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Why a workplace LISA is inevitable
The pre-Budget hype around pensions tax relief that turned into pre-Budget warnings not to expect anything radical made for an interesting couple of weeks. I won’t dwell on the already dissected...
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Pension freedom scam fears ‘coming true’
When pension freedom was first announced in 2014 many people in the industry warned there would be a rise in scammers and savers would be poorly equipped to deal with them. These fears are becoming...
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Calling all advisers: Enter the Retirement Planner Awards 2016
Are you the best of the best when it comes to retirement advice? If so, now is the time to enter the third annual Retirement Planner Awards. The Retirement Planner Adviser Awards will highlight those...
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Trials and tribulations: Has pension simplification worked?
This week I was made to feel old. It was not the introduction in the Budget of the Lifetime ISA − that I will not quite qualify for. It was not the final goodbye to contracting-out, nor was it being...
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The lose-lose game: Vulnerable workers and shrinking pensions
A study conducted by Altus highlights flaws in the charge cap designed to protect workers automatically enrolled into pensions. Department for Work and Pensions rules allow a combination of flat fees...
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Auto-enrolment staging: An opportunity for business protection
Auto-enrolment has reached a vast number of employers since its humble beginnings in October 2012. Initially applying to employers with 120,000 employees or more, this regulation has now extended to a...
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Expert calls for SIPP redefinition ahead of cap ad changes
A report detailing adviser concerns around preparedness for capital adequacy has led to calls from industry experts for a redefinition of the self-invested personal pension (SIPP) that better reflects...
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Harriett Baldwin to champion pensions dashboard project
Economic secretary to the Treasury Harriett Baldwin will champion the development of the pensions dashboard and ensure its 2019 delivery deadline is met. Speaking at an industry forum on the Financial...
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Reach for the sky: Looking beyond the pension dashboard
At the beginning of the 20th Century, many wanted to travel further and faster – the big question was just how to do this? Should they attempt to get more power and gallop from their horses? Could they...
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On target: Do Lifetime ISAs risk derailing auto-enrolment?
Since George Osborne announced the arrival of Lifetime ISAs (LISA) in his spring Budget speech last month, there has been a torrent of criticism from the adviser community. Steve Bee summed up the mood...
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FCA: Second-hand annuities pose ‘significant consumer risk’
The secondary annuity market brings “significant risk of poor outcomes for consumers”, the Financial Conduct Authority (FCA) has warned as it releases its rules on advice and guidance. The regulator...
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Pensions watchdog fines Swindon Town FC £23k for auto-enrolment failings
The Pensions Regulator has fined Swindon Town Football Company £22,900 after it failed to put eligible workers into a pension scheme. The regulator said Swindon Town – the League 1 football club owned...
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Annual allowance taper confusion could ‘cost pension savers thousands’
Pension savers may miss out on thousands of pounds in tax relief due to confusion around the annual allowance taper rules implemented earlier this month, according to experts. A tax relief cut for...
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LISA is ‘beginning of the end’ for pensions, advisers predict
Some 80% of advisers believe the introduction of the Lifetime ISA (LISA) is the beginning of the end for pensions, a survey from Dentons Pension Management reveals. Advisers at the firm’s annual...
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Room for both: Can pensions and Lifetime ISAs work together?
The last few weeks since the Budget have brought ISAs back into the spotlight and along with them the whole ‘savings’ debate. Is the Lifetime ISA designed to stand alongside pensions? Or is it the...
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New era: The reduced lifetime allowance in upon us
Having entered the new tax year, the third reduction in the lifetime allowance (LTA) is upon us. Individuals vesting in the current tax year will be tested against the new LTA of £1m unless they have...
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New state pension: Ten tips to share with clients
Massive changes to the state pension have come into operation. If clients reach state pension age after 5 April 2016 they will receive the ‘new state pension’. The full amount is £155.65 per week...
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Scottish Widows to bulk switch savers into freedom-friendly default fund
Scottish Widows is to move away from lifestyle investments for workplace pension default funds and plans to bulk-switch savers into options more appropriate for income drawdown in retirement. The...
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Pension advisers see FSCS levy demand rise by £10m
The Financial Services Compensation Scheme (FSCS) has lowered its final levy for 2016/17 to £337m but will ask life and pensions advisers to contribute a total of £90m this year. The body said the...
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Pension freedom advice fears: FCA tells industry to figure it out
Adviser reluctance to transact pension freedom business – such as defined benefit transfers – could result in consumers losing confidence in the reforms and it’s up to the industry to work out the...
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