Specialist pension IFA Richard Jacobs has defied Government restrictions on alternatively secured pensions by moving his client to another insurer when refused an Asp on a personal pension by Skandia.Jacobs, director of Richard Jacobs Pension & Trustee Services, argues if he had not advised his client to move elsewhere he would have not been giving his client best advice. His 74-year-old client wan- ted to take out an Asp rather than annuitise but had already received a letter from Skandia advising him to purchase an annuity or transfer his pension. It also explained the cli- ent could only take an Asp with Skandia if it transferred to a Sipp but this would incur transfer costs. Jacobs says: “The client is 75 in January and is a high Anglican who knows the Plymouth Brethren. I told him what the FSA said about restrictions on Asps and advised him to transfer to another firm which offered an Asp on a standard personal pension contract. I believe that if I had not done that, my advice would have been wrong.” Skandia pensions marketing director Nick Bladen says: “Our Sipp product is more aligned to an Asp offering. We do want to expand our Asp offering so it is an option across our product range. But the uncertainty from the Treasury over the rules is clouding everything and means we cannot commit to a timeframe.”
There has been a lot of comment recently that the days of smaller company funds’ outperformance are over because valuations are now comparable with those of bigger companies.
Friends Provident has appointed a new group finance director to take over from Philip Moore on November 13.Jim Smart previously group chief financial officer at Boots Group before the merger with Alliance Unichem will be stepping into the role and will join the board on January 1 2007 subject to FSA approval.Philip Moore will succeed […]
Average house prices rose by over £3,000 in August, according to Government figures.The mix-adjusted average house price in the UK in August 2006 stood at £197,631, up from £194,454 in July.According to the Department for Communities and Local Government, UK annual house price inflation in August was 7.7 per cent, up from 6 per cent […]
The recent news that Mortgage Trading Exchange has opened the standard interfaces it has developed with lenders so they can be adopted by other users paves the way for some welcome pragmatism to break out in the mortgage industry.
Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]
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The work and pensions secretary Esther McVey has been urged to intervene to protect the pensions of over 200,000 current and former Barclays staff as the UK bank reorganises its pension scheme. Concerns have been growing from the bank’s members over the decision of Barclays to transfer responsibility for pensions to the international and investment banking arm […]
The Financial Services Compensation Scheme is predicting that life and pensions advice compensation payouts will fall over the next year. In its budget for 2018/19 released today, the FSCS notes that while the three-year average for compensation claims over life and pensions intermediation is £83.8m, a falling trend from a peak two years ago should […]
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