UK MPs warn pension freedoms to trigger ‘mass mis-selling’
A group of British politicians has warned that the pension freedoms, which came into effect in April last year, are a “potential trigger for future mass mis-selling”.
Retirement
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Expats in Australia hit by £250K lifetime allowance cap
British expats living in Australia could see their retirement plans derailed following legislation curbing the amount they can save into their pensions.
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UK expats to lose £50k from state pension following Brexit
UK expats living in Europe could see their state pension slashed by up to £50,000 ($72,125, €63,372) if Britain votes to leave the European Union next month.
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UK launches website to trace £400m in unclaimed pensions
The UK’s Department for Work and Pensions (DWP) has launched a new pension tracing website to help savers track down lost or forgotten retirement pots.
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Insurance body slams ‘poorly designed’ EU pension product
Insurance Europe, the trade body that represents the European insurance and reinsurance industry, has slammed plans for an EU-wide single pension product as “poorly designed”.
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More UK savers on track for retirement
The UK appears to be taking their retirement a bit more seriously, with 12% of the population now on track for the retirement they aspire to have, up from 7% in April 2015, according to Aegon UK.
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Australia makes large scale pension reforms on par with UK
The Australian government has announced wide-ranging pension reforms that are already being likened in scale to UK chancellor George Osborne’s radical pension freedom changes.
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FCA details the prices charged by UK advice firms
UK financial advisers charge between 1% and 4.5% of investible assets for their initial financial planning advice to clients with up to £50,000 ($73,000, €64,000), a survey by the Financial Conduct Authority has found.
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Mind the gap: Age a major factor in financial knowledge
There are key generational differences in attitudes towards financial priorities and money management in the UK, but employees of all ages have major gaps in their financial knowledge, according to consultancy and actuarial services firm Barnett Waddingham.
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HMRC data shows £4.4bn withdrawn since UK pension reforms
Nearly £4.4bn ($6.4bn, €5.7bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
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BlackRock launches global retirement institute
BlackRock has launched a global platform that will extend the firm’s efforts to help advisers, consultants, trustees, policymakers, institutions and individuals make better decisions about retirement and longevity.
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Elian unveils a Jersey Qrops for non-islanders
Global trust and corporate services group Elian has become the second company to launch a Jersey Qrops plan for non-island residents.