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The recent decision by Revenue Scotland regarding Land and Buildings Transaction Tax in Scotland (LBTT) and its application to in-specie transfers between SIPP or SSAS providers brought to a close a period of almost two years of involvement for Morton Fraser in the debate surrounding the issue in Scotland, writes Fergus McDiarmid of Morton Fraser.
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.
SIPP provider and wealth manager Mattioli Woods has today reported interim revenue up 16.9% to £28.4m (H1.2017: £24.3m) in the six month period ended 30 November 2017. 
Dentons Pension Management Limited, one of the larger providers and administrators of SIPPs, has acquired Sippchoice, a London-based SIPP provider for an undisclosed sum.
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.

SSASs have been in for a bit of a battering over the last year or so. Tainted by misuse from scammers, efforts to control the rogues have had serious implications for legitimate businesses trying to set up and run these small occupational schemes.
SSAS provider Rowanmoor has been reappointed by Standard Life to provide administration for its small self-administered scheme (SSAS) portfolio for a 10-year term effective from 1 October.
In August, HM Treasury and the Department for Work & Pensions finally released their response to the ‘Pension Scams’ consultation.
Rowanmoor, the independent SSAS and SIPP provider, is waiving 100% of Rowanmoor SSAS new scheme and takeover set up fees between 1 October 2017 and 31 March 2018.
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