British Steel DB transfer-suspended firm on FCA’s radar since 2016
Active Wealth, one of the advice firms that voluntarily suspended its DB transfer permissions during the British Steel Pension Scheme (BSPS) episode, has been on the FCA’s radar since 2016, it has...
View ArticleCarillion pension schemes face PPF as construction giant goes bankrupt
Carillion has filed for compulsory liquidation after emergency talks with its lenders and the government failed to reach a deal that would save the company. The Pensions Regulator (TPR), the Pension...
View ArticleMillion clients to miss out on £236m of pension advice voucher savings
Up to 1.3 million people could miss out on £236m of potential tax savings if pension advice vouchers do not see greater take-up before April 2018, VouchedFor has warned. The adviser directory said the...
View ArticleIntroducer firm earned £50k from British steelworker referrals
Introducer firm Celtic Wealth Management referred 76 steelworkers to advice firm Active Wealth, earning on average just less than £750 per referral, it has emerged. A letter sent from Celtic managing...
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Tom Selby: How do we solve a problem like the state pension?
A report from the government’s own actuary published towards the back end of last year made pretty terrifying reading for anyone interested in the UK’s future finances. The Government Actuary’s...
View ArticleHitting the target: Solving auto-enrolment undersaving
The release of the automatic-enrolment (AE) review at the end of 2017 highlighted the progress that has been made in workplace pension coverage over the last five years. Since 2012, nine million new...
View ArticleLabour names Jack Dromey shadow pensions minister
Labour has appointed Jack Dromey as shadow pensions minister, replacing Alex Cunningham who resigned last month. Dromey (pictured), who is MP for Birmingham Erdington, picked up the brief on 12...
View ArticleIntergenerational fairness: How to bridge the pensions gap
It is arguable that changes to pension policy should be made because the ongoing shift from defined benefit (DB) to defined contribution (DC) pensions means younger generations may not enjoy a similar...
View ArticleJust and ILC-UK launch project to tackle later life vulnerability
Just and ILC-UK have launched an initiative to develop solutions for tackling vulnerability in later life after the Financial Conduct Authority (FCA) called upon the industry to lead the way in...
View ArticleDB transfer values remain consistently high during 2017 – Xafinity
Pension transfer values remained high during 2017, fluctuating throughout the year but ending at £236,000 – little changed from the 2016 end of year figure, £234,000, according to the Xafinity Transfer...
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Pension calculators: A handy guide to share with clients
Life expectancies are ever-increasing, the average UK male is expected to live to 79.2, and the average female to 82.9. Therefore, understanding your pension pot and the money you are saving for...
View ArticleBob Champion: Financial planning in the face of macro challenges
January is normally the time of year for predictions but this time around many of the big events for retirement income planning are already known. However, these known events are at a macro-level and...
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RP case studies: Using SSAS to fuel company expansion
George and Dennis Gibley have a problem and have approached their financial adviser. The brothers’ company has turned in a record year and profits will exceed £150,000 resulting in a corporation tax...
View ArticleDWP sets out four-year departmental plan
The Department for Work and Pensions (DWP) has published its updated plans for the next four years of Parliament, including an intention to extend its auto-enrolment policy. The DWP, now headed by...
View ArticleUK ‘years away’ from legislating on executive pay – Steve Webb
The UK is “years away” from legislating on company executives’ pay, according to former pensions minister Steve Webb – despite the prospect being raised by Theresa May at the weekend. Writing in The...
View ArticlePension tax relief costs set to soar as auto-enrolment gathers pace
The cost of pension tax relief for 2017/18 will reach about £24bn, according to government figures, and is set to increase as auto-enrolment contributions rise. Provider AJ Bell said the total bill for...
View ArticleNeil MacGillivray: It pays to be aware of PAYE perils
One of my colleagues sent me a link to a Radio 4 Money Box podcast where Paul Lewis claimed hundreds of thousands of people who had used pension freedom to take lump sums had been overtaxed by...
View ArticleFraudsters must repay £13.7m to cold-call scam victims
The High Court has ordered four fraudsters who ran a series of scam pension schemes to pay back £13.7m they took from 245 victims between 2012 and 2014. David Austin, Susan Dalton, Alan Barratt and...
View ArticleU-turn: Assessing Scottish in specie transfers
In September 2016, Revenue Scotland started levying Land and Building Transaction Tax (LBTT) on in specie pension transfers of commercial property assets. This was out of line with both the historical...
View ArticleRetirement Planner Awards 2018 now open for entries
Do you think you stand head-and-shoulders above the rest when it comes to providing top-quality retirement planning and pensions advice services? If so, now is the time to enter the Retirement Planner...
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