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Suffolk Life has warned that investors using new pension freedoms to withdraw cash from a pension fund to purchase buy to let property could be £150,000 worse off after five years if they buy a £300,000 property.

The Sipp as originally envisaged by former Chancellor Nigel Lawson is "now an endangered species", a leading expert says, as the 25th anniversary of its creation was marked.

Sipps related claims are behind a £20m interim levy on life and pensions intermediaries announced by the FSCS today.

Two former directors have been banned by the FCA for failing to assess the suitability of investments made through Sipps for their customers.

Chancellor George Osborne has confirmed in his Budget today that 5m people will get the freedom next year to sell on their annuities for cash.

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