As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.
Which? is calling on the Government, employers and the financial services industry to develop a national strategy to boost savings levels. In a new report, the consumer group says just 41 per cent of people have savings equal to 3 months essential expenditure – the figure recommended by Government. It also found 24 per cent […]
Legal & General is set to cancel its membership of the Association of British Insurers. In a letter to ABI director general Otto Thoreson, L&G chief executive Nigel Wilson says the firm has been reviewing its membership after the the trade body’s investment affairs division was merged with the Investment Management Association. The insurer also believes […]
Brokers have criticised lenders for failing to help existing borrowers switch to a better deal after year-on-year remortgage approvals fell in June. The Bank of England last week released data showing the first uptick in mortgage approvals since January, with 108,857 approvals in June representing an 8 per cent rise from 100,451 in May. Industry commentators […]
Investors and advisers are exposing themselves to a ‘ticking time bomb’ by using risk-profiling tools, The Platforum has warned. The investment and distribution consultancy says some firms are overly reliant on risk-profiling software and argues some tools are biased toward risk tolerance over capacity for risk. In May, the FCA urged firms to provide transparent explanations […]
Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.
Last month, the BBC’s Money Box covered the story of a protection customer who had seen her quoted life and critical illness premium rise by around a third after she disclosed a historic mental health issue. The woman was taking cover as a parent of young children and had originally chosen an insurer after getting […]
The Chartered Institute for Securities and Investment has set up a helpline for participants in its financial planning mentoring scheme. The helpline, which is being supported by Schroders, will be open to mentors and mentees on the programme, which started on the first of January this year, looking for support in achieving professional financial planning […]
Collapsed wealth manager Greyfriars Asset Management sold its Sipp and SSAS administration business to Hartley Pensions for £820,000 an update on Companies House shows. Money Marketing previously discovered Hartley took on 1600 Sipps, 160 SSAS and almost £500m assets under management onto its books for an undisclosed sum, with fresh documents now revealing the value […]