Warning goes out to advisers about death benefit options
Hidden away from public interest lies the shocking truth that many large pension providers are thought to not provide. These providers are said to be not allowing beneficiaries to access savings that are bequeathed to them using the flexi-access drawdown process. Money that is left to be inherited is often collected in a lump sum […]
FCA proposes changes to pension rules to enhance consumer protection
The Financial Conduct Authority (FCA) has today outlined proposed changes to its pension rules to address the risks and challenges faced by consumers in the new retirement market. The FCA’s paper contains a number of proposals designed to ensure that the pensions market works well for consumers, including new requirements to help consumers shop around, ensuring the […]
High pension fees may shock many unaware clients
Should consumers be more aware of the indirect costs of their pension plans? New research indicates this may be the case. Many UK residents are unaware of the additional costs they may incur from their pension providers in terms of management and early-exit costs. Recent research has demonstrated potentially worrying numbers of people are unaware […]
Thousands of people’s later life plans put in jeopardy
Two thirds of people reaching retirement age next year will receive less than the full flat rate pension, reveals a Freedom of Information (FOI) request submitted by the Sunday Times. Whilst many people approaching retirement are speculating on receiving a weekly payment of £148, it is expected that only 37% will actually benefit from this […]
Over 55s reject pension advice
A recent survey by comparison website money.co.uk 669 people over the age of 55 were asked if they would, or did they, pay for financial advice before making a withdrawal of their pension. Only 19% answered yes, whereas 32% did not know and 50% answered that they would not pay for advice. Over 55s who […]
Why LPA uptake should be higher for drawdown clients
Current data shows that the correlation between drawdown clients and LPAs could be stronger. Recent changes to pension access demonstrate the importance of future planning for those managing their finances. As previously reported by Today’s Wills & Probate, in April this year, greater pension freedoms became available for those age 55 and over. However, there […]
Pension freedoms lead to surge in divorces
Changes implemented in April of this year, as previously reported by Today’s Wills & Probate, have altered the way over 55s can now access their pension funds. For legal professionals, the new rules prompt questions as to how the impact will affect their future work. Since the pension freedoms have been implemented, there has already […]
Pensions: Chancellor’s Tax Relief overhaul plans
Chancellor George Osborne announced during the Summer Budget his proposals to radically overhaul tax relief on pensions. He invited industry executives to consult on his plans with the publication of a Green Paper. Effectively, pension contributions could be paid from taxed income, however no tax would be paid when savings are cashed in. In return, […]
Savers rush to withdraw money from pension pots
Savers have withdrawn £1.8 billion in the first two months of the pension freedoms, according to figures from the Association of British Insurers. In April and May, savers took out £1 billion in 65,000 cash withdrawals from pension pots. The average pot taken was £15,500. There have also been 170,000 withdrawals from income drawdown policies, […]
Pensions – them and us
Two thirds of people reaching retirement age next year will receive less than the full ‘flat-rate’ state pension. Pensions Minister, Ros Altmann, has disclosed in a statement to the House of Lords that just 37% of people will receive "the full amount of new state pension directly from the state" in the first year of […]
Emergency services pension scandal
Recent reports show that thousands of retired emergency service workers, who were left out of pocket, have been grossly underpaid by the Pension Ombudsman. This was as a result of a lucrative Government scandal that was exposed, leaving them with a hefty £550 million bill in order to serve justice to those affected. One case […]
New pension freedoms see launch of CPD series
BirthStar, a research and advisory firm for asset managers and intermediaries, has launched a new CPD research series on rethinking retirement. The research is designed to help advisers navigate with their clients, the new pension freedoms scheme. The Government announced pension freedom in their 2014 Budget to start in this 2015/16 tax year. So far, […]
Pension Freedoms 2015: Will your clients have enough income in retirement?
New rules which give far greater flexibility over what individuals can do with their ‘pension pot’ came into force on 6th April 2015. Anyone over the age of 55 can now take advantage of the new pension freedoms since the rules came into force. Have any of your clients taken advantage of this? Or have […]
Pension exit charges could be capped under Government review
The Government is set to consult and review the current legislation of exit fees from pensions. In particular the consultation taking place next month will look at options to address any “excessive” early exit penalties. These include the possibility of imposing a legislative cap on charges for those aged 55 or over. The consultation will […]
Pension proposals – Will they, or won't they?
New proposals from the Conservatives mean high earners will have limited pension pots and will need to invest in other ways. Will this be an effective strategy to protect people’s money – or should consumers be able to invest their earnings freely? Tory proposals could slash high-earners’ pensions by £1m http://t.co/JSba5PXnuf For estate planning advice call […]
6th April sees “Pension Freedom” Rule Changes
The new Pension Freedom rules, which will be taking effect from 6th April 2015, are now almost upon us and have created greatly increased interest in pensions – which are only set to grow throughout 2015. The key impact of the rule changes is that people will now be able to take 100% of their […]
As new pension freedoms arrive be ScamSmart
With the changes to the pension system that will allow people to access their pension pot coming into force next month, the Financial Conduct Authority is urging people to be ScamSmart and on the look-out for dodgy investment scams. The FCA is launching the next wave of their ScamSmart campaign that highlights the warning signs consumers […]
FCA publishes consultation on pension transfers
The Financial Conduct Authority (FCA) has today published a consultation paper on proposed changes to its pension transfer rules, designed to reflect the Government’s new flexible pensions regime. The FCA already regulates advice on transfers to personal pensions. The Government’s new regime will bring advice on transfers from defined benefit (DB) schemes to occupational defined […]
Pension scandal could leave your clients out of pocket
It’s been reported this month that some of the top insurers have gone against the advice of the financial ombudsman and have provided consumers with highly reduced compensation — leaving many pensioners hundreds of pounds worse off. This case brings forward the matter of solicitors and will writing professionals having to thoroughly analyse clients’ financial […]
Pension changes could affect how expats arrange their estate
Brits retiring abroad who are adapting their financial affairs to suit April’s new pension rules are also being advised to reassess their worldwide estate and inheritance plans once they are non-residents of the UK. "Expat priorities will be slightly different to those of a fellow retiree in the UK, which means that relocating retirees are […]
