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The fall-out from a General Election inevitably involves a game of musical chairs; masquerading as a Parliamentary reshuffle.
The FCA this week revealed plans for changes on DB transfer advice, including scrapping guidance that the adviser should start from the assumption that a transfer will be unsuitable.
When Theresa May called a snap General Election in April, few would have envisaged the outcome resulting in a hung parliament and no Conservative majority.
As is to be expected, a lot of the conversations that I have recently had with advisers have centred around defined benefit (DB) transfers.
Pensions are at the mercy of many areas of legislation and the unintended consequences of this seems to be hitting areas of pensions more and more and things get even more complicated.
Pensions are complicated enough for providers, advisers and clients to administer and understand.
Regular readers may recall that my blog in November 2016 focused on HMRC unexpectedly challenging SIPP providers on whether net pension contributions could be made in specie, (that is, a change of legal ownership without any sell/buy transactions), and still receive tax relief.
As we all know the FCA issued a consultation on the Financial Services Compensation Scheme (FSCS) funding under CP16/42 and this is under review. The last time these rules were reviewed was in March 2013.
SSAS market- outright ban or just fix what is broken?
A-Day on 6 April 2006 ushered in a new taxation regime for pensions, under the heading of Pension Simplification (no sniggering at the back, please).
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