Conservatives commit to review of taper and net-pay issues
The Conservative party will hold reviews of the tapered annual allowance and net-pay schemes if it is elected back into government, it has said. The ruling party’s manifesto, published yesterday (25...
View ArticleLisa Webster: Forgetting the ‘far from perfect’ taper
The November pension schemes newsletter from HM Revenue & Customs (HMRC) has already created a few headlines with its claim that scheme members are “forgetting” to declare the annual allowance...
View ArticleDB trustees urged to engage with advisers to avoid ‘reputational damage’
Pension scheme trustees should actively engage financial advisers if members are looking to transfer out of their defined benefit arrangements and washing their hands of the process does not eliminate...
View ArticleDB transfer values drop in November
Defined benefit (DB) transfer values dropped slightly during November, as did the number of members who chose to transfer out of XPS-administered schemes, according to XPS Pensions Group. XPS’s...
View ArticleJonathan Simmons: Labour’s plan to reform IHT
Inheritance tax take is expected to break all records in the current financial year (2019/20) with £5.6bn set to be collected by HM Revenue & Customs. With more work needed to be done in the sector...
View ArticleFCA contacts adviser over firm’s ‘low’ number of DB transfers
An adviser has received a letter from the Financial Conduct Authority (FCA) that suggested it was concerned the firm does not carry out enough defined benefit (DB) transfers. The adviser – who...
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Adrian Boulding: Will investment pathways lead more people to advice?
By the time you read this, there will be less than four months to go until the regulator’s investment pathways will need to be offered to the roughly 30% of consumers moving their defined contribution...
View ArticleRP case studies: Dealing with an illiquid fund issue
Hannah and Tom run a busy recruitment consultancy partnership. Continued success and growth of the business has resulted in the need for more desk space for their team of recruitment consultants....
View ArticleJohn Moret: The age of the customer
There’s been a lot of activity recently linked to the new Senior Managers & Certification Regime (SM&CR). The last few months have seen an avalanche of work for compliance and HR consultants...
View ArticleFCA’s system error on DB transfer survey raises questions over data accuracy
A system error in the Financial Conduct Authority’s marketwide survey on defined benefit (DB) transfers could have produced inaccurate results for some respondents, Professional Adviser can reveal. PA...
View ArticleGuy Opperman re-appointed as pensions minister
Guy Opperman has retained his post as pensions and financial inclusion minister, the Department for Work and Pensions (DWP) has confirmed. It comes after the general election on 12 December, in which...
View ArticleRachel Vahey: Building on auto-enrolment’s strong foundation
Pension wealth in Great Britain is increasing. The latest figures from the Office of National Statistics (ONS) show total private pension wealth in Great Britain was £6.1trn in 2016/18 – a massive 70%...
View ArticleGovt reintroduces pension schemes bill in Queen’s Speech
The government will reintroduce the pension schemes bill as part of an “ambitious programme of domestic reform”, the Queen’s Speech confirmed today. The government’s priorities for the year ahead were...
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Nick Homer: The new financial priority
The financial crisis was associated with mounting household debt, not just here in the UK but globally. Between 2008 and 2016, the median debt-to-GDP ratio in advanced economies grew from 52% to 63%,...
View ArticleQuilter completes £445m sale of assurance business
The sale of Quilter’s life assurance business to ReAssure has been confirmed. The final deal will cost ReAssure £445m and Quilter has earmarked £375m as net surplus proceeds that will be returned to...
View ArticleAdrian Boulding: Pensions bill to strengthen TPR powers
2020 should see the Pension Schemes Bill 2019 pass into law – conferring significantly increased powers on The Pensions Regulator (TPR). This new legislation is designed to address holes in TPR’s...
View ArticleStephen McPhillips: What now for non-standard assets?
Many readers will be aware that 2019 was expected to be a watershed year for providers of self-invested personal pensions (SIPPs). This had nothing to do with other distractions such as the significant...
View ArticleGreg Neilson: What advisers need to know about annuities in later life
Pension freedoms changed how consumers interact with their pensions but what does this mean for older consumers when it comes to making choices? In 2017, the Financial Conduct Authority (FCA)...
View ArticleDefaqto publishes pension freedoms and risk guide
Financial information firm Defaqto has released a guide on balancing pension freedoms and risk in the modern advice world. The paper, ‘Balancing pension freedoms and risk in the modern advice world’,...
View ArticleChancellor to ‘usher in decade of renewal’ in 11 March Budget
The Chancellor of the Exchequer Sajid Javid has today (7 January) announced the next Budget will take place on Wednesday 11 March. He will provide an economic update to the Cabinet today, before...
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