Australia makes large scale pension reforms on par with UK
The Australian government has announced wide-ranging pension reforms that are already being likened in scale to UK chancellor George Osborne’s radical pension freedom changes.
Pension
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Mind the gap: Age a major factor in financial knowledge
There are key generational differences in attitudes towards financial priorities and money management in the UK, but employees of all ages have major gaps in their financial knowledge, according to consultancy and actuarial services firm Barnett Waddingham.
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HMRC data shows £4.4bn withdrawn since UK pension reforms
Nearly £4.4bn ($6.4bn, €5.7bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
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UK outlines how new secondary annuities market will work
The UK government has set out the rules and regulation for its planned secondary annuities market which will allow holders to sell their scheme back to a provider or onsell the income stream to an FCA-authorised buyer.
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Sovereign expands into Sipps with MW Pensions deal
Sovereign Group, an international wealth management and retirement planning provider, has acquired UK-based MW Pensions, a specialist in Self-Invested Personal Pension (Sipp) schemes, for an undisclosed amount.
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UK gov’t to widen access to planned secondary annuity market
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.
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FCA sets in motion ‘top priority’ pension scam crackdown
The Financial Conduct Authority is to crack down on pension-related investment scams as one of its main priorities for the coming year.
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Risks and advice for transferring UK pension pots
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.
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OMW caps exit fees for customers aged 55+
Old Mutual Wealth is reducing its exit fees on traditional UK pension contracts, putting a 5% cap in place for all customers aged 55 or older.
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Two thirds of UK pensioners to retire early this year
Nearly two thirds of UK seniors planning to retire this year are doing so earlier than their state pension age or before their company pension retirement date, according to new research published by Prudential.
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Retirees shun Lamborghinis, taking just £25k from pensions
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.
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UK pension advisers ‘caught out’ by unexpected Sipp charges
More than a third of pension advisers in the UK admit that they have been ‘caught out’ by unexpected charges on self-invested personal pension (Sipp) wrappers, research by retirement specialists Momentum Pensions shows.