Retirement

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Steve Bee: Employers tied in knots by red tape on pensions

Many of my friends are ex-teachers, having retired from the profession. We were recently talking about how valuable the teachers’ pension scheme has been to them in building a decent amount to retire on and bemoaning the fact the next generations are unlikely to have such benefits provided through the generosity of their employers. Our […]

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Breakdown of claims against British Steel IFA revealed

The Financial Services Compensation Scheme has given a breakdown of the 29 claims it is processing over Active Wealth , data provided to Money Marketing shows. The lifeboat fund declared the firm in default at the end of March. In April Money Marketing revealed FSCS is pursuing nearly 30 claims against the firm. Active Wealth is well-known for […]

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DB transfers reach 100,000 a year

Around 100,000 people transferred out of their defined benefit pension between 1 April 2017 and 31 March 2018, according to data from The Pensions Regulator. A Freedom of Information Act request published on TPR’s website says DB schemes have reported around 72,700 transfers out during that period. The total value of those transfers was £14.3bn. […]

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National adviser offers DB transfer robo-paraplanner

National adviser Mercer Jelf Financial Planning is offering a defined benefit robo-paraplanner to its customers. Mercer UK teamed up with robo-advice platform Wealth Wizards to launch the service. Wealth Wizards launched its white-labelled robo-paraplanner tool, trialled with LV=, in May last year. Robo-paraplanner launches for workplace pensions The advice planner works on a triage basis […]

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Complexity holds back advice on hybrid decumulation products

Nearly three quarters of financial advisers believe more product innovation is needed in decumulation, according to an exclusive survey by Bankhall with Money Marketing, but complexity continues to be a barrier to advice on hybrid products. In the survey of 252 IFAs for Money Marketing, Bankhall asked advisers what the main barrier to recommending more […]

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FOS penalises adviser over not reviewing Ucis investments

An adviser must compensate a client for failing to monitor the performance of Sipp investments in two unregulated collective investment schemes. A Financial Ombudsman Service decision says Welsh advice firm Sebastian & St James International Financial Advisers is responsible for the reduction in the client’s pension. In October 2011 the client, Mr P, met an […]

taxes
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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 […]