Latest - PENSIONS

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  News in brief: SSAS cost and transfer delay warning

  22 August 2019

  Talbot and Muir has warned that some SSAS arrangements are facing significant costs and delays on transfers to a more suitable vehicle, such as a SIPP. The independent SIPP and SSAS specialist, says that while SSAS arrangements continue to be popular with advisers and their clients, at times it can be necessary  to transfer...

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  Exception to MPAA rule when taking money from pension pot

  21 August 2019

  Royal London has flagged the need to carefully manage pension pot withdrawals if clients are to benefit from an exception to the Money Purchase Annual Allowance (MPAA) rule, which limits pension payments to £4,000 once pension holders have started drawing taxable cash. Since the introduction of ‘pension freedoms’ in April 2015, savers aged 55...

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  Opperman says Nest sending ‘message to the rest of the industry’ on transfers

  19 August 2019

  Guy Opperman, Minister for Pensions and Financial Inclusion, has praised Nest joining the STAR Initiative, as “great news and overdue”. STAR is the industry initiative aimed at improving the outcomes for individuals who want to transfer their assets, such as pensions and investments, by shaping recognised, industry-wide standards to promote good practice in transfer,...

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  Pension offsetting on divorce – not as easy as it seems?

  14 August 2019

  Martin Jones, technical team leader at AJ Bell, looks at when offsetting might be a useful solution and when it’s best avoided. Generally speaking, there are three ways of dealing with pensions on divorce – these being offsetting, earmarking and sharing. Offsetting is not specifically defined in legislation, but it’s broadly understood to mean...

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  What impact the FCA’s contingent charging proposals on advice process?

  11 August 2019

  ATEB Consulting’s Steve Bailey assesses the FCA’s paper on contingent charging with regard to DB pensions transfers and what the proposals would mean for advice firms and paraplanners. The FCA consultation paper CP19/25 covered a wide range of proposals that will have a significant impact on firms providing transfer advice, including that contingent charging...

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  Opinion: Shouldn’t contingent charging ban be applied across the board?

  8 August 2019

  Andrew McMillan, head of planning at Octopus Wealth, says he finds the FCA’s decision “odd”, with the potential unintended consequences It’s certainly clear that there can be conflicts of interest with contingent charging. It’s also clear that defined benefit (DB) transfers are usually not to be advised for typical clients. Where they are warranted,...

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• News in brief: Treasury to review tapered annual allowance/ Curtis Banks

  8 August 2019

  Treasury to review tapered annual allowance The Treasury has announced it will be reviewing tapered annual allowance in the light of the issues arising from NHS doctors’ pension contributions. The Department of Health and Social Care (DHSC) is to open a new consultation asking for feedback on a new set of proposals, which includes...

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  Two camps for pension freedoms drawdown

  7 August 2019

  Savers are split into two camps when it comes to taking advantage of the pension freedoms, with those with smaller pots tending to withdraw more income per year. But figures also prove there is no typical drawdown client, with the rate of drawdown fluctuating.  According to Royal London’s Drawdown Governance Service, a tool used...

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