Popular News
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17 pension firms sign up to Mansion House Accord
A new Mansion House Accord backed by 17 pension firms aims to help DC pension savers by using private markets to boost potential net returns, while strengthening investment in the UK.
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Specialist expat SIPP adviser declared in default
The Financial Services Compensation Scheme has declared financial adviser AXG Advice Ltd (FRN: 450813) as failed.
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Advisers changing retirement advice due to IHT shake-up
Financial advisers are turning away from pension wrappers and instead utilising pension gifting, annuities and onshore bonds as they prepare for the upcoming changes to inheritance tax, according to a new report.
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Trust in pensions sector drops for first time in 5 years
Public trust in the pensions industry has dropped for the first time in five years, according to an annual survey.
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Hundreds face huge tax bill after cashing in pension
Almost 300 people fully encashed a pension of more than £250,000 after tax-free cash between October 2023 and March 2024, paying a minimum £98,700 each in tax in the process, according to new analysis of FCA figures by Standard Life.
Latest Blog
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James Jones-Tinsley: Aiming for an advice-guidance sweetspot
As Nikhil Rathi is reappointed as CEO of the Financial Conduct Authority (FCA) for another five years, the FCA has set out its strategic direction for 2025/26, with important implications for financial advisers.
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Lisa Webster: Over-taxation of pensions remains an issue
HMRC’s January pension schemes newsletter announced changes to tax codes for pensions, and a few headlines followed proclaiming HMRC had finally fixed the over-taxation issue. It would be fantastic if that was the case, but despite nearly 10 years of getting it wrong, the problem isn’t resolved yet.
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Lisa Webster: Divorce impact on lump sums raises question
The lifetime allowance may have been consigned to the annals of history but the various forms of protection are still relevant in the new world, especially when it comes to the amount of pension commencement lump sum (PCLS) that can be taken.
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Martin Tilley: How education can tackle pension scams
The dark reality of pension scams is that we don’t really know how common they are. Fraud is a crime which tends to have low reporting events and with pension scams, it’s no different. The emotional toll can be as large as the financial, with some people being too embarrassed to report that they have been the victim of a scam.
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Lisa Webster: Maximising protected tax-free cash
While 2024 ended with a lot of doom and gloom in the pension world following the big announcement on inheritance tax (IHT), there was some good news that may have slipped under the radar of some advisers.
Tens of thousands have called on Work and Pensions Secretary Esther McVey not to shelve the proposal, with the count up to 126,527 at the time of writing.
The petition, on website 38 Degrees, reads: “The Welfare Secretary Esther McVey wants to 'kill off' a new government website which would help millions of people keep track of their pensions throughout their careers, because she thinks it's not the Government's job to help.
“Without it millions of pension pots are at risk of being lost.
“According to estimates by the Department for Work and Pensions, 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.”
It added: “A huge petition signed by thousands of us will show the Government we expect them to keep their promises and continue to roll out the pensions dashboard.”
The success of the petition has been backed by fin-tech firm Origo and managing director Anthony Rafferty said:
“The petition launched by 38 Degrees, in response to media reports that the pensions dashboard might not go ahead has passed 100,000 signatures, showing the depth of feeling and the support that the initiative has in the country.
“The benefits of the pensions dashboard are easily seen and have clearly struck a chord with people.
“We at Origo have been passionate supporters of the pensions dashboard since the initiative was launched, believing it is essential to help individuals engage with their retirement planning, particularly in the new pensions environment which was ushered in with the Pension Freedoms.”