QROPS to receive full flexibility
HM Revenue & Customs last week issued draft legislation to allow QROPS schemes the same flexibility in drawing pension benefits as will apply to UK pensions from 6 April.
Pension
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OECD warns pension reforms could leave retirees
The OECD has said the UK's new flexible pension system will need to be continually reformed to ensure retirees do not run out of money.
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QROPS clarity remains undelivered
Anticipated clarification around exactly how and whether QROPS will be included in the new Pension Flexibility rules to be introduced in April 2015 were missing from todays Autumn Statement.
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FCA to half adviser guidance guarantee levy
The Financial Conduct Authority (FCA) has proposed giving advisers a 50% reduction in the levy to fund the Government’s guidance guarantee service.
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Axa Wealth drops pension platform charges
Axa Wealth will scrap regular charges for both its pension products and drawdown services available via the Elevate platform.
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OMGI distributor deals annuity replacement
Old Mutual Global Investors is at an “advanced stage” of setting up partnerships with selected life companies and platforms to develop pooled fund products for the retirement market, in readiness for next year’s radical UK pension regime reforms.
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Lessons to be learnt from LandGs pensions pilot
A pilot scheme for pensions guidance introduced by Legal & General saw only 2.5% of retirees take up the offer, but the firm has said there are lessons to be learnt from the pilot.
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Pension abusers could face 300 fine
A fine of £300 could be imposed on those who deliberately abuse the new pension tax rules.
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Annuities if theyre no longer compulsory
Two things are on my mind. First, just how much I like the new One Direction single. Great work guys. Second, fairness for those approaching retirement.
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Have pension will travel
Expatriates looking for greater income freedom and estate-planning options for their UK pension savings will no longer need to transfer to a qualifying recognised overseas pension scheme (QROPS) and wait for 10 years. These freedoms will be available back home within six months without having to transfer overseas.
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Good value products needed for small
Income drawdown is “unlikely to be suitable” for pensions under £50,000 in the current market, the Financial Conduct Authority’s (FCA) director of policy has said.
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Unions unite against pension fund tax avoidance
National trade unions from around the globe have agreed to tackle “deeply damaging” aggressive tax avoidance in pension funds by revamping international tax rules.