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Pension freedom payments pass £6bn mark with Q2 surge

The number of people using the pension freedom reforms to access their savings has surged since April, meaning the total withdrawn from pots has passed the £6bn mark. New figures released by the Treasury today show 159,000 individuals made 256,000 payments totalling £1.8bn between April and June this year. This compares to £820m in Q1 […]

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Enhanced annuity sales plummet while unit-linked guarantees rise

Sales of enhanced annuities have plunged in the first three months of 2016, according to data from consultancy Willis Towers Watson. Q1 figures show sales of £254.2m, down from £357.4m in Q4 2015 and £290.8m in Q3 2015. However, new unit-linked guarantee premiums has risen over the same period. The value of premiums rose 17 […]

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Woodford moves to scrap staff bonuses

Woodford Investment Management founder Neil Woodford has scrapped staff bonuses with the firm arguing bonus payouts do not encourage the right behaviour. The move was introduced in April for the company’s 35 staff, including sales people, fund managers, analysts and compliance staff. Staff were able to choose to stay on the previous pay scheme but […]

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Friends Life accused of poor service over pension delays

An adviser has complained to Friends Life after waiting five months for information about a client’s pension and being told a retirement pack could take a further 40 days to arrive. Rowley Turton chartered financial planner Scott Gallacher sent Friends Life a letter of authority on 4 March, shortly after taking on the client. He […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]

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