BNY Mellon’s Parkin: The changing nature of retirement advice
Richard Parkin, head of retirement at BNY Mellon IM, outlines how client relationships have evolved
Pension Freedoms
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7IM unveils retirement income solution
Pension freedoms ‘introduced a minefield of potential pitfalls’
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Pension freedoms reform proposals ‘deeply controversial’
Capping the 25% tax-free lump sum could disincentivise people from saving into a pot
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Pension tax refunds fall to £134m in 2022
Total value of overpayments since pension freedoms nears £1bn
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Cost-of-living crisis triggers 23% surge in taxable pension withdrawals
£3.6bn was taken in the first quarter of this financial year
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HMRC ‘quiet scandal’ as overtaxation of pension withdrawals soars
It has had to pay back £925m since pension freedoms were introduced
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6,000 Brits trigger MPAA restrictions every week
148,000 accessed their pension in the first half of 2022
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Rise in full pension withdrawals triggers tax warning
Over 10,000 pots were accessed without advice in the last financial year
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Pension freedoms ‘a failure’ without guidance and advice
Savers deemed retirement system a ‘minefield’ as they struggle to understand how it works
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HMRC refunds £835m in overpaid tax on pension withdrawals
But advisory firm believes total is likely to be in ‘excess of £1bn’
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UK politicians to scrutinise adequacy of pension savings
Workers must be helped ‘to ensure they do not miss out later on in life’
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Is hybrid the retirement strategy of the future?
Pension firm says there is a ‘crossover point’ where annuities become more attractive than drawdown