November 2017
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Latest - PENSIONS

  • Call for death benefits to be made easier to understand

    1 November 2017

    AJ Bell is calling for a change in the death benefit rules, as its latest research reveals the majority of UK adults with personal pensions are confused about what happens in the event of their death.   The findings revealed only 7% of those with a personal pension could correctly identify how their pension...

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  • Lack of DB transfer specialists is risking consumer detriment, says ACA

    30 October 2017

    The Association of Consulting Actuaries (ACA) has raised concerns about the lack of financial advice for the rising number of people requesting defined benefit pension transfers. The latest results of the ACA Pension Trends Survey found that 61% of employers said scheme members were having difficulty finding advisers prepared to advise on pension transfers....

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  • DB pension transfers advice – when LTA protection might be lost

    30 October 2017

    When might a client undertaking a DB pension transfer lose their fixed or enhanced protection in respect of the Lifetime Allowance? ATEB Consulting’s Steve Bailey posed the question to Paul Clark, director of RussellDene Consulting, who specialises in pension and tax related matters. At ATEB Consulting, we have had a few queries recently around when a...

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  • Viewing drawdown as a product risks creating poor consumer outcomes

    25 October 2017

    Responding to the FCA’s retirement outcomes review, Tom Selby, senior analyst at AJ Bell, argues that there are risks in regulation addressing drawdown as it would an annuity. The rushed nature of the pension freedoms announcement in 2014 meant there was always going to be a certain amount of regulatory catch-up. As the dust...

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  • Rowanmoor offering free SSAS Legal Entity Identifier required under MiFID II

    25 October 2017

    Pensions provider Rowanmoor is offering a free Legal Entity Identifier (LEI) registration service for clients with a SSAS and Family Pension Trust. The service is designed for SSAS and Family Pension Trust trustees, with one or more stockbroking accounts or investment portfolios in their schemes, the company said. As part of the MiFID II,...

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  • Flexible drawdown pension transfers up £114m in Q2 2017

    24 October 2017

    Analysis from Equifax Touchstone shows that flexible drawdown pension transfers increased by £114.0m (13.6%) during Q2 2017, reaching £954.0m. Figures from the intermediary database provider show that in Q2 transfers across all products rose by 5.9% to £6.1bn, including a £75.4m (2.1%) increase in SIPP transfer sales. This increase highlights the ongoing trend among...

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  • Millennials focusing on workplace pensions

    24 October 2017

    Millennials are placing increasing importance on workplace pensions as part of their efforts to save for a comfortable retirement, according to the latest research by Prudential.  The research revealed that nearly six out of 10 younger workers in their first 10 years of employment considered the quality of their current employer’s pension scheme before...

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  • Technical: Tax tests at age 75

    23 October 2017

    Pension freedoms didn’t remove the importance of age 75 but it did make it more complicated, particularly in respect of the Lifetime Allowance. Elaine Turtle, director, DP Pensions, looks at a recent case and how the client was saved £213,840 in tax charges.    When Chancellor George Osborne changed the pensions regime forever, by announcing...

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