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.
Investors under 35, the so-called Millennials, are slightly more willing to take advice from a professional financial adviser than those aged 36 and over, according to a survey by global asset manager Schroders.
With a date of 23 November now set for chancellor Philip Hammond’s first autumn statement, AJ Bell senior analyst Tom Selby has outlined five questions Hammond needs to answer when he takes to the despatch box.
Australia-headquartered platform technology firm Praemium is to buy UK Sipp provider Wensley Mackay as part of its international plans to tap into the opportunities created by the UK’s radical pension freedom reforms.
Hargreaves Lansdown will not offer a service for investors to sell their annuities when the UK government scheme launches next year, citing too many risks for investors.
With no date set for new UK chancellor Philip Hammond’s autumn statement, and no hints as to what it will contain, the financial services industry will continue treading water, said Jon Gwinnett, pensions technical manager at Nucleus.
Fewer than a fifth (17%) of UK advisers think that clients who feel squeezed keeping up with bills and repayments would put any extra money towards their pension savings, research from Royal London has found.
The UK Treasury has set out plans to allow savers to take out £500 ($654, €586) from their retirement pots tax free to help pay for financial advice in a bid to plug the ‘advice gap’ following the pension freedoms.
More than half of financial advisers (53%) in the UK expect an increase in the number of clients specifically seeking Brexit-related financial planning advice, research from Prudential shows.
British savers are being hit with unexpected tax bills after taking money out of their pension pots, research by the Citizens Advice Bureau has found as the charity calls on the government to improve access to financial advice.
Sales of recognised overseas pension schemes (Rops) are taking a hit following the UK’s pension freedoms introduced last year, made worse by an FCA rule requiring British expats to seek regulated advice for defined-benefit pension transfers.
IFG Group, the parent company of UK Sipp provider James Hay, has warned that the Bank of England’s (BoE) interest rate cut earlier this month could see platform charges rise.
IVCM, formerly Brooklands Pensions, is reopening its New Zealand recognised overseas pension scheme (Rops) and will include funds managed by Emirates NBD Asset Management and Vanguard Investments Australia.
The peers of star UK fund manager Neil Woodford have once again been caught off guard by a bold move from Britain’s best known investor.
Australians using financial planners or advisers are almost four times more likely to feel financially prepared for their retirement than those who don’t.
Almost half of British savers withdrawing money from their pensions may be doing so at an unsustainable rate, according to analysis by asset manager Schroders.
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