Latest

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

Pension withdrawals hit £6.5bn in 2017

Savers withdrew £6.5bn using the pension freedoms in 2017 according to data from HM Revenue and Customs. This is nearly £1bn more compared to 2016 when £5.7bn was taken out of pension savings. On a quarterly basis, nearly 200,000 people took payments from their pension totalling £1.5bn in the fourth quarter of 2017 which is […]

employee engagement

FSCS calls for Sipp provider responsibility challenged by trade body

Sipp operators have no proven responsibility to conduct due diligence on investments, a trade body has said, as it warns the Financial Services Compensation Scheme is taking the wrong approach by making them foot the bill for redress claims. The Association of Member-Directed Pension Schemes has written to the lifeboat fund on the back of its […]

Retirement Advantage: ‘Ambitious plans’ to develop annuity within drawdown wrapper

Retirement Advantage has said it remains committed to the annuities market after being acquired by Canada Life last year. Retirement Advantage offers both a standalone annuity and an annuity within a drawdown wrapper. Canada Life also offers standalone annuities, so Retirement Advantage has decided to withdraw its own standalone product. This had led to confusion […]

French manager calls out ‘cheeky’ rivals over Mifid II research rules

French asset manager Carmignac has called for more clarification on the new research costs rules under Mifid II as it claims rival firms have wrongly stated what the directive means for their business. Speaking to Money Marketing after an event in Paris, Carmignac managing director Didier Saint-Georges referred to asset managers as “cheeky” in their […]

1

Pensions minister backs default guidance for pension freedoms

The government will look at how individuals who exercise pension freedoms can be given “a further nudge” to take guidance, pensions minister Guy Opperman says. During the second reading of the Financial Guidance and Claims Bill in the House of Commons, Opperman shed light on how the government’s view on guidance is evolving. He made […]