Apfa has written to the major political parties to urge a rethink of what it terms an “unjustifiable” 10 per cent increase in advisers’ FCA fees. In a paper on proposed fees published in March, the FCA said A13 advisers will pay £74.9m in 2015/16, up by 10 per cent from £68m in 2014/15. The […]
Retirement income firm MGM Advantage is to undergo a rebrand including a name change as the company attempts to break from its reputation as an annuity provider, Money Marketing can reveal. In January last year MGM bought equity release provider Stonehaven. It is expected MGM and Stonehaven will merge under a single new brand in […]
Lloyds Banking Group has reported an 11 per cent fall in pre-tax profit for the first quarter of the year, after making a £660m loss on the sale of TSB. The bank’s Q1 results, published today, show it made a £1.2bn profit in the first three months of the year, down from £1.4bn in the […]
Ukip has been accused of “mollycoddling” retirees after proposing to offer a guarantee of free financial advice to protect savers following the introduction of pension freedoms. Nigel Farage’s party unveiled the plans last week as part of their manifesto launch. One idea being considered would see retirees given a “voucher” to spend on advice. The […]
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.
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