Rate of UK flexible pension drawdowns slows
The number of people taking advantage of the new pension freedoms dropped by 13.3% between the third and fourth quarters of 2015, with the total value of funds released down by nearly a third.
Pension Freedoms
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New UK exit fee cap to apply equally to work-based plans
The UK pensions minister Ros Altmann says the new powers handed to the Financial Conduct Authority to cap exit fees on savers seeking access to their pension pots will apply equally to occupational and work-based personal schemes.
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UK government moves to cap early exit pension charges
UK chancellor George Osborne has announced plans to introduce legislation to give the Financial Conduct Authority (FCA) the power to cap excessive early exit charges for those eligible to access their pension pots under the new pension freedoms.
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Expected UK retirement income up for third year in a row
Those in the UK planning to retire in the next 12 months expect to receive an annual income that is 4% higher than their peers who planned to retire in 2015, according to Prudential.
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FCA reports 13% drop in consumers accessing UK pension pots
The Financial Conduct Authority (FCA) has published its latest quarterly data on how consumers accessed their pensions in the period from the beginning of July to the end of September 2015. The sample of firms in the survey covers an estimated 95% of defined contribution (DC) contract-based pension schemes. Please click on the pictures below…
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New UK secondary annuities market greeted with caution
The UK financial services industry has cautiously welcomed the government’s plans to extend its pension freedoms and create a new secondary annuities market by giving more than five million people the ability to sell their annuity from 6 April 2017.
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UK Gov’t to enforce advice requirement on annuity sales
The UK government has announced plans to make it mandatory for investors holding a sizeable annuity to seek financial advice before selling out of their scheme.
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Pensions association calls on industry to address fraud
The Pensions Administration Standards Association (PASA) has called on the pensions industry to do more to protect pension savers from fraud.
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Expert guide to UK pension transfers overseas
Darion Pohl, chief executive of Prism Xpat provides an expert view on the factors an adviser needs to take into account when considering a defined-benefit pension transfer to a recognised overseas pension scheme for a UK retiree planning to retire overseas.
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DeVere warns of rise in pension liberation scams in Qatar
Pension liberation scammers are increasingly targeting expatriates in Qatar, warned independent financial advice giant, deVere.
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Old Mutual warns of UK pension transfer IHT trap
Savers suffering from ill health could see their pension pots subject to inheritance tax if they transfer to a scheme that gives them greater access to the UK’s pension flexibilities, Old Mutual Wealth has warned.
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US and Aus reveal ‘detrimental outcomes’ of UK pension freedoms
An examination of the impact pension freedoms have had on other countries exposes the potential downsides and risks facing UK retirees and the British state, a think tank has warned.