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So it was with bated breath that Chancellor Philip Hammond stood to deliver his November Budget speech. Rumours has been swirling for weeks that pensions could be hit with changes to taxation. It was suggested that this would be to pay towards the NHS deficit among other things. It was with great relief that when he sat down and we reviewed the actual Budget papers that this was all just speculation and there was little impact. This can only be a good thing as any meddling impacts the distrust that consumers have for the pensions system and makes it difficult for advisers to plan for the long term with clients. How many times have we heard that PCLS or tax-free cash as it is more commonly known will be scrapped? Every Budget for as long as I can remember.
There has been a flurry of corporate results in the last few months from SIPP providers that have shown an increase in revenue due to the increase in SIPPs being set up due to the large number of DB transfers to SIPPs.
The FCA recently published its final report on the Retirement Outcomes Review which has some interesting ideas to improve the experience of non-advised consumers, but some of the areas could cause difficulties for the SIPP sector.

There was an interesting report from CoreData Research issued recently that showed full self invested pension schemes (SIPPs) have risen to the top of the wish list for advisers on platforms.

The fall-out from a General Election inevitably involves a game of musical chairs; masquerading as a Parliamentary reshuffle.
After serving six years on the AMPS Committee, three years of which as Chairman, I felt that it was the right time to step down and let someone else take the helm.

Showing my age, one of my all time favourite Motown songs is: “The world is like a great big onion” by Marvin Gaye and Tammi Terrell. I am reminded of this classic at every budget or autumn statement because our pensions world has been growing like an onion – with layer upon layer of complexity added almost every time the Chancellor gets to his feet.

The FCA advised AMPS at the beginning of August that they had issued an alert highlighting some of the risks arising from authorised firms accepting business from unauthorised introducers and lead generators.

After reflecting on developments in the SIPP market over the last few weeks I’ve concluded that it’s definitely a case of out with the old and in with the new.

In the lead up to the Spring budget there was a fair amount of speculation about what major (negative) changes were going to be made to pensions.
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