Latest Columns
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Tilley: The lost art of SSAS trusteeship
In his final regular column for SIPPs Professional, pensions expert Martin Tilley looks at why understanding trust law matters as much as understanding pension administration when it comes to successful SSAS trusteeship, a topic he feels is vitally important to the future of the sector. We're pleased to say Martin may contribute occasional columns in future.
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Tilley: Time for a return to SSAS professional trustees?
For the last 20 years, the post A-Day regime has trusted SSAS members to combine three separate legal identities as pension beneficiary, trustee and business owner. Those changes preserved one of the greatest attractions of a SSAS in the form of member control, but also removed the compulsory pensioneer trustee role that existed before 6 April 2006.
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Lisa Webster: A calmer Budget? We hope so...
As we head towards our new Downing Street leadership team’s first Budget, the waters seem relatively calm.
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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.
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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.
Popular News
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Government announces consultation on ‘guided retirement’
The government has today released details of consultations on its default pensions proposals and 'guided retirement'.
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64% unaware of imminent IHT hit to pensions
A survey for wealth manager and SIPP provide Mattioli Woods has found that nearly two in three adults (64%) are in the dark about imminent major IHT changes affecting pensions from April.
New figures from the FCA published today have revealed that the total number of pension plans accessed for the first time rose by 8.6% to 961,575 compared to 885,455 in 2023/24.
The figures were included in the regulator’s latest retirement income data for 2024/25.
In particular the figures revealed a surge in people accessing pension pots worth more than a quarter of a million pounds.
The number went up in the six months between April 2024 and September 2024, coinciding with fears that the first Budget of the new Labour government would include measures such as capping or scrapping tax-free lump sums.
But the number went up again in October 2024-March 2025, in response to the Budget announcement that pensions would be included in the IHT net from April 2027.
In total, more than £53bn was taken out over the year in cases where pension pots were moved into drawdown but not fully emptied out.
Steve Webb, partner at pensions consultants LCP, said: “These figures show graphically how uncertainty about pensions and tax can move the market.
“Given that pensions should be a long-term business, it is deeply disappointing that consumer behaviour is being driven so profoundly by uncertainty around public policy.”
Jon Greer, head of retirement policy at Quilter, said: “The continued growth highlights how more people are leaning on their pensions earlier, often to meet rising living costs and fill income gaps elsewhere.
“Some of the increase will also reflect the demographic bulge of baby boomers reaching retirement age, so part of the rise is structural and will naturally continue in the years ahead. But the real concern is the scale of withdrawals and the lack of advice that accompanies them, which risks leaving many without adequate income later in life.”
The value taken from pension pots overall leapt by more than a third, rising 35.9% from £52.2bn in 2023/24 to £70.9bn in 2024/25. Drawdown products saw the largest increase in uptake, with sales climbing 25.5% to 349,992, cementing their position as the dominant choice for retirement income.
Mr Greer said: “While flexibility remains attractive, it also exposes retirees to the risk of depleting their savings too quickly if withdrawals are not carefully managed.”
Annuities continued their modest revival with sales up 7.8% to 88,430. Mr Greer said: “Higher interest rates have made annuities more competitive, and while volumes remain far below their pre-pension freedoms peak, more people are starting to recognise the value of securing a guaranteed income in retirement.”
Unless there is a big surge in inflation in the next two months, the state pension will rise by 4.7% next April.
More than a third, 36%, of Gen Xers aged between 44-59 are in the dark when it comes to knowing about their parents’ inheritance plans.
Fraudsters are using increasingly sophisticated impersonation techniques to access savers' pensions, according to the Pensions Regulator.
Pension and investment provider Aegon has launched a new app for workplace pension members, which it claimed will help people engage with their money and navigate key financial moments.
Workplace savings and pensions provider Scottish Widows has extended Origo’s Unipass Letter of Authority across its business to cut turnaround times and improve the quality of information.
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