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Cridland raises issue of ‘more personalised’ retirement age
The government’s independent state pension age reviewer John Cridland has said he will explore whether it is possible to “smooth the transition” between the working age and retirement in his interim...
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No systemic failure in enhanced annuity sales – FCA review
The Financial Conduct Authority (FCA) has found no evidence of ‘an industry-wide or systemic failure’ to provide customers with sufficient information about enhanced annuities through non-advised...
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Auto-enrolment will see 10 million saving more by 2020 – DWP
More than 10 million people will be newly saving or saving more as a result of auto-enrolment by 2020, according to the latest figures from the Department of Work and Pensions (DWP). The government...
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Rise of equity release no ‘flash in the pan’– Key Retirement
The increase in the popularity of equity release plans to supplement retirement income is no “flash in the pan” but part of sustained growth in the market, according to Key Retirement technical...
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Just one in seven DC members are saving enough
Only 16% of defined contribution (DC) savers are saving enough to maintain their standard of living in retirement according to Aon Hewitt. The latest results of its Defined Contribution Member Survey...
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Lisa Webster: What ‘in specie’ is going on?
As you may have heard, in specie contributions to pensions are under scrutiny from HM Revenue & Customs (HMRC). Tax relief on current claims is being refused and there is potential for a huge...
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Government bins plans for secondary annuity market
The government has decided to scrap its plans to create a market for secondary annuities. In a statement released this afternoon explaining the U-turn, the government said: “It has become clear that...
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Standard Life to review non-advised annuity sales following FCA report
Standard Life is to review all of its non-advised annuity sales dating back to 2008 at the request of the Financial Conduct Authority (FCA). The regulator published its review of non-advised annuity...
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TPR gets tough master trust powers in Pensions Bill
The Pensions Regulator (TPR) will have “game changing” powers to regulate master trusts under a Pensions Schemes Bill, published today. After the watchdog has long warned about the low barriers to...
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AJ Bell urges govt to form independent pensions tax commission
AJ Bell chief executive Andy Bell has asked the government to create an independent pension tax commission and give the pension industry a 10-year ‘no-change’ guarantee. In a letter to Chancellor...
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Adrian Boulding: Managing the new long-term savings balancing act
Attending the 10th anniversary conference of The Pensions-Net-Work (TPNW) earlier this month gave me some useful insights into how fast things are changing in the workplace thanks, in no small part, to...
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Focus on ‘free money’ to get employees engaged with pensions
Defined contribution (DC) schemes can encourage members to save more into their pensions by highlighting the “free money” available to them, according to Aon Hewitt. Members, especially younger...
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Almost two in five will save more into a LISA than a pension
Three in five (61%) savers would consider opening a Lifetime ISA (LISA), with 37% doing so immediately upon its launch, a survey by Hymans Robertson reveals. Meanwhile, over a third of respondents...
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Blog: Three reasons secondary annuities were doomed to fail
When the government first announced its plans to create a market for secondary annuities it rang alarm bells. It was clear from the outset that the government had no understanding of the annuity market...
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Personal Touch to offer DT’s ‘living in retirement’ module
Personal Touch Financial Services is to offer Distribution Technology’s (DT) Dynamic Planner ‘Living in Retirement’ module to its members. The adviser network, which provides business, technical and...
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Andrew Pennie: What is the word on the street?
I recently spent a few days on the Pension Awareness Day bus as it travelled through a number of UK cities spreading the word about all things pensions. My experience on the bus can only be likened to...
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Pension freedom payouts calm after Q2 peak
Pension freedoms payouts have dropped by more than £200m in the last quarter, according to the latest HM Revenue & Customs (HMRC) figures. After the £1.77bn peak in the second quarter of this...
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Kim Lerche-Thomsen: Don’t overlook a pension-holder’s capacity for loss
Rather than sleepwalk into buying an annuity, which – despite Option Market Options – was what most people did before the 2014 Budget, now pension-holders have even more choice. They have flexibility...
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Three ways to prevent a ‘looming pension crisis’ for the self-employed
In theory, the self-employed should have been the beneficiaries of the government’s new Lifetime ISA but, according to Hargreaves Lansdown head of retirement policy Tom McPhail, the Lifetime ISA would...
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TPR warns companies to comply with AE duties as penalties rise
The Pensions Regulator (TPR) has reminded companies they must fulfil their auto-enrolment (AE) duties as the number of penalties issued for non-compliance rose. According to its latest quarterly...
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