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  • Lisa Webster: Take the pension first? Think again

     

    With the impending changes to tax treatment of pensions on death, there has been talk around the order of income in retirement being turned on its head.

  • Tilley: Transfer reform welcome but SSAS governance is key

    At first glance, DWP’s June 2026 consultation on proposed changes to the 2021 transfer regulations does something the industry has long asked for; it acknowledges that the current regime, while well intended, has created too much friction for some perfectly legitimate pension transfers.

  • Lisa Webster: Good news from DWP for SIPPs but not SSAS

    The DWP has just released its long-awaited consultation on the SIPP transfer regulations – and it’s largely encouraging news. As an employee of a reputable SIPP provider the changes are positive. SSAS providers may be less enthusiastic about some of the proposals.

  • Lisa Webster: Should tax-free cash always be taken?

    Since the Lifetime Allowance was abolished and replaced with the Lump Sum Allowance (LSA) and lump sum and death benefit allowance (LSDBA), we have seen an increase in SIPP members who want to take drawdown only – foregoing the right to take the associated pension commencement lump sum (PCLS).

  • Tilley: Are we asking too much of pension savers?

    Working in UK pensions, I’ve always accepted that the system evolves. Fiscal pressures change, demographics shift, and governments recalibrate policy objectives. But even allowing for that, the pace and volume of legislative change in the pensions space over the last few years feels unprecedented, and in my view increasingly problematic.

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money for their adult children.

More than half have clients who are tapping into their pension savings to boost their disposable income and, of those, a fifth are taking an additional lump sum from their pension pot to help other family members with the cost of living.

The survey of more than 200 financial advisers carried out by Royal London revealed interesting insight about the impact the cost of living was having on their clients.

The top request from clients, in the context of the cost of living crisis, was to help make sure investments kept up with inflation, according to two fifths of advisers.

In terms of accessing additional money, over half of advisers have clients who are tapping into their pension savings to boost their disposable income, with around a third increasing the amount of drawdown cash they took.

A third took an additional lump sum for themselves and about a fifth took a lump sum specifically to help their children.

While clients are worried about the impact on their children and have a strong desire to help them, they are also very conscious about running out of money over the course of their retirement.

Clare Moffat, pensions expert at Royal London said: “For today’s young adults, life long-term financial planning looks very different to the journey their parents took.

“Reaching key financial milestones, like buying a house, involves a much longer wait than previous generations.

“While it’s natural for parents to help, the right balance needs to be struck.”

Royal London commissioned a survey by Opinium between 1 and 6 March 2023, with a sample of 218 financial advisers.

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