Latest Blogs
-
James Jones-Tinsley: Guided Retirement Duty could be game changer
During May, the Pensions Policy Institute (PPI), sponsored by The Pensions Regulator (TPR), concluded that defined contribution (DC) pension savers – including those in SIPPs, as well as in Workplace Pensions - require more guidance when choosing suitable retirement products.
-
Lisa Webster: Overcomplicated rules are a threat
It may be more than a year since the Lifetime Allowance was formally abolished but issues are still emerging from the mess made by rushed legislation.
-
Lisa Webster: To gift or not to gift?
Since the announcement that pensions are to be included in estates for inheritance tax (IHT) purposes the question of whether those with large pension pots should be giving some funds away has become increasingly common.
Popular News
-
Barnett Waddingham appoints new CEO of BW SIPP
Pensions and SIPP consultancy Barnett Waddingham has promoted Nick Cooper to be CEO of BW SIPP, as the business says it enters a new phase focused on market growth.
-
502,000 claim back £1.5bn overpaid tax on pensions
New figures published by HMRC reveal that the total number of claims for overpaid tax on pension withdrawals has soared above half a million to 502,000 to total almost £1.5bn reclaimed since the introduction of Pension Freedoms in 2015.
-
SIPP administrator Nucleus poaches new CFO from FNZ
Platform group and SIPP and SSAS administrator Nucleus Financial Platforms has appointed FNZ chief financial & commercial officer Andrew Ring as chief financial officer, subject to regulatory approval.
-
IHT liabilities rise 12% to £6.7bn as 13% more deaths taxed
IHT tax liabilities created in 2022-23 were £6.7bn, up £0.71bn or 12% compared to the previous year.
-
Petition demands 10-day pension switch guarantee
Retirement specialist PensionBee has launched a petition demanding the government take action on pension delays as frustration mounts over the slow pace of pension transfer switches.
-
State pension gender gap ‘almost eliminated’
The gender pension gap has been almost completely eliminated when it comes to the state pensions of people retiring today, according to new data.
SIPP provider Curtis Banks Group has revealed increased profits and assets in its interim results for the six months to 30 June.
The firm increased pre-tax profits by 14% from £4.8m in 2018 to £5.4m.
Meanwhile assets under administration rose by 9.6% from £25.1bn to £27.5bn.
Other highlights included:
Operating Revenue increased by 6.7% to £24.5m (2018: £23.0m)
Interim dividend of 2.5p per share (2018: 2.0p)
Will Self, chief executive of Curtis Banks, said: “This is a solid set of results for the first six months of 2019 with the period under review showing an increase in our key financial metrics.
“Once again, the Group has continued to grow profitably and maintains a high proportion of quality recurring earnings which demonstrates the resilience of our business against some current headwinds in the SIPP industry and wider marketplace.
“Through initiatives to stimulate both organic and inorganic growth, as well as successfully diversifying revenues by broadening our capability to commercial property clients, we have navigated the first half of 2019 extremely well.
“I am confident and excited about our prospects for further growth.”
DB transfer values rose to record highs in August 2019, while the number of members requesting a transfer value continues to increase, according to XPS Transfer Watch.
XPS Pensions Group’s ‘Transfer Value Index’ jumped sharply to an all-time high of £258,200 on 21 August 2019; up from £247,400 at the end of July 2019.
The increase was said to have been “largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations”.
XPS Pensions Group reported an increase in the number of transfer quotes being requested across some of its schemes, with some members choosing to pay for an updated calculation with transfer values at their peak.
Mark Barlow, partner, XPS Pensions Group, said: “The impacts of recent volatile markets have seen transfer values increase steadily over the last two months, with an all time high in August.
“The continuing fall in gilt yields has pushed transfer values to new record highs, around 10% higher than they were this time last year.
“Although there is a lot of uncertainty around the future of the financial markets, an increase in transfer values will mean we are likely to see a lot of members investigating their options.
“Trustees and sponsors should ensure that members considering long term irreversible decisions are being provided with sufficient education and support to enable them to make the right decision for their circumstances and financial futures.
“We would also recommend schemes consider how the substantial changes in market conditions have affected the funding strategy and whether, in light of this, the transfer value basis remains appropriate.”