Latest Columns
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Lisa Webster: A calmer Budget? We hope so...
As we head towards our new Downing Street leadership team’s first Budget, the waters seem relatively calm.
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Lisa Webster: Take the pension first? Think again
With the impending changes to tax treatment of pensions on death, there has been talk around the order of income in retirement being turned on its head.
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Tilley: Transfer reform welcome but SSAS governance is key
At first glance, DWP’s June 2026 consultation on proposed changes to the 2021 transfer regulations does something the industry has long asked for; it acknowledges that the current regime, while well intended, has created too much friction for some perfectly legitimate pension transfers.
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Lisa Webster: Good news from DWP for SIPPs but not SSAS
The DWP has just released its long-awaited consultation on the SIPP transfer regulations – and it’s largely encouraging news. As an employee of a reputable SIPP provider the changes are positive. SSAS providers may be less enthusiastic about some of the proposals.
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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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3m UK pension pots worth £18.7bn remain lost
More than 3m UK pension pots remain lost worth a total £18.7bn, according to a Pensions Policy Institute study.
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Most workers have no retirement plan – survey
Fewer than one in five (18%) employees with a workplace pension have a clear retirement plan, despite more than half (51%) having already given a lot of thought to their financial needs in later life.
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FCA steps in as SIPP and ISA manager fails
ISA and SIPP manager manager Jarvis Investment Management Limited has entered special administration this week as the firm closes its doors.
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FSCS launches probe into SIPP advice IFA firm
The Financial Services Compensation Scheme has launched probes into two failed investment firms this week - IFA firm Verus Financial Services Ltd and investment provider Aspiro Research and Development LLP.
In November, the DWP detailed its plans for the new type of occupational pension scheme which will be subject to a 0.75% charge cap with the aim of keeping costs down. Royal Mail is already looking at introducing a CDC.
The government gave the green light last year for CDCs and plans to legislate for them in due course although critics have already warned it could take years for CDCs to arrive and they may risk fluctuating income for members in retirement because of their structure.
XPS says in its submission to the government on the proposal to introduce CDCs that they could provide “better outcomes” for employees than traditional DC schemes.
However, it said they may take choice away from members and present additional risks so it is “critical they are well designed and managed.”
XPS Pensions Group says there are three key areas the DWP and Pensions Regulator will need to consider to ensure the development of a successful CDC framework. These include:
1. Sustainability and resilience of CDC schemes for the future
2. How to ensure fairness of outcomes between generations
3. Member understanding and expectation
Consultation on CDCs ended last week.
Jacqui Woodward, senior consultant at XPS Pensions Group said: “In our view it will be possible to develop an appropriate disclosure framework that adequately communicates CDC benefits to members.
“However, we would caution against underestimating the risks of CDC schemes in the rush to get them established. It is worth taking time to make sure that the new types of scheme can offer a genuine and safe alternative to members and we look forward to providing our input to further consultations on the detailed design of CDC arrangements.”