Lighthouse letter to client admits DB advice ‘technical error’
Lighthouse Group admitted to making a “minor technical error” in its advice given to British Steel workers to transfer their defined benefit (DB) pensions. RP’s sister title Professional Adviser has...
View ArticleKeith Richards: ‘Current FSCS levy system outdated’
The current Financial Services Compensation Scheme (FSCS) levy systems are outdated and must be overhauled, Personal Finance Society (PFS) chief executive Keith Richards has said. Yesterday (21...
View ArticleFour candidates up for Work and Pensions Committee chair
At least four Members of Parliament (MP) will battle it out to chair the Work and Pensions Committee (WPC), it has been confirmed. As of 23 January, four Labour MPs had signalled their intention to...
View ArticlePension tax problems will cause NHS staff exodus, report warns
Almost half (44%) of clinical and non-clinical trust executive directors are considering or planning to leave the NHS in the next two years due to pension taxation, according to NHS Providers. The NHS...
View ArticleRetirement savers want more ESG information, research
More than 80% of consumers want to know more about which companies their pensions are invested in and more transparent updates on their business activities, according to PensionBee. Research from the...
View ArticlePeers welcome pensions bill but question government powers
The pension schemes bill has passed its second reading in the House of Lords, despite questions over the breadth of government powers. The debate, held yesterday (28 January), saw peers approve the...
View ArticleLabour MP Stephen Timms to chair work and pensions committee
Stephen Timms, the Labour MP for East Ham, has been named chairman of the parliamentary work and pensions committee. Timms takes over from veteran Frank Field who lost his long-held Birkenhead seat at...
View ArticleAverage pension freedom withdrawals at record lows
Average pension freedom withdrawals hit a record low of £6,820 between October and December last year – a drop of almost 40% since April 2016, latest official figures show. Statistics from HM Revenue...
View ArticleRevealed: All the nominees for the Women in Financial Advice Awards 2020
Retirement Planner is delighted to unveil the ‘long list’ of the almost 600 individuals nominated across all the categories in the 2020 Women in Financial Advice Awards. Now in their third year, the...
View ArticleLisa Webster: 2020 the year of the pathway
2020 will see the introduction of investment pathways for drawdown clients, and consultation on their expansion to those in accumulation too. These first pathways, launching in August, are a product of...
View ArticleScottish health secretary demands ‘decisive action’ on NHS pensions
Scottish health secretary Jeane Freeman has written to Chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget. The “serious impact” of the...
View ArticleLondon MP to push for ‘fundamental’ review of FSCS levy
Newly-elected Conservative MP for Cities of London and Westminster Nickie Aiken has said she will call for a “proper, fundamental review” of the FSCS levy funding after hearing from financial advisers....
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Elaine Turtle: ‘Ludicrous’ tapered annual allowance must go
Most people involved in the pensions sector that I have spoken to recently are hoping that there are no huge changes in the upcoming Budget. No-one really expects wide-ranging change at this point as I...
View ArticleFiona Tait: Trustees and deferred members ‘stuck with each other’
The Pension Protection Fund’s (PPF) 2019 publication regarding the state of the defined benefit (DB) nation springs few surprises. Funding is improving slightly, membership is going down and the PPF...
View ArticleTime to Talk Day: Advisers should keep their mental health in mind
When people initially think of financial advice they think of someone who makes sure you save enough for your retirement; who ensures you’ve got enough for your children’s future, basically to make...
View ArticleChancellor contemplates cuts to higher rate pensions tax relief
Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%. The Financial Times reported that one...
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Hargreaves Lansdown named slowest provider on pension transfers
Hargreaves Lansdown has once again been named as the slowest provider to move pensions through Origo’s Transfer Service. Data from Origo’s Transfer Index suggested that in 2019, from 1 January to 31...
View ArticleClaire Trott: Dealing with the NHS pension dilemma
I spend a fair amount of my time dealing with cases that involve the NHS Pension Scheme, reading around the subject, and even attending meetings with NHS Consultants and GPs, which are always very...
View ArticleLisa Webster: The course of true love never did run smooth
February is the month for love, as retailers frequently remind us. For those embarking on love’s young dream, it can be an exciting time. For others, the plastering of love hearts in every shop window...
View ArticlePension complaints continue to rise – FOS figures
Complaints to the Financial Ombudsman Service about defined benefit (DB) transfers and self-invested personal pensions (SIPP) steadily increased between the second and third quarters of last year,...
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