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The Work and Pensions Committee has called for a package of measures to create better informed, more engaged pensions savers, and a “default decumulation pathway” to protect the less engaged.
A programme of enhanced workplace savings, including a SIPP, has been launched by Scottish Widows.
The sale of IFA Saunderson House has been abandoned by parent company IFG Group, parent company of SIPPs firm James Hay.
SIPP and platform provider AJ Bell has been forced to pay £500 to a customer to compensate for loss of interest.
There isn’t anything wrong with a defined benefit transfer for the right person at the right time for the right reasons, but it is a complex decision. So rightly, I believe, there is the advice requirement but this can cause issues for those that can’t afford to pay for advice.
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The FCA has warned that some consumers who choose to take pensions drawdown without advice are failing to engage with the process and are risking financial “harm.”
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