Pensions committee warns industry is at risk of next mis-selling scandal over new freedoms October 19, 2015 The work and pensions select committee is today publishing its report on pension freedom guidance and advice, in which it blasts reforms introduced in April as being “insufficient”. The report, the result of an inquiry, announced in July, into recent pension reforms, states that “freedom to choose” is not enough: “People must have the freedom to make a well-informed [...]
Why public sector pensions need a radical overhaul October 14, 2015 A fortnight ago, I delivered a call to arms to the Government, detailing the need for immediate action to address the parlous state of UK public pensions. The estimated total shortfall is a staggering £1.7 trillion, across funded and unfunded public sector schemes. This exceeds UK GDP. On the basis of a 2012 ONS study, [...]
Pension freedoms: Six months on, savers still held up by four-week wait to access lump sums October 13, 2015 Retirees hoping to make use of the new pensions freedoms are being held up for weeks by admin hurdles, research has found. Since April this year, anyone over the age of 55 has been able to take some – or even all – of their pension as a lump sum. The new rules wiped [...]
“Top-up” pension scheme to start tomorrow October 11, 2015 Applications for the new "top-up" pension state pension scheme will start tomorrow, which allows pensioners to boost their retirement income by up to £25 per week for a one-off payment. Existing pensioners and those who reach retirement age before 6 April 2015, who are entitled to the state pension are eligible for the scheme. Pensioners can [...]
Pension freedom? There’s more to do before savers are really trusted with their money October 8, 2015 Six months ago, George Osborne kicked off what looked like an enormous shake up of the pensions industry – new freedoms that would give those with defined contribution pensions the ability to take their entire pension as a lump sum, with the first 25 per cent free of tax and the usual rate of income [...]
The new pension freedoms are transforming asset management October 6, 2015 The pensions freedom and choice agenda, announced at Budget 2014 and implemented in April this year, took fund managers by as much surprise as insurers. Eighteen months on, what can we see happening in the asset management world, as investment houses digest the implications? The biggest change in the new agenda was the final [...]
FCA proposes changes to new pensions regime in wake of George Osborne’s reforms October 6, 2015 Customers will receive more guidance and information when purchasing retirement products, under new proposals from the Financial Conduct Authority. Chancellor George Osborne shook up the pensions market in his 2014 Budget, when he announced that retirees would no longer be required to purchase annuities with their pension pots. The new pensions rules, which came into [...]
George Osborne’s buy-to-let reforms fail to dissuade investors – Comparethemarket.com October 6, 2015 Buy-to-let investors have not let chancellor George Osborne's recently announced reforms dampen their enthusiasm for the market, with enquiries on Comparethemarket.com rocketing so far this year. The website's data shows that buy-to-let enquiries were up by 20 per cent in the first eight months of the year, compared to the same period of last year, [...]
Pension confusion is leaving British workers unprepared for retirement – PwC October 6, 2015 Bewildered by your pension? You’re not alone. British workers are so confused about the current pensions system that they are not saving as much as they should in order to be ready for retirement, according to a report out today from PwC. The advisory firm surveyed nearly 1,200 working adults following chancellor of the exchequer [...]
Why Britain’s savings crisis is worse than you think October 5, 2015 We all knew Britain had a long-term savings crisis, but it’s now looking more like a disaster. For all the effort the government has put into liberalizing the pensions system, boosting personal responsibility by giving everyone the choice of what to do with their pots at retirement, one simple fact has not been addressed: we’re [...]