Latest Blogs
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Tilley: Pensions Commission must push reform...and quickly
Recent news of the revival of a Pensions Commission was music to my ears.
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Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
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Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
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Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
Popular News
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Barnett Waddingham appoints new head of SIPP proposition
Pensions and SIPP consultancy Barnett Waddingham has appointed Embark Group’s Andrew Phipps as head of SIPP proposition and supplier management.
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Mattioli Woods founder and CEO to step into new role
Ian Mattioli, founder of wealth manager and SIPP provider Mattioli Woods, is to step down as CEO to take up a new role as Founding President.
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Lisa Webster: IHT and pensions headaches and liabilities
Back in July, HMRC announced a proposed change in responsibility for paying inheritance tax (IHT) relating to pensions when they are included in estates from 6 April 2027.
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Pension indexation law shouldn’t change: SPP
The Society of Pension Professionals (SPP) has warned of the “unintended consequences” of changing the law relating to pre-1997 pension scheme indexation.
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DB pension surpluses remain at record highs
DB pension surpluses remain at record highs, up £57bn year-on-year in October, according to new analysis from XPS Group.
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STEP warns of pension reforms ‘chaos’
Proposed pension reforms included in next week’s Budget will create chaos and put bereaved families and ordinary people at financial risk, according to STEP, the global professional body for trust and estate practitioners.
The review was launched after the FOS was heavily criticised following an undercover investigation by Channel 4’s Dispatches programme, in March, which appeared to show that complaints were being handled by insufficiently trained officials.
The documentary suggested that some officials had to use internet search engines to find out about the products they were considering.
Mr Lloyd, who is vice chair of Money and Mental Health Policy Institute and is UK chairman of complaints handler Resolver, will lead the independent probe and his remit has also been revealed.
He is to be granted “full access and the resources necessary” to carry out a review and can go where the investigation takes him, with unrestricted access to FOS staff and all documents.
The review will be completed by the end of June.
A document published by FOS, in relation to the review’s parameters, read: “The review will assess the evidence presented by Dispatches in respect of each of the issues raised in the programme, to consider whether there are any matters of substance which should be addressed, although it will not be restricted to the issues raised in the programme.
“If the review finds matters for concern, it will seek to identify possible root causes for them (such as management action or inaction, cultural factors, staff objectives and performance management, organisational structure or any other underlying factor) and how they might be addressed.
“The review will also consider staff morale and the factors which contribute to it.”
It was also revealed that the investigation will look into the extent to which the current governance and arrangements for providing assurance about the work of FOS to its board, including whistleblowing procedures, “are applied effectively and consistently.”
As head of the review, Mr Lloyd will be able to make recommendations for strengthening governance and assurance arrangements in his final report.
The ABI is concerned that half of fully withdrawn pension pots are not spent but shifted into other savings and investments which the ABI says could mean consumers paying too much tax and also missing out on compound investment growth.
It fears some consumers are blundering due to lack of long term planning and engagement with their retirement options.
The trade body’s plan is contained in a new report, Interventions in the Retirement Market, which outlines a series of measures the financial provider trade body wants to see.
The ABI says that three years on from the dawn of pension flexibility reforms under the Pension Freedom changes, it is “stepping up” efforts to ensure that consumers are getting the best out of their retirement.
The ABI’s five point plan promotes active consumer engagement – empowering consumers to make their own, well-informed decisions through improved communications and use of guidance.
The five interventions the ABI wants to see are:
• Intervention 1: Tailored and phased customer communications throughout a saver’s life
• Intervention 2: Creating the mid-life MOT
• Intervention 3: Prompting more people to use guidance
• Intervention 4: Making the retirement risk warnings fit for purpose
• Intervention 5: Improvements to communications once someone has retired
Rob Yuille, head of retirement policy at the ABI, said: "Pension freedoms put more power into the hands of consumers, but this flexibility also increased the complexity and risks that consumers face.
“Our recommendations are for interventions that will transform the way people interact with their pension pots and help people navigate their choices. We’re calling on a number of stakeholders today to help us to deliver the practical steps needed to make these interventions happen.”