The Financial Ombudsman Service (FOS) has upheld complaints from four individuals who claimed they had been given “unsuitable advice” to transfer their pension savings into troubled overseas investment scheme, Harlequin.
The Chartered Insurance Institute (CII), a leading professional organisation for the insurance and financial services sector, has launched a new programme to help financial planners get up to date with the latest UK pension reforms.
Major UK pension providers have reported a surge in customer inquiries following the new rules governing access to their savings with most seeking to drawdown some of their cash.
Leading QROPS providers have outlined concerns including doubts around the benefits of 100% lump sum withdrawals in the wake of the UK pension reforms, after the schemes were denied full flexibility in a U-turn by HM Revenue & Customs.
The UK Government’s final Budget before the country takes to the polls in the general election in May revealed plans to extend pension reforms to allow existing annuity holders to sell their contracts from 2006.
Advisers now have to provide pension trustees with details of any transfer advice they give to members of defined benefit pension schemes, according to final guidance by the UK’s pension regulator.
A radical reform of the UK pension system gets underway this month allowing savers in defined contribution schemes much greater freedoms on how they can drawdown and utilise their money.
Very shortly, members of private pensions will be able to enter flexible drawdown. Much speculation in the press has surrounded the possibility that people will encash their pensions and spend all their savings leaving them reliant on the state to fund their future, but in reality, will this really happen?
The UK’s financial watchdog has warned consumers to look out for a surge in pension scams as next month sees the introduction of full flexibility on retirement pots.
The UK government is planning to cut the lifetime limit for tax-free pension saving to £1m from £1.25m, along with a series of measures designed to trigger a savings revolution.
The UK government will remove tax restrictions on people who want to sell the income stream from an existing annuity from 6 April next year, effectively giving them similar freedoms as those soon to be enjoyed by those in defined contribution savings plans.
Purpose-built care homes are a future-proof and compelling investment sector, driven by the UK’s ageing and changing population, said the founder of asset management firm, Target Advisers.
