Retirement

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DB trustees should flag availability of transfer values, report says

Royal London has published a discussion paper with pensions lawyers Eversheds Sutherland to help defined benefit trustees handle members interested in transfers. It aims to help trustees understand both what the law requires of them and what good practice might look like. The paper calls on trustees to make members aware that transfer values are […]

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FCA’s Bailey: Pension freedoms are the right course to follow

FCA chief executive Andrew Bailey says the pension freedoms are the right approach to help individuals deal with the increasing complexities of retirement. In a speech delivered on Saturday about the watchdog’s view on pensions, Bailey argues the context in which individuals have to make decisions about retirement is becoming more nuanced. He says the […]

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Annuity rates up 19% since Brexit nosedive

Annuity rates have increased nearly 20 per cent since hitting rock bottom two years ago, Hargreaves Lansdown analysis shows. In an update, the fund shop notes annuity rates that nosedived following the EU referendum result have risen. Rates for 65-year-olds are up 19 per cent since their low in 15 September 2016. At their lowest, […]

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Steve Bee: The three crises at the heart of our pension system

There has been more talk lately about the disparity between the value of pension entitlements accrued by public and private sector employees. It appears many are still surprised how much more some public sector employees’ pensions are worth than those in the private sector. There are many reasons for that but it is the confusion […]

Regulator zeroes in on issues in small DB schemes

The Pensions Regulator is stepping up its activity with small schemes after finding they have poorer governance standards. Fresh research from TPR finds most defined benefit savers are in well-run larger schemes but small schemes are lagging behind. It says smaller schemes are less stringent about assessing the fitness and propriety of new trustee board […]

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Millennials seeking more pensions support from employers

More than half of millennials want their employer to do more to explain pensions and benefits, Prudential research shows. The June survey of 1,178 adults finds 24 per cent of millennials admit to not having a pension fund and 27 per cent do not believe that pensions are relevant to their generation. While 66 per […]

Pensions minister: Why DC consolidation needs to be simpler

As minister for pensions and financial inclusion, I understand how important it is to promote the business community and support job creators. But I am also acutely aware the government needs to find the right balance between encouraging business and protecting people who are working hard for their families. In pensions, this balance is especially […]

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Employers pour cold water on financial advice for staff

Employers do not believe investment in financial advice would benefit their employees, research has found. Findings from Chase de Vere and research provider Lightbulb show fewer  firms are willing to prioritise advice compared to last year. The joint survey asked employers to consider the value of advice, the involvement of firms in assisting with retirement […]

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Profile: Lowland Financial managing director on why it pays to be choosy when selling your business

Graeme Mitchell may not have planned his entrance into financial services but the same cannot be said of his eventual exit from the industry. The 64-year-old managing director of Scottish advice firm Lowland Financial started to think seriously about his succession plans and exit strategy a few years ago. The question of what he was […]

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Old Mutual Wealth calls for IHT nil-rate band rethink in Treasury open letter

Old Mutual Wealth has set out proposed changes to the inheritance tax nil-rate band and residence nil-rate band laid out in an open letter to Chancellor Philip Hammond. In the letter, OMW trusts and technical solutions head Rachael Griffin says there are numerous legacy clauses and exemptions causing “havoc and confusion” for those looking to […]

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Pensions ombudsman sides with Aviva on pension loss case

A complaint that an Aviva system error kept an investor from retirement for five years and resulted in substantial financial distress has been rejected by the Pensions Ombudsman. The complainant – Mr D – held an Aviva Pension Plan until 2008, during which time he was underpaid £37,010.57 due to a fault in Aviva’s processing system […]