SIPP provider burden eased in new rule change
The Financial Conduct Authority has succumbed to pressure from SIPP providers to make the calculation of capital easier and less costly when new rules comes into force in September next year.
Retirement
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Friends Life U-turn on pension freedom offering
Insurance giant, Friends Life, has apologised after U-turning on its decision to offer new pension flexibilities to thousands of UK customers.
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Gibraltar QROPS operator accountability set to rise
Gibraltar QROPS operators could see their responsibilities as a trustee extend to include the due diligence of overseas financial advisers and the risk classification of policyholders in their schemes, under proposals from the jurisdiction’s regulators.
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What the future holds for the new retirement landscape
We have now emerged into the brave new world of pension freedom, says Matt Ward, head of communications, AKG Actuaries & Consultants. What is different and how will things unfold in 2015/16 as the market continues to respond to the changes?
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Boal & Co gains trustee licence in Gibraltar
Isle of Man headquartered Boal & Co has obtained a trustee licence for its Gibraltar QROPS business following approval from the British overseas territory’s regulator.
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DeVere boss further reduces stake in QROPS specialist STM
DeVere’s chief executive has continued the sale of his shares in QROPS provider STM, reducing his stake to just 6.7% from the 24% he purchased in 2012.
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One in seven unprepared for retirement, says Prudential
Of those people in the UK who are planning to retire this year, 15% have no pension savings, research from Prudential has revealed.
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Pension reforms give Old Mutual Wealth sales a lift
The UK pension reforms have caused the demand for financial advice to rise significantly, according to Old Mutual Wealth.
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Defined benefits pension enquiries soar, says Mercer
Global consultancy firm, Mercer, has seen a 60% increase in the number of people wanting to know the value of their defined benefits (DB) pension scheme, driven by the introduction of the UK pension reforms on 6 April.
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UK annuity rates drop to ‘all-time low’
Standard annuity rates have fallen to an all-time low, just three weeks after the new UK pensions regime came into force.
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Gov’t urged to protect ‘insistent’ consumers against DB pension transfers
The Personal Finance Society has written to the UK Government calling for increased protection for clients who insist on cashing in their pensions against the advice of a financial adviser.
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Cashing in pension pots dominates UK calls
Canada Life said about 75% of the customer calls it has received since the UK pension reforms came into effect on 6 April have been from individuals who want to cash in their pension pots.