News
Where has £17.5bn of pension freedoms money gone?
About £3bn ($3.9bn, €3.4bn) that has been flexibly withdrawn from UK pensions is currently sitting in low yield bank accounts, with investors facing the “double jeopardy” of tax on withdrawals and low returns, according to research by AJ Bell.
European pension plan’s ‘elephant in the room’
Europe is still not dealing with the tax treatment of Pan European Pension Products in its latest compromise deal to push the contentious product forward, the secretary general of a European lobby group has warned.
Unlimited fines and jail for reckless DB scheme providers
Powers that would allow the UK’s pensions regulator to give unlimited fines and criminally prosecute reckless behaviour in relation to defined benefit (DB) pension schemes are being considered in a government consultation paper.
Investors cool on China despite buoyant returns
The risk of a trade war between China and the US has fuelled investor uncertainty. One fund selector has dropped their only China equity focused fund while another portfolio manager has reduced his China allocation.
CBA’s wealth management spin-off surprises market
The Commonwealth Bank of Australia (CBA) is to de-merge its wealth management and mortgage businesses and undertake a review of its general insurance business, with a view to potentially selling it.