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UK-headquartered Global Qrops has rebranded as bdhSterling amid similar moves by other firms that may signal a dampening appetite for recognised overseas pension schemes (Rops).
STM Group, the cross border financial services provider, has completed its acquisition London & Colonial Holdings.
Waves of changing legislation have made pensions and Isas incredibly and unnecessarily complicated, discouraging people from saving, says Andy Bell, chief executive of investment platform AJ Bell.
The UK government has scrapped plans to set up a secondary market in annuities saying “it has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient consumer protections”.
Sales of personal pensions fell by 6.8% in the second quarter of this year as a leading tax expert urges the UK government to do more to get the country’s retirement savings "back on track".
The UK’s Financial Conduct Authority has directed a “small number” of firms to review all of their non-advised annuity sales from July 2008.
The UK government is considering a number of new pensions options ahead of the Autumn Statement, including one from Hargreaves Lansdown that proposes breaking the link between tax relief and earnings, instead using a system based on the age of the saver.
Belgium’s government has approved a bill that will exempt cross-border pension schemes from tax in a bid to position the country as the number one location for pan-European retirement products.
Joanne Rodriguez, business development manager for Abacus Financial Services talks about the impact of Brexit on the Qrops industry.
Clients moving around Europe can take advantage of wealth insurance bonds but will need help dealing with the tax authorities, says Mike Foxall, marketing consultant for IWI.
Strabens Hall, the international IFA firm with offices in London and Hong Kong, has advised clients against using recognised overseas pension schemes (Rops), warning that the high charges incurred with using the product can often outweigh the tax advantages they offer.
The UK’s Department for Work and Pensions (DWP) is considering whether to scrap the ‘advice safeguard’ for expats, which requires individuals to consult an FCA-regulated adviser before they can transfer their defined benefit (DB) pension savings into an overseas pension scheme.
Most people have already accepted that a guaranteed income product for life does not exist, says Tom Hodgson, BlackRock’s strategic partnership director.
UK adults born in the 1980s have half the wealth as those born in the 1970s had at around the same age, according to a new study.
UK insurer Legal & General (L&G) said its retirement unit is on track to double its new business sales in 2016, reporting sales of £5.4bn (€6.2bn, $6.9bn) on Tuesday.
Two-thirds of recent UK retirees who took cash from their pension pots during their first year of retirement did so without seeking any professional advice.
Annuity rate cuts and all-time low interest rates are risking the success of pension freedoms by limiting the choice of guaranteed retirement income solutions and pushing savers into unprotected drawdown, according to MetLife.
The macroeconomic aspect of the pensions debate requires more attention said Andrew Bailey, chief executive of the Financial Conduct Authority.
A UK Treasury official has said the government is looking at introducing a law that would force pension providers to pay towards creating the pensions dashboard.
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