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End of tax year surge for SIPPs with deluge of top ups
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There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.
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More advice needed as 58% of pension pots cashed out
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More than half of all pension pots are still being cashed out in full, as fewer people seeking professional guidance, new figures from the FCA have revealed.
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Pension transfer compensation is falling says OAC
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New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.
Read more: Pension transfer compensation is falling says OAC
Value of money withdrawn from pension pots falls 5%
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The FCA’s latest retirement income market data for 2022/23 published today has revealed that the overall value of money being withdrawn from pension pots is falling, dropping 5% to £43.199m from £45,638m in 2021/22.
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Midlands adviser firm fails with SIPP claims
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Redditch-based Go IFA Ltd has become the fifth advice firm this week to be declared as failed or under investigation by the FSCS.