The administrative cost of winding up collapsed British Steel IFA Active Wealth has come to £55,765 according to an update on Companies House. In February 2018 Active Wealth went into liquidation and attracted attention for its role in advising members to transfer out of their final salary schemes at British Steel. The update from liquidator […]
HM Revenue & Customs could face new claims from savers due to a ruling that says it was wrong to remove an individual’s lifetime allowance protection. The recently published case concerns Mr Hymanson who claims he had accidentally failed to cancel a direct debit to his pension scheme which, HMRC argued, should void his £1.8m […]
Around half of pension scheme members have limited understanding of their pension transfer or are unaware of who is giving them advice to transfer, according to research published today. The Pension Scams Industry Group, the voluntary body set up to support trustees and administrators combat pension scams, has published the results of a pilot study […]
Legal & General has announced a tie-up with technology firm Origo to launch a new service to support advisers track the progress of client applications. The product known as Track My Apps is aimed at supporting advisers selling Legal & General’s retirement income range of products from fixed-term annuities to lifetime annuities. The online system […]
Schroders has appointed Georg Wunderlin to the newly created role of global head of private assets and will start work in May. He was most recently chief executive officer of HQ Capital, an alternatives manager and has 19 years of experience in investment finance. Wunderlin has also held a number of senior roles and will […]
More than 500,000 recipients of the UK state pension living abroad do not benefit from the triple-lock, the Department for Work and Pensions has said. The triple lock, introduced by the Conservative and Liberal Democrat coalition government, increases the state pension payments each year by the highest of average earnings, CPI inflation or 2.5 per […]
Aegon says integrating the Cofunds platform has saved it £40m a year so far, and will eventually save it £60m once final integrations are complete. In financial results for the second half of 2018 published today, Aegon adds that the actions it has taken have returned the service levels on its platform to where they […]
Michael Klimes and Hope William-Smith unearth the way IFAs are charging clients for transfers and if clients are being short changed
Embattled Sipp provider Berkeley Burke has been granted permission to appeal a ruling that says it failed to vet unregulated investments for one of its clients, Money Marketing can confirm. Last year, the High Court heard a judicial review in a longstanding dispute between Berkeley Burke Sipp Administration and the Financial Ombudsman Service. In the judicial review Judge […]
Investment management specialist Cardano Group has today agreed to acquire 100 per cent of workplace pension provider Now: Pensions from Danish pension fund, Arbejdsmarkedets Tillaegspension. Now: Pensions is the UK’s third largest auto-enrolment provider, serving over 30,000 businesses and 1.7 million pension savers. The acquisition is expected to be completed later this year following Now: […]
Aim listed pensions provider STM Group says it has completed the acquisition of embattled Sipp provider Carey Pensions following FCA approval. In October 2018 STM said it would pay up to £400,000 to acquire Carey Administration Holdings, which owns 70 per cent of Carey Pensions and 80 per cent of Carey Corporate Pensions, subject to […]
The number of savers putting money into a workplace pension has hit 10 million according to figures published by The Pensions Regulator today. The watchdog’s monthly declaration of compliance report for auto-enrolment confirms this historic milestone has been achieved. Minimum contribution rates under automatic enrolment are due to rise from five to eight per cent […]