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Pension dashboard contributors to pay £50,000 each
Businesses that contribute to the pensions dashboard project will have to pay £50,000 each, exclusive of VAT, for the privilege, the Association of British Insurers (ABI) has confirmed. Managed by the...
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Calls sounded for compulsory provider involvement on dashboard
The chair of the Pensions Administration Standards Association (PASA) has urged the government to force pension providers to sign up to the pensions dashboard, saying she anticipated “resistance” from...
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Scottish Widows removes early exit fees
Scottish Widows has removed its early exit charges on all personal pension policies, including workplace pensions. The move will enable clients to switch products or providers free of charge before the...
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The third way: Drawdown plus income security
The pension freedoms introduced in spring 2015 revolutionised the retirement landscape for retirees with defined contribution pensions, giving them the flexibility to take their retirement income...
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Tom Selby: Why the Chancellor should think again on MPAA cut
What the Treasury expects to save as a result of the 60% reduction in the MPAA this April is small beer in government spending terms, says Tom Selby, yet the cost to confidence in pensions is untold....
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Tools of the trade: Extending advice to the mass market
Greater pension freedoms have introduced risks that, without proper preparation and advice, threaten to leave people with little or no income to carry them through into their later years. This means...
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IRESS launches annuity yield index as comparison tool
Technology supplier IRESS has launched an index that allows advisers to compare the relative performance of annuity yields against cash and equity yields as well as against a “fair sustainable...
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£9.2bn accessed under pension freedoms
More than £9bn has been flexibly accessed by savers since the pension freedoms were introduced in April 2015, according to the latest statistics from HM Revenue & Customs (HMRC). Almost 400,000...
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SIPP providers back FCA call for increased due diligence
Self-invested personal pension (SIPP) providers have endorsed the regulator’s call to review due diligence practices as increasingly sophisticated scammers obscure ‘non-standard investments’ through...
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Have your say: Is the use of VCTs and EIS in pension planning set to grow?
A series of cuts to pension tax relief is expected to increase the attractiveness of venture capital trusts (VCTs) and Enterprise Investment Scheme (EIS) funds this year. This month’s RP Inquiry wants...
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Government tiptoes around triple lock report
The Government has largely tiptoed around the Work and Pensions Select Committee’s (WPSC) intergenerational fairness report by reiterating its commitment to the state pension triple lock until 2020...
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William Burrows: Will 2017 be the ‘Year of the Annuity’?
The Chinese may be celebrating the dawn of the Year of the Rooster this weekend, writes William Burrows, but could 2017 also see UK advisers and their clients celebrating the return of annuities as a...
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A costly mistake: British expats neglecting pension planning
Clients who are unprepared for an overseas retirement could feel the pinch, as Paul Davies discovers. As winter nights draw in, and damp and dreary evenings render the summer’s sun a memory, it’s only...
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Pensions scams: What lies in store for SSAS?
Banning cold calling won’t be sufficient to stop the fraudsters by itself, argues Martin Tilley. Small self-administered schemes (SSAS) were first introduced in the late 1970s and became popular not...
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Lifetime ISA fears ‘overblown’– True Potential
Savers are planning to use the Lifetime ISA (LISA) to boost their savings pot, rather than as a replacement for their pension, research by True Potential has suggested. The LISA, which will be...
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Pension cold contact up 22% in a year – research
Pension cold contact is on the rise, according to research by Phoenix Group, which has called on the government to extend its proposal to ban pension cold calling to include all forms of electronic...
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Consumers ‘more familiar with capital of Peru’ than pension terms
Consumer confusion over financial terms means millions of people may be taking out policies without completely understanding what they cover or offer, Aviva has warned. According to the firm, about 43%...
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Inquiry: Advisers blast ‘perfect storm’ of high fees and claims
Plans that could see pension advisers face higher regulatory fees this year have provoked an outpouring of angry comments from RP readers. This month’s Inquiry followed a report published by the...
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Neil MacGillivray: So what next for pensions policy, junior minister?
Six months into a new-look government, Neil MacGillivray suggests nobody is any clearer about where pensions are heading – and he fears the day when Richard Harrington dons a pair of leather breeches....
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Uncertain times: Future of in-specie is under threat
Last summer, HM Revenue & Customs (HMRC) unexpectedly began challenging self-invested personal pension (SIPP) providers on whether net pension contributions can be made in-specie – that is, a...
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