Typical DB transfers worth more than the average house price
The typical value of defined benefit (DB) pension transfers is now greater than the average price of a house, according to research by Royal London. The provider found the most common transfer value...
View ArticleDB transfer advice: FCA moves to scrap ‘unsuitable’ starting position
Financial advisers will not have to start a defined benefit (DB) transfer analysis with the assumption the transfer will be unsuitable under new rules proposed by the Financial Conduct Authority (FCA)....
View ArticleElaine Turtle: Why the hung parliament hurts pensions
The recent snap general election, held on 8 June 2017, expected to result in a large Conservative majority, has instead resulted in a hung parliament. While it now seems certain that the Conservatives...
View ArticleFCA clear it’s best to remain in DB scheme – Rory Percival
The Financial Conduct Authority (FCA) has “hammered home” the default option when considering transferring a client out of a defined benefit (DB) pension should be to stay with the guaranteed income,...
View ArticleQueen’s Speech: What does it mean for pensions and social care?
The Brexit-heavy Queen’s Speech failed to mention some of the government’s more controversial policies from the election manifesto, such as the so-called ‘dementia tax’ and the scrapping of the triple...
View ArticleQueen’s Speech paves way for single financial guidance body
The background briefing note accompanying today’s Queen’s Speech has confirmed the government’s plan to merge three existing financial guidance bodies into one. The Financial Guidance and Claims bill...
View ArticleFCA hasn’t changed position over DB transfers – Rory Percival
Rory Percival does not believe the Financial Conduct Authority (FCA) has changed its starting assumption on defined benefit (DB) transfers despite the message it sent in its consultation paper on...
View ArticleMartin Tilley: Tighter SSAS regulation could bring cumbersome costs
Last month, I was asked to speak at the Association of Member Directed Pension Schemes (AMPS) conference on the subject of the future of small self-administered schemes (SSAS), bearing in mind...
View ArticleDavid Boyhan: Disclosure and customer understanding
With a thematic review of non-advised drawdown imminent, David Boyhan outlines practical steps firms can take to satisfy themselves non-advised customers with drawdown products are receiving fair...
View ArticleMark Greenwood: Implementing information prompts in the annuity market
Mark Greenwood considers the implications of the FCA’s requirement annuity providers inform consumers how much they could gain from shopping around, in a standardised format, before they buy an...
View ArticlePrudential promises redress after retirement account failings
Prudential has promised “appropriate redress” to customers affected by service issues on its savings and income retirement account. Launched in September, Prudential called the service a ‘game-...
View ArticleTwo-thirds of DB scheme members wary of transferring out – research
The majority of final salary pension scheme members are wary of transferring out of their scheme for fear of losing the guaranteed retirement income and making an irreversible mistake, research from...
View ArticleDUP deal forces Tories to U-turn on triple lock
The triple lock will stay along with winter fuel payments as a result of the Conservative party’s deal with the Democratic Unionist Party (DUP), it has been confirmed. A confidence and supply agreement...
View ArticlePaul Pettitt to retire from Origo
Origo managing director Paul Pettitt is to step down from his role at the end of February 2018 after 28 years with the not-for-profit company. A replacement for Pettitt has yet to be found but Origo...
View ArticleMere 16% of over-55s find Pension Wise useful – report
Fewer than one in five over-55s have found guidance from The Pensions Advisory Service, Pension Wise and the Money Advice Service useful, a report by MetLife has found. The report found less than a...
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Dear parliamentary under-secretary for pensions and financial inclusion … (Pt 1)
In the first instalment of a two-part feature, we ask regular Retirement Planner columnists and other experts what they would most like the new pensions minister to focus on once he has his feet under...
View ArticleScottish Widows calls for 12% AE contribution by 2020
Scottish Widows has called for auto-enrolment contributions to be increased to 12% after research found the number of people saving adequately for retirement had stalled at around 56% for the third...
View ArticleGender retirement income gap widens by £1,000
The gender gap between annual expected retirement incomes for 2017 has widened by £1,000, with men’s average expected income increasing while that of women has dropped back, according to Prudential....
View ArticleAJ Bell launches lifetime ISA on D2C platform
AJ Bell has launched a lifetime ISA (LISA) offering on its direct to consumer platform with plans to roll it out to its adviser platform in due course. AJ Bell is the latest provider to offer the LISA,...
View ArticleFour-fifths of advisers struggle to calculate tapered annual allowance –...
More than four-fifths (84%) of advisers are struggling to accurately calculate the tapered annual allowance for clients, Suffolk Life has found. The self-invested personal pension (SIPP) provider said...
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