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Flexible drawdown pension transfers up £114 million in Q2 2017

Flexible drawdown pension transfers up £114 million in Q2 2017

Analysis from Equifax Touchstone, a market leading intermediary database provider, shows that flexible drawdown pension transfers increased by £114.0 million (13.6%) during Q2 2017, reaching £954.0 million. Q2 figures showed transfers across all products rose by 5.9% to £6.1 billion, including a £75.4 million (2.1%) increase in SIPP transfer sales. This increase highlights the ongoing […]

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TMI comments on the FCA’s asset management report

Matthew Brown, private client partner, Thomas Miller Investment, comments on the FCA’s asset management report:  “The FCA’s interim report of the retirement market makes interesting reading.  This is not because of the findings that the freedoms are popular or that those with very small funds decide it is not cost effective to take advice; these […]

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FCA workplace pensions proposals fail to tick all the transparency boxes

FCA workplace pensions proposals fail to tick all the transparency boxes

Andy Sutherland, managing director of Advisory Services at TCC, commented on the FCA’s proposals on transaction disclosure in workplace pensions, ahead of the deadline to provide responses to the consultation. “The proposed measures will ensure workplace pension providers have a clear methodology to determine value for money. However, they fall short of providing complete transparency […]

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Chancellor sticks his head in the sand on pensions

Matthew Brown, Private Client Partner at Thomas Miller Investment, comments on changes around pensions rules in the Autumn Statement We had a new Chancellor at the despatch box today, and like his predecessors he couldn’t resist tweaking the pensions’ rules.  What is revealing though is that he has all but ruled out tackling the state […]

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Autumn Statement – Scrap the taper

Ian Price, Divisional Director for Pensions and Consultancy at St. James’s Place, explains why he supports revoking the pensions taper.  Last month, the government scrapped George Osborne’s blueprint for a second-hand annuity market, following concerns about consumer protection. Now there are calls for the new chancellor, Philip Hammond, to overturn some of his predecessor’s other […]

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£500 Pensions Advice Allowance may lead to misconceptions over the true cost of financial advice

David Hetherton, CEO of Walker Crips Wealth Management, comments on plans to enable savers to use £500 from their pensions to pay for financial advice on their retirement: “The Pensions Advice Allowance is a big step in the right direction which will encourage savers to consider taking valuable financial advice on their retirement strategy. “While the […]

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Pension investments hit new record high

Healthy growth in SIPP, annuity and flexible drawdown sales Pension investments reached a new record high in Q2 2016 according to data from Equifax Touchstone, a leading financial intermediary and customer profiling provider. Pension investments continued their strong upward trend with £8.4 billion of inflows (including transfers), a 6.2% rise (£0.5 billion) from the previous […]

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Pitfalls to avoid when protecting your Lifetime Allowance

Matthew Brown, Private Client Partner at Thomas Miller Investment, comments on the new Fixed Protection 16 (FP16) and Individual Protection 16 (IP16) and issues for pension savers. “The new HMRC web portal that allows pension savers to protect a pensions Lifetime Allowance (LTA) of more that £1m is up and running. The web portal allows anyone […]

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St. James’s Place study reveals more than half of UK adults misunderstand new pension rules

Ian Price, Divisional Director at St. James’s Place, comments on UK adults’ understanding of their options at retirement: “Research carried out on behalf of St. James’s Place by The Wisdom Council* reveals that only 49% of UK adults understood the pension changes implemented in 2015 and the impact on their choices at retirement.  Moreover, over 40% […]

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The self-employed face a turbulent retirement

Ian Price, Divisional Director at St. James’s Place, comments on the challenges that self-employed people face when saving for retirement: “Self-employed people may now qualify for the maximum state pension of £155.65 a week, following changes which came into effect on 6 April but, in terms of their overall funding for retirement, there is evidence […]

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