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We are fast approaching at the second anniversary of the pension freedoms and the removal of the requirement to buy an annuity (officially that is – the real compulsion went several years before). In that two years the focus has been on the numbers – what has been cashed, how much tax has been generated, what product options are popular and very little on how the money has been spent.
Having just had the last Spring Budget, delivered by a very humorous Chancellor Philip Hammond, it is back to the day job, with thankfully few further changes to our ever complex pensions regime.
The Chancellor has come under fire again today over another of his Budget proposals, as critics attack his “wholly ill-conceived and utterly misguided thinking on QROPS”.
A pensions mis-buying crisis is looming unless there is further action to increase the take up of advice, LV= is warning.
A new drawdown comparison table has been created to show both Personal Pensions and Sipps.
James Hay is overhauling its charges, it revealed this morning, with some fees set to be axed and a new structure established.
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