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The beginning of February saw the FCA issue a discussion paper DP18/1: Effective competition in non-workplace pensions. Within the discussion paper, the FCA estimates that non-workplace pensions amount to around £400bn in AUM, double the amount invested in DC pensions schemes.
The run up to the end of the tax year can be a very busy time for advisers and is an ideal time to ensure that clients review their expression of wishes form. Trustees do have the discretion to select who will receive benefits, but will of course take account of any in an expression of wish form.
Normally the end of the year is quiet in terms of changes to the pensions industry, but 2017 bucked this trend with a very sensible move by the Scottish government.

From 1 April, just three months away, there are significant changes coming into effect that will impact the leases of commercial properties held within a SIPP or SSAS in the UK.
When SIPPs were created in Chancellor Lawson’s Budget speech back in 1989, the world was a different place. We were pre-financial crisis, pre-simplification, pre-freedom and choice and less engaged with saving for the long term, in part due to the pensions industry having been dominated by DB schemes.
Crypto currency may sound like something from a science fiction movie or Series 11 of Doctor Who, which will see Jodie Whittaker become the first female Doctor, but the reality is investors are piling a lot of money into these vehicles.
Despite the current Brexit negotiations, the UK will forge ahead with the implementation of new data protection rules, which will see all previous legislation replaced.
Pensions are complicated enough for providers, advisers and clients to administer and understand.
As we all know the FCA issued a consultation on the Financial Services Compensation Scheme (FSCS) funding under CP16/42 and this is under review. The last time these rules were reviewed was in March 2013.
Having just had the last Spring Budget, delivered by a very humorous Chancellor Philip Hammond, it is back to the day job, with thankfully few further changes to our ever complex pensions regime.
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