Up to £50bn pulled from DB schemes in pension transfers

Up to £50bn pulled from DB schemes in pension...

The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.

Published : 23, Jun 2017
Pension transfer advice rules were ‘past sell-by date’

Pension transfer advice rules were ‘past sell-by...Lock icon

The financial planning industry in the UK has welcomed the FCA’s plans to overhaul advice on pension transfers, with many describing the reforms as long overdue.

Published : 21, Jun 2017
Overseas pension transfers more complex under new FCA rules

Overseas pension transfers more complex under...Lock icon

Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.

Published : 21, Jun 2017
FCA to overhaul pension transfer advice rules

FCA to overhaul pension transfer advice rulesLock icon

Advice on pension transfers is to be provided as a personal recommendation and transfer value analysis replaced with a comparison to show the value of the benefits being given up under plans announced by the UK regulator on Wednesday.

Published : 21, Jun 2017
Fearful advisers face ‘information vacuum’ on pension transfers

Fearful advisers face ‘information vacuum’ on...

Nearly all financial advisers disagree with the UK regulator’s pension transfer value analysis assumptions and are having to deal with an “information vacuum” from the UK regulator, according to veteran retirement expert Mike Morrison.

Published : 20, Jun 2017
UK pension investments jump by over third in Q1

UK pension investments jump by over third in Q1...

New pension investments in the UK were up by more than a third in the first three months of 2017, according to new figures by Equifax Touchstone.

Published : 19, Jun 2017
Pension transfer values outstripping UK house prices

Pension transfer values outstripping UK house...Lock icon

The value of pensions being transferred out of defined benefit (DB) schemes is greater than the average cost of a house in the UK, research from Royal London has found.

Published : 19, Jun 2017
Ex-footballer Shearer settles negligent financial advice case

Ex-footballer Shearer settles negligent financial...Lock icon

Alan Shearer has agreed a settlement deal after launching a £9m ($11.5m, €10.2m) court bid against his former financial adviser for giving the ex-Newcastle United and England striker negligent financial advice.

Published : 15, Jun 2017
Fear driving global rise in DB pension transfers say advisers

Fear driving global rise in DB pension transfers...

Fear that defined benefit (DB) pension schemes may be unable to meet their long-term liabilities is driving demand for pension transfers, research from Old Mutual International (OMI) has found.

Published : 15, Jun 2017
Fund industry profits shrink as higher costs and passives bite

Fund industry profits shrink as higher costs and...

Worldwide profits for traditional mutual fund groups fell by close to 3% in 2016, despite a solid rise in the value of assets under management, according to a report by McKinsey.

Published : 12, Jun 2017
Rops list sees Aussie rebound but Channel Islands wane further

Rops list sees Aussie rebound but Channel Islands...Lock icon

After missing its Monday deadline, HM Revenue & Customs released an updated recognised overseas pension scheme (Rops) list on Wednesday that saw Australian scheme numbers rise, while Guernsey and Jersey continued their declines.

Published : 7, Jun 2017
Pension transfer delays expected as HMRC misses Rops deadline

Pension transfer delays expected as HMRC misses...Lock icon

Pension transfers are likely to be delayed and providers, advisers and clients have been left in limbo after HM Revenue & Customs failed to publish a new list of recognised overseas pension schemes (Rops) that was scheduled for Monday.

Published : 6, Jun 2017
Qrops Bureau launches estate planning service for advisers

Qrops Bureau launches estate planning service...

Isle of Man-based The Qrops Bureau has launched a trust and estate planning service for financial advisers.

Published : 5, Jun 2017
IMF urges millennials to prepare for 'pension shock'

IMF urges millennials to prepare for 'pension...

For millennials entering the workforce, the public pension system in advanced economies is simply not going to provide the safety net in retirement that it did for previous generations, according to a new report by the International Monetary Fund (IMF) entitled ‘Pension Shock’.

Published : 2, Jun 2017
How the UK election could impact pensions

How the UK election could impact pensions

What looked like a sure thing when UK prime minister Theresa May called the snap election back in mid-April has turned somewhat muddy. Aegon pensions director Steven Cameron has taken a look at what the parties’ manifestos mean for pensions.

Published : 31, May 2017
Aviva considers expanding UK pension transfer advice unit

Aviva considers expanding UK pension transfer...

Aviva is looking at offering advice to UK customers looking to transfer out of their final salary pensions in response to rising consumer demand.

Published : 30, May 2017
STM considers Qrops ‘buying spree’ as European units downsized

STM considers Qrops ‘buying spree’ as European...

STM chief executive Alan Kentish has said the cross border financial services provider is well placed to go on a "buy and build acquisition spree" of Qrops businesses, following the UK’s shock decision to impose a 25% transfer charge earlier this year.

Published : 25, May 2017
Sipp provider Momentum clarifies asset rules amid ‘scrutiny’

Sipp provider Momentum clarifies asset rules amid...Lock icon

Malta-headquartered Momentum Pensions has clarified rules around which assets it will accept into its International Sipp as chief executive Stewart Davies confirms the sector is under a “heightened level of scrutiny”.

Published : 25, May 2017
UK pension fraud hits record high

UK pension fraud hits record high

Twenty-four victims of pension fraud lost a record £8.6m ($11.1m, €10.1m) in March 2017, a 10-fold increase from the previous month, figures from the City of London police reveal.

Published : 15, May 2017
IoM eases pressure on life cos over commission disclosure

IoM eases pressure on life cos over commission...Lock icon

International insurance companies headquartered on the Isle of Man will only have to spell out to customers how much commission they will have to pay to intermediaries over the life of the product at the end of the sales process.

Published : 9, May 2017

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