The UK’s pension triple-lock will “worsen the economy”, is “heavily skewed” towards baby boomers, and should be scrapped, according to the Commons Work and Pensions Committee.
International pensions provider Sovereign Group has removed 'ad hoc' transactional fees from all its new and existing recognised overseas pensions scheme (Rops) products.
The UK’s Chartered Insurance Institute (CII) has launched a new pension transfers qualification to support those seeking to provide specialist advice, both domestically and internationally.
The UK’s Pensions Regulator (TPR) has launched enforcement actions against Philip Green, the former owner of the collapsed British department store BHS, and other previous owners, aimed at seeking redress for 20,000 pension scheme members.
The volatility of the pound has seen a significant uptick in people seeking advice on moving British pensions abroad, which could see hundreds of millions of pounds driven overseas, says deVere Group chief executive Nigel Green.
STM Group Australia’s managing director Stuart Denness is looking to re-energise and reinvigorate the country’s recognised overseas pension scheme (Rops) market following two years of uncertainty.
Nearly £7.6bn ($9.2bn, €8.5bn) has been paid out of UK pensions since reforms came into effect in April last year, according to the latest figures published by HM Revenue & Customs (HMRC).
The director of the newly-rebranded bdhSterling has revealed that the advisory firm has seen a dramatic increase in the number of clients looking transfer their pension into a recognised overseas pension schemes (Rops).
Cross border financial services provider STM Group, has extended its offer of a zero establishment fee for new Rops customers until 31 March 2017.
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.
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