Latest Columns
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Tilley: Rebooting the FOS makes sense
I’ve written before about the lack of coherence in the UK’s pension complaints landscape and it remains a source of real frustration for those of us working in the sector.
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Lisa Webster: Pension age uncertainty lingers on
We’ve known for many years that normal minimum pension age, NMPA it's known, is going up.
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Tilley: Are we asking too much of pension savers?
Working in UK pensions, I’ve always accepted that the system evolves. Fiscal pressures change, demographics shift, and governments recalibrate policy objectives. But even allowing for that, the pace and volume of legislative change in the pensions space over the last few years feels unprecedented, and in my view increasingly problematic.
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Lisa Webster: Beware IHT and pensions double taxation
One of the most disliked aspects of bringing pensions into the estate for inheritance tax (IHT) purposes from 6 April 2027 is the double taxation that will occur when the member dies on or after their 75th birthday.
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Lisa Webster: Should tax-free cash always be taken?
Since the Lifetime Allowance was abolished and replaced with the Lump Sum Allowance (LSA) and lump sum and death benefit allowance (LSDBA), we have seen an increase in SIPP members who want to take drawdown only – foregoing the right to take the associated pension commencement lump sum (PCLS).
Popular News
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Government to increase SSAS scam protections
The Government has issued draft regulations to address concerns about scam risks for members of small self-administered schemes (SSAS).
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Transact adds new trust to help with IHT pension tax
Transact has unveiled the new Flexible Reversionary Trust (FRT) which it says will help advisers prepare for the April 2027 IHT changes when unused pension funds will be subject to IHT.
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James Jones-Tinsley: The pension challenges ahead
On 19 May, the Pensions Commission published its Interim Report on the state of retirement saving in the UK.
A company director is to be prosecuted by The Pensions Regulator (TPR) for failing to provide information and documents requested as part of an ongoing investigation.
Michael Woolley was asked to provide information about investments made by company Southbank Capital Limited, of which he is both a director and a shareholder.
The investments related to money and/or assets originating from 16 pension schemes for which PIM Trustees Limited is the trustee.
Mr Woolley is the sole director and a shareholder of the professional trustee firm.
He was accused of failing to comply with a notice issued under section 72 of the Pensions Act 2004 that required the information and documents to be provided by 12 February 2019.
Mr Woolley has been summonsed to appear at Brighton Magistrates’ Court on 13 November to face a charge of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act.
The case continues.
XPS Pensions Group (XPS) has appointed Harry Harper as head of risk transfer, the firm has revealed.
The firm says the new hire will “further build upon XPS’s capabilities to engage and assist clients in reaching their end-goal of buyout”.
Prior to joining XPS, Mr Harper led JLT’s buyout and buy-in team for two years and prior to that was a member of Mercer’s buyout team.
He was responsible for the UK’s first “all risks” insurance transaction, the first buyout from Pension Protection Fund assessment and the first online bulk annuity e-auction.
Patrick McCoy, head of advisory at XPS Pensions Group, said: “Harry is a perfect fit for XPS, with his experience of innovative bulk annuity transactions, covering multi billion pound pension schemes down to the more modest regional schemes.
“This will strengthen our offering and ability to serve the full range of pension schemes, to the very highest standard.”
Mr Harper said: “I am excited to join XPS, a fast growing and ambitious organisation with a clear aim of putting scheme’s interests at the very front of everything we do.
“I look forward to the opportunity to rapidly drive the pensions risk transfer industry forward.”
SIPP provider Curtis Banks Group has revealed increased profits and assets in its interim results for the six months to 30 June.
The firm increased pre-tax profits by 14% from £4.8m in 2018 to £5.4m.
Meanwhile assets under administration rose by 9.6% from £25.1bn to £27.5bn.
Other highlights included:
Operating Revenue increased by 6.7% to £24.5m (2018: £23.0m)
Interim dividend of 2.5p per share (2018: 2.0p)
Will Self, chief executive of Curtis Banks, said: “This is a solid set of results for the first six months of 2019 with the period under review showing an increase in our key financial metrics.
“Once again, the Group has continued to grow profitably and maintains a high proportion of quality recurring earnings which demonstrates the resilience of our business against some current headwinds in the SIPP industry and wider marketplace.
“Through initiatives to stimulate both organic and inorganic growth, as well as successfully diversifying revenues by broadening our capability to commercial property clients, we have navigated the first half of 2019 extremely well.
“I am confident and excited about our prospects for further growth.”