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In the run-up to pension freedoms people seemed to be speaking about pensions in a different way. There was new excitement over the removal of the need to buy an annuity (even though this had been the case for some time already).
Many years ago (as some of the best stories begin) when I was working for Winterthur Life, I undertook a series of talks around the UK.
I have just finished AJ Bell’s annual tour of the UK where a host of lucky advisers got to hear me talk about the current key pension issues.
As is to be expected, a lot of the conversations that I have recently had with advisers have centred around defined benefit (DB) transfers.
It was interesting to see some first findings recently on compliance with the Sipp capital adequacy regime, which commenced in September 2016.
We are fast approaching at the second anniversary of the pension freedoms and the removal of the requirement to buy an annuity (officially that is – the real compulsion went several years before). In that two years the focus has been on the numbers – what has been cashed, how much tax has been generated, what product options are popular and very little on how the money has been spent.
I always take an interest in the figures from the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) about SIPP claims.
Two of the big things on the pension calendar for 2017 are John Cridland’s review of the state pension age and the review of auto enrolment. I like to think that the two reviews are linked in a linear way.
The one pension topic guaranteed to create a healthy discussion is that of defined benefit (DB) transfers.
‘Another one bites the dust!’ A tenuous way to start an article I know, but it is in response to the news that another insurance company has decided not to continue in the annuity market (LV=).
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