Lifetime allowance set to rise to £1,054,800
The increase is £24,800 or 2.4%
Tom McPhail
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UK pension transfer risks rise for investors and advisers
The sharp increase in people transferring out of defined benefit (DB) pension schemes poses risks for investors and the industry, says Tom McPhail, head of policy at Hargreaves Lansdown. His warning comes as the UK’s pension transfer industry remains under close regulatory scrutiny.
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No secondary annuity market service for Hargreaves Lansdown
Hargreaves Lansdown will not offer a service for investors to sell their annuities when the UK government scheme launches next year, citing too many risks for investors.
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Prudential pulls out of annuities open market
UK insurer Prudential will no longer sell annuities on the open market through advisers, a move which coincides with the end of a consultation into the government’s plans to implement a secondary annuities market.
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IFAs have ‘no clue’ on pensions – Bank of England economist
The Bank of England’s chief economist Andy Haldane has said that financial advisers have “no clue” about pensions, while admitting that he himself cannot make the “remotest sense” of them.
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Low-cost pension planning services launched to fill ‘advice gap’
Free and low-cost pension support services have taken off as more UK consumers look for alternatives to traditional financial advice and the governmental initiative, Pension Wise.
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Osborne reveals £1bn withdrawn since UK pension reforms
Thousands of UK savers have collectively withdrawn more than £1bn from their pension pots after new freedoms were introduced in April.