Steve Webb

Steve Webb was previously Minister of State for Pensions in the government of David Cameron between 2010 and 2015. He is now director of policy at Royal London and is a well-known commentator on UK pensions.

Steve has written widely for Money Marketing on pensions and related matters.

2

Steve Webb: State pension advice clients will thank you for

Advisers used to worrying about clients hitting lifetime limits on pension tax relief or focused on tax planning for clients with seven figure estates may be surprised to hear it could be useful to discuss the humble state pension with clients. But if the response to the recent state pension webinars I have hosted is […]

5

Steve Webb: How to save the pensions dashboard

The pensions industry is suffering from “dashboard fatigue”. There seems to be another delay at every stage of this project, including almost a year of lost time when the Department for Work and Pensions appeared to be on the brink of pulling the plug. Now we have another hold-up as we await a pensions bill […]

Steve-Webb-in-2014-700.jpg
1

Steve Webb: How cutting the annual allowance might end tapering

Abolishing pension tax relief tapering outright is unlikely, but not necessarily impossible If there was a competition for the most absurd and complex feature of the UK tax system, there would be many entrants. But a guaranteed finalist, if not the outright winner, would have to be the system of “tapering” annual allowances for pension […]

Steve-Webb-Speaking-2011-700x450.jpg
4

Steve Webb: Helping clients keep track of NI records

One of the happy by-products of the digitisation of state pension records is that by visiting the government’s “check your state pension” website, clients can also see their full, year-by-year National Insurance contributions record. But as an adviser, there is plenty you can do to help them avoid drawing the wrong conclusions from it. One […]

4

Steve Webb: Where longevity conversations go wrong

In a world of pension freedoms, longevity risk falls on the individual. Clients must realise they will likely live longer than they think Mortality is not the nicest topic of conversation, but there is plenty of evidence that if clients do not have a realistic picture of how long they are likely to live, they […]

Steve Webb: Don’t let clients fall into the taper reporting trap

Advisers must be on the lookout for clients inadvertently failing to report an annual allowance breach on their tax return How many of your clients are inadvertently lying to HM Revenue & Customs? Probably more than you think if they are affected by the complexities of the tapered annual allowance when it comes to pension […]

9

Steve Webb: A perfect storm for DB transfer complaints

Complaints about DB transfers are currently low but claims management firms and a stockmarket downturn could create choppy conditions for advisers. The national press has come to a pretty unanimous conclusion that defined benefit to defined contribution pension transfers will be the next mis-selling scandal. Although the Financial Ombudsman reports low levels of complaints about […]

Steve-Webb-in-2014-700.jpg
8

Steve Webb: The trouble with triage and pension transfers

There is huge variation in what clients can expect when approaching advisers to talk about pension transfers. But is standardisation the answer? When a client, or potential client, walks through the door holding a pension transfer value quotation, an adviser can be in a difficult position. It is hard enough if they are a complete […]

db pension rights
6

Steve Webb: Let people pay transfer advice costs from DB pension rights

Offsetting the cost of advice this way would benefit clients and advisers alike One of the multiple barriers to better take-up of financial advice is that some people are unwilling or unable to meet the upfront cost. In response to this, the government has allowed people to take small chunks (three lots of £500) out […]