Retirement

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Aegon: FCA should give IFAs rules for CDC transfer advice

The FCA should set out how it expects IFAs to handle transfers in collective defined contribution schemes before they are established, Aegon says. In its response to the government’s consultation on CDCs that ends tomorrow, the provider lays out the potential difficulties these schemes pose for IFAs. CDC pensions – which are not yet available […]

Govt unveils restrictions to pension credit for couples

The Department for Work and Pensions has announced it will limit access to pension credits for couples from May this year. The change was set out in a statement by pensions minister Guy Opperman yesterday. It will restrict pension credits for couples where both are not over state pension age which is currently 65 for […]

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MPs launch probe into contingent charging

The work and pensions select committee has launched an inquiry into the way financial advice is charged for on defined benefit transfers. This probe follows a previous inquiry into freedom and choice where the committee says it received worrying evidence about the financial advice given to members of the British Steel Pension Scheme. Here the […]

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Scale of DB transfers by folded firms revealed

New data has shed light on how many defined benefit pension transfers have been conducted by advice firms that have since left the market. Nineteen firms have either had their permissions to conduct DB transfer advice removed by the FCA or have surrendered their authorisations since 2015. According to the Financial Times, these have been […]

Budd, Hoskin and more great speakers added to Money Marketing Interactive

Money Marketing’s flagship conference, Money Marketing Interactive, has added even more brilliant names to its London date. For an in-depth look into consolidation, Former Ovation managing director Chris Budd will be taking to the stage to talk about how he was able to sell his advice firm to his own staff, while Almary Green’s Carl […]

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Trade bodies urge trustees to hold investment consultants to account on ESG issues

The Association of Member Nominated Trustees and the UK Sustainable Investment Association have urged pension funds to keep an eye on whether their investment consultants’ sustainable investment advice lives up to the minimum service requirements under regulation. The AMNT and UKSIF says consultants should meet minimum requirements as soon as possible so as not to […]

Pension transfers see £8.6bn cashed out in Q3

The total value of pension transfers rose slightly from £8.2bn in the second quarter of the year to £8.6bn in the third quarter, the latest figures from the Office for National Statistics show. This is down from a high of £10.6bn in the first quarter, however, with experts predicting long-term decline as advisers exit the […]

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Pension transfer values drop in November

Pension transfer values fell by 2 per cent in November, according to consultancy XPS Pensions Group. At the end of October 2018 the group’s transfer value index was £235,000 and at the end of November it was £230,000. The index tracks the transfer value that would be provided by an example defined benefit pension scheme […]