June 2019
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Latest - PENSIONS

  • 600 firms committed to PFS DB Pension Transfer good practice standards

    30 May 2019

    More than 600 firms have signed up to the new Pension Transfer Gold Standard for good practice standards in managing Defined Benefit transfers. Launched on 9 April by the Pensions Advice Taskforce, the Gold Standard centres around a consumer guide designed to help the public better understand what to expect from a regulated financial...

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  • Legal & General’s ‘Track My Apps’ saves one firm 60% of calls

    28 May 2019

    Specialist retirement firm Retirement Line says using the ‘Track My Apps’ transfer tracking service implemented by Legal & General has seen the company’s administration team cut the number of calls on customer applications by 60%. The Track My Apps digital service went live in January and Retirement Line says it is already seeing the...

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  • Ros Altmann appointed ambassador for financial services Transparency Task Force

    22 May 2019

    Baroness Ros Altmann has been appointed the 100th ambassador for The Transparency Task Force, the London-based organisation founded by Andy Agathangelou in 2015, which aims to increase levels of transparency, truthfulness and trustworthiness in the financial services sector.  Former UK pensions minister and current member of the House of Lords, Baroness Altmann (pictured) has a specific...

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  • Beware sharp difference in pensions charges in retirement savings planning

    21 May 2019

    High pension drawdown charges could cost an investor with £100,000 as much as £32,000 in retirement income, AJ Bell has warned, as the latest analysis reveals a sharp difference in charges. According to the Financial Conduct Authority, total charges in pension drawdown can range from 0.4% to as much 1.6%. This means those investors...

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  • New Criterion MD prioritises improving industry transfer and re-registration processes

    21 May 2019

    Well-known industry figure Billy Burnside will join Criterion Tec Limited as managing director on 17th June 2019. Burnside has prioritised Criterion’s work in improving transfer and re-registration times across the pensions, savings and investment markets, through STAR, its joint venture with TeX. Criterion was formed in July 2017, as an independent, not-for-profit industry body...

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  • Tapered annual allowance causing ‘untold damage’ to pensions understanding, confidence and trust

    20 May 2019

    While much attention has focused on NHS staff being hit with an unwelcome tax bill as a result of the government’s tapered annual allowance, the “dastardly” pension tax affects many more workers across the public and private sector, and is having a negative impact on people’s confidence and trust in pensions at a time...

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  • Pension member education key to better pension transfers process

    20 May 2019

    With as many as 70,000 defined benefit members exercising their pension freedoms every year, greater support and education around transfers is needed, XPS Pensions Group has said. According to the results of XPS’ latest member outcomes survey, nearly a third (30%) of its clients are actively exploring partial transfers. Wayne Segers, principle, XPS Pensions...

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  • Scheme pays under used option for NHS staff set to breach annual allowance

    15 May 2019

    Fewer than one in 10 NHS staff are taking advantage of the ‘scheme pays’ option when they breach their pension annual allowance, according to wealth manager Quilter.  A Freedom of Information Request by Quilter showed that on average nearly 17,000 NHS staff breach the annual allowance on pension contributions each year, yet just 1,500...

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