Chapter 1 – “What will the landscape look like after 6th April?” Chapter 2 – “Managing expectations and advice” Chapter 3 – “Managing complexity for customers” Chapter 4 – “Understanding the pitfalls of transferring to defined contribution” Chapter 5 – “Responsibilities for protecting customers” Chapter 6 – “Managing the initial demand”
Our Focus on Pension Freedoms panel discussions have been produced in partnership with Scottish Widows. At the Scottish Widows adviser hub you will find a 10 minute summary video, highlighting the key points from all four sessions and also each session broken down in to chapters to allow you to watch in bite size chunks when you have 5 or 10 minutes to spare.
This week I am continuing my review of the fundamentals of deeds of variation and, in particular, the taxation aspects. In the Budget, the Chancellor announced a review into their use for tax purposes. However, the rules currently stand as such. Since 1 August 2002 a legal variation has been automatically treated as a disposition […]
The FCA insists it does not want to constrain the industry ahead of next week’s pension freedoms despite raising concerns about the complexity of the new environment. The regulator last week warned savers face new risks as a result of the development of “complex” and “difficult to compare” products resulting from the reforms. Non-advised customers […]
A bank adviser has been jailed for five years after stealing over £450,000 from a 91-year-old dementia sufferer and her now late husband, the Herald reports. Mark Townson, 52, of Bailleston Glasgow, took savings to pay off debts, but denied stealing money from the couple, and was found guilty in mid-March. Townson was sentenced this […]
Now: Pensions failed to invest some members’ contributions for at least six weeks, Money Marketing can reveal. Between 11 December 2014 and 31 January 2015, the firm switched to using JLT Employee Benefits as its administrator instead of Equiniti Paymaster. Around 400 employers, representing 200,000 savers, were locked out of the scheme’s systems during a “blackout” […]
Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.