The Pensions Regulator has issued an unprecedented fine to four master trust trustees, who failed to promptly invest £1.4m in contributions from 9,081 members. In January 2017, trustees of the Salvus Master Trust reported that the pension contributions, which had been made since 2014, were not yet invested. Trustees are required by law to process and invest contributions from employers and […]
The size of an individual’s pension pot is a key factor in determining how they exercise their pension freedoms at retirement, according to research from the Pensions Policy Institute. In a paper published yesterday the PPI looks at how the introduction of freedom and choice in pensions has opened up new ways for individuals to […]
A group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments. Wixted & Co Solicitors has issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp. The firm is also acting on behalf of investors in a claim against Berkeley Burke. […]
Savers have been over-taxed more than £280m since the start of the pension freedoms, new figures from HM Revenue & Customs show. According to a newsletter published this week from HMRC, in the first quarter of the year more than £22m had to be repaid to those making flexible withdrawals from their pensions. Since the […]
The belief advisers need newly created products to help clients meet their financial needs in later life is misguided as existing solutions just need to be used more effectively. That was the view of a panel at Money Marketing Interactive today who say more products could complicate rather than simplify life for advisers. Hybrid solutions […]
Savers who breached the lifetime allowance paid a third more in tax bills last year, new figures show. Those who pass the £1.03m ceiling can be charged up to 55 per cent, and according to a freedom of information request to HM Revenue & Customs, taxes related to LTA breaches nearly trebled to £110m in 2016/2017, from […]
The government has given reassurances a ban on cold calling will be in place by June. Yesterday, economic secretary to the treasury John Glen repeated the government’s intention to introduce a cold-call ban as soon as possible. During the third reading of the Financial Guidance and Claims Bill, Glen said Clause 9, introduced by the […]
The Liberal Democrats have branded the government’s decision to delay a pot follows member pension system “incompetent”. The Liberal Democrat spokesman for work and pensions Stephen Lloyd MP says the move by pensions minister Guy Opperman shows how “rudderless” the current government is on pensions policy. Last October Opperman suggested the pot follows member initiative […]
The Financial Ombudsman Service has told Kingswood Financial Advisors to compensate a client over a Sipp investment in an unregulated Harlequin property fund. The case concerns Mr B’s complaints about the advice he received regarding two unregulated investments: one into a Harlequin property fund and the other into Green Oil. The ombudsman’s ruling relates to […]
The pensions dashboard could face requests from 15 million consumers when it goes live and must be built accordingly, according to technology provider Origo. The firm has come to this figure through its own research and discussions it has had with providers and banks who operate consumer-facing platforms. The infrastructure underpinning the pensions dashboard must […]
Old Mutual Wealth has decided to halt all transfer value analysis report services as the FCA looks to crack down on unsuitable defined benefit transfers. The decision follows Standard Life, which stopped offering free TVAS reports for IFAs yesterday after the FCA said they could act as inducements. Standard Life and Old Mutual have both […]
The Government must start a national information campaign to highlight the dangers of pension scammers according to MP Stephen Lloyd. The Liberal Democrat spokesman for works and pensions has issued the call on the back of research from Retirement Advantage which found around one in seven people over the age of 50 with a defined contribution […]