New rules proposed by the UK tax office for a planned secondary annuity market, expected to open in April 2017, will allow more people to participate than previously expected, experts said.
Changes to UK pension rules, implemented a year ago, have boosted the retirement confidence of over a third (34%) of those retiring in 2016. As a result, nearly a third (31%) are more likely to seek financial advice, indicating a future win for retirement planners.
Advising clients on transferring their pension pots out of UK schemes is fraught with risks for a financial adviser. Paul Evans, chief executive of pension product provider IVCM gives his take on the latest rules and regulations and the key issues for adviser to take into account.
Nearly £6bn ($8.6bn, €7.6bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by the Association of British Insurers (ABI).
The average full withdrawal from pension pots since UK rule changes came into effect in April 2015 was just under £25,000 ($35,346, €31,673), new research by online investment platform AJ Bell shows.
The UK chancellor George Osborne’s widely reported decision to abandon plans to shake up the pension taxation in this month’s budget still leaves room for tinkering with the pensions system, analysts said.
The UK chancellor George Osborne has abandoned plans to shake up the pension tax system in this month’s budget after pressure from Conservative MPs, according to media reports.
Chancellor of the exchequer George Osborne is under increasing pressure to ‘play it safe’ and not overhaul the UK pensions system when he reveals his budget in 12 days’ time.
If UK chancellor George Osborne opts to introduce a new Isa-style pension system in next month’s budget it spells the end of the 25% tax free lump sum allowance, says Steve Webb, director of policy for Royal London.
Aegon’s UK platform business has benefited significantly from the pensions freedoms announced in April, the firm said.
The majority of financial advisers (82%) expect to see increasing numbers of clients referring them to other family members, according to research from Investec Wealth & Investment.
The rising costs of providing pensions to staff is becoming a bigger concern to UK employers, according to the final report by Association of Consulting Actuaries (ACA) on its 2015/16 pension trends survey.
