The Pension’s Savings Gap
On 6 November 2018 the state pension age for both men and women in the UK was equalised for the very first time at age 65.
Encourage retirement savings by giving clients a ‘booster’
Pensions minister Guy Opperman has promised that there will be a ‘substantial’ parliamentary bill in next year’s Queen’s Speech, that will act as a ‘roadmap’ for the long- term future of private pensions.
Trustees hit with fine over three-year investment delay
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 […]
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Small pots most likely to cash out, research finds
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 […]
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Claimants to pursue Liberty Sipp over unregulated investments
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. […]
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Savers over-taxed £280m on pensions since freedoms
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 […]
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Advisers do not need new drawdown products to help clients
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 […]
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Lifetime allowance tax take triples after threshold cut
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 […]
Govt to face questions if cold-call ban not in place by June
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 […]
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Lib Dems: Scrapping pot follows member was ‘incompetent’
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 […]
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FOS penalises adviser over Harlequin Sipp property investment
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 […]
Pensions dashboard could face 15 million requests
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 […]