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 [...]
Pensions jargon busted: Your guide to the experts’ complex lingo October 5, 2015 Six months on from the landmark pensions changes, and one thing hasn't changed: Pensions jargon is as complex as ever. From benefit crystallisation events to annuities and LTAs, here is our simple guide to the experts’ language. Annuity An annuity is an insurance product, purchased to ensure a guaranteed income from retirement [...]
Pensions reform: Lump sums don’t mean Lamborghinis as Britain’s savers are still being prudent October 5, 2015 Pensioners were expected to be buying up Lamborghinis in droves this summer, after landmark pension freedoms came into effect in April. The new system allows people over 55 to take some – or even all – of their pension as a lump sum. It wipes away old restrictions which only let retirees have a [...]
Know your stuff: Five things everyone needs to hear about pensions October 2, 2015 Charges and not taking enough risk can massively dent your long-term savings. Seismic shifts have taken place in the pensions world in recent years – and there may be more to come. Generous employer pension schemes have all but disappeared, and new freedoms brought in by the government this year aim to offer savers [...]
Pension lobby calls for flat rate tax changes October 1, 2015 Pensions savers could soon see a single rate of tax relief if industry proposals come into force. Last night, the government closed its consultation on how pensions should be taxed, after providers were invited to put forward their concerns. Pensions experts have called for a single level of tax to replace the current, tiered [...]