MM – Budget 2014

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Providers face huge financial hit from pensions guidance

Providers face tens of millions of pounds in costs each year to run the pensions guidance service announced in the Budget and may be forced to run group sessions to prevent costs spiralling. Delivering his Budget speech last week, Chancellor George Osborne said members of defined contribution schemes “will be offered free, impartial, face-to-face advice” […]

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Platforms struggle to meet Budget drawdown reforms

A raft of platforms will struggle to be ready in time to offer savers access to the new higher maximum income withdrawal limit set out in the Budget.   In his Budget speech last week, Chancellor George Osborne revealed explosive reforms to pension flexibility which will see people over the age of 55 able to […]

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Providers: Osborne pensions overhaul blocked by FCA annuities stance

Insurance giants Legal & General and Aegon have warned Chancellor George Osborne his radical pension reforms risk being rendered ineffective unless the FCA relaxes its regulatory approach. Osborne announced a fundamental overhaul of pension tax rules in his Budget speech last week. The changes will mean anybody who is aged 55 or over will be […]

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TPAS chief urges Govt to rethink ‘face-to-face’ pensions guidance plans

The Pensions Advisory Service chief executive Michelle Cracknell has urged the Government to rethink plans to offer face-to-face guidance to savers when they reach retirement. Chancellor George Osborne stunned advisers and insurers by announcing a radical overhaul of the pensions tax system in the Budget last week. Under interim reforms, Osborne has increased the trivial commutation […]

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Nest reviews investment strategy after Budget pensions bombshell

Government-backed pension scheme Nest is reviewing its default investment strategy after Chancellor George Osborne announced a radical overhaul of the UK retirement system. The reforms announced during last week’s Budget mean that from April next year anyone over the age of 55 will be able to take their entire pension pot as cash. The changes […]

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L&G: Osborne pensions overhaul blocked by FCA annuities stance

Legal & General, one of the UK’s biggest annuity providers, has warned Chancellor George Osborne his radical pension reforms risk being rendered ineffective unless the FCA relaxes its regulatory approach. Osborne announced a fundamental overhaul of pension tax rules in his Budget speech last week. The changes will mean that anybody who is aged 55 […]

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Tories pledge to raise IHT threshold in next manifesto

Prime Minister David Cameron says the Conservative manifesto for the 2015 general election will propose raising the inheritance tax threshold. Speaking to the Saga Group today on pensions reforms, Cameron was asked whether the party would repeat its 2010 pledge to increase the inheritance tax threshold to £1m. Cameron said: ”The ambition is still there, […]

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Budget advice opportunities: ‘The product goggles are off’

Retirement has always been about much more than choosing the right annuity and the Chancellor has now brought that fact into stark relief. George Osborne has not only removed one of the biggest barriers to investing in a pension in the first place, he has also encouraged every part of financial services to stop thinking […]

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Providers race to prepare for new pension drawdown max

Providers are facing a race against time to alter drawdown propositions to offer savers access to the new, higher maximum income withdrawal limit from 27 March. In his Budget speech on Wednesday Chancellor George Osborne announced a reform package that will mean everyone can take their entire pension pot as cash from April next year. […]

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MMTV: The financial planning opportunities thrown up by the Budget

​ brightcove.createExperiences(); ​ The Cofunds Live Budget Review with Technical Connection In this webinar, Tony Wickenden and John Woolley answer your Budget questions as the industry digests the biggest changes to pension taxation since 1921. Hear what they have to say on what the Budget means for you and your clients, as they explore the […]