points… What are the key messages...
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Expat pensions: Will Brexit hit retirement incomes?
One area of concern for British expatriates living in Europe is how the UK’s decision to leave the European Union (EU) will affect their pensions. As with issues like residency and healthcare, the...
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Signia Wealth MD takes on cycling charity challenge
Signia Wealth managing director Carnegie Smyth has kicked off a charity challenge that will see him cycle 1,000km in ten days and take part in a total of ten different Olympic sports after his daily...
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SIPP due diligence: Six killer questions advisers should ask
As September approaches self-invested personal pension (SIPP) providers are getting their houses in order. Many have announced that they already meet the regulator’s new capital adequacy regulations...
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Ros Altmann: WASPI campaign has ‘absolutely no support’ in govt
It is unlikely the Women Against State Pension Inequality (WASPI) campaign will make any further headway due to a total lack of support in government, former pensions minister Baroness Ros Altmann has...
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What surprises will the 2017 auto-enrolment review bring?
Looming large in the in-tray for Theresa May’s new pensions minister Richard Harrington is the 2017 review of automatic enrolment. As I was one of the authors of the last review – the 2010 Making...
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Pension freedom withdrawals top £8bn in first year – ABI data
Total payouts in the first year of pension freedom reached £8.2bn, according to data from the Association of British Insurers (ABI). Figures showed £4.3bn was paid out through 300,000 lump sum...
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Adviser takes Berkeley Burke to FOS over storage pod investments
An adviser has asked the Financial Ombudsman Service (FOS) to hold self-invested personal pension (SIPP) provider Berkeley Burke accountable over its failure to stop a pension transfer into high risk...
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Insolvency Service shuts five pension liberation firms
The Insolvency Service has shut down five pension liberation firms in the 2015/16 financial year, following investigations about suspected savings scams. Investigations found the companies had...
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Adviser ordered to compensate pension transfer client after investment complaint
An adviser was ordered to compensate a client who had transferred his defined benefit (DB) pension to a PPP after he realised his new arrangement had not been invested for years. PB Financial Planning...
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Savers shun ‘market beating’ state pension top-up offer
Fewer than 4,000 people have taken advantage of the government’s state pension top-up scheme despite being able to significantly boost their retirement income through the offer, figures show. Old...
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Going for gold: Maintaining service in a consolidating SIPP market
With all the consolidation that we have seen in the pensions market so far in 2016, the thing that has set self-invested personal pensions (SIPP) apart from your average insurance company personal...
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Industry must work harder to save older people from scams – think tank
Older people now have to make more important financial decisions than ever before yet little is known about what actually helps them avoid the growing threat of scams, a think tank has said. The...
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FCA urged to ban ‘unjustified’ pension exit charges for all
The regulator should completely ban all pension early exit charges to prevent any saver being penalised for taking advantage of the freedom and choice reforms, Hargreaves Lansdown has said. The firm...
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The reshuffle: Political change and the future of pensions
The political maelstrom following the referendum vote to leave the European Union (EU) has caused several members of the industry to voice concerns around the new government’s approach to pensions....
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Pension freedom: Will clients blame advisers when funds run out?
Is a bird in the hand really worth two in the bush? This phrase came to mind when I read that following Osborne’s pensions revolution withdrawals have topped £8bn. This has prompted the Association of...
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Unforeseen anomaly: SIPPs and property fund suspensions
The best-laid plans often fall apart due to one unforeseen circumstance and the Brexit decision may be one such event. When the Financial Conduct Authority (FCA) decided that the new self-invested...
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