More than half of the funds being invested under the new pension freedoms have been invested in income drawdown products, with the remainder buying annuities, reports the Association of British Insurers (ABI).
The UK pension freedoms introduced in April this year are not yet operating as well as they should, and the provision of affordable advice was “woefully inadequate”, a new report from a parliamentary oversight committee found.
UK financial advisers are avoiding giving advice on the full scope of pension freedoms due to concerns they might be held liable later down the line, according to new research.
More than two thirds of financial advisers in the UK see specialist tax advice as the biggest growth area in their businesses over the next two years, according to a survey by Prudential.
The number of pension transfers being rejected by providers is increasing as financial advisers are unaware of the permissions they need to authorise transactions, according to a retirement planning specialist.
UK-based pension provider Aegon is refusing to give savers flexible access to their pension pots without financial advice.
Data out from the Association of British Insurers and the Office for National Statistics in the past few days should have asset managers rubbing their hands with a mixture of excitement and trepidation.
Enterprise investment schemes are set to benefit from the UK Government’s pension reforms as savers look for less mainstream ways to grow their assets, according to the chief executive of AppBox Media, Polat Hassan.
Research by UK insurer Royal London has found that nearly 70% of savers who have taken advantage of the government’s new pension reforms since April have taken their money in a cash lump sum.
State Street Global Advisors has unveiled a new fund which caters for individuals who are likely to remain invested in retirement, focusing specifically on those investors in defined contribution schemes.
The UK Teachers’ Pension scheme has advised its members there is a loophole in the current rules surrounding the transfer of public sector pensions that would allow access to certain qualifying recognised overseas pension schemes (QROPS).
More than half of UK defined benefit (DB) schemes are planning to quote the transfer value of their members’ pensions on retirement statements, new research has revealed.
