Andrew Tully

Andrew Tully is pensions technical director at Retirement Advantage. He was written widely on pensions and related matters for Money Marketing.

Andrew Tully: Steps to ease your PI pain

The number of defined benefit transfers has reduced from the peak we saw a year or so ago, but demand from clients who want to consider if a transfer is suitable remains high. Advisers need to make sure their processes keep up to date with the continuing changes from the FCA. However, it is the […]

Andrew Tully: Finally, progress on retirement outcomes

Given the pace of change since pension freedoms, it is hardly surprising so many issues have emerged requiring regulatory intervention Two and a half years after the FCA set up its Retirement Outcomes Review, it seems to be reaching some conclusions at last. Its latest policy statement released last month introduced changes from November to […]

Budget briefcase illustration

Andrew Tully: Budget ties up loose ends

Contrary to speculation, there were few pension and investment measures in this Budget. And many of those aspects which are included don’t have any specific changes now, but rather will be the subject of future consultation. The pension lifetime allowance is edging back up again to £1,055,000 — slightly higher than indicated by September’s inflation […]

Andrew Tully: FCA has given much-needed clarity on pension transfers

The recent FCA policy statement on pension transfers makes clear the process it wants advisers to follow when considering them. The regulator has confirmed any triage service cannot cross the advice boundary. This makes triage conversations almost impossible, as they can very easily stray into discussing a client’s personal circumstances. Advisers will need to consider […]

Andrew Tully: FCA data exposes worrying pension withdrawal rates

Average drawdown withdrawal rates have reached a level unlikely to be sustainable through retirement The FCA recently published new retirement income market data showing how consumers are using the pension freedoms. My initial reaction after reading the document was one of frustration, as the information only gives part of the overall picture. Providing some additional […]


The lowdown on new DB transfer value analysis rules

Transfer value comparator and appropriate pension transfer analysis to replace much-maligned TVAS report in October The latest instalment in the long-running debate around defined benefit transfers was revealed by the FCA just before Easter. It was the response to the consultation it ran last summer. However, the landscape has changed since that point, with the […]

Andrew Tully: Simplification key in FCA non-workplace pension review

The regulator must focus on removing outdated rules and making charges and illustrations clearer An FCA discussion paper released earlier this month has asked for views on non-workplace pensions. Covering a mix of products, including Sipps, stakeholder and individual pensions, as well as older contracts, such as s32 buyouts and retirement annuities, it focuses on […]

Andrew Tully: Are advisers ready to prove annuity advice?

Advisers’ processes must change when new rules come into force from March March will see the introduction of the FCA’s annuity comparison requirements, following its policy statement PS17/12 last year. Few people will argue with the aim of helping people get the best deal at retirement. However, there are a number of significant flaws around […]