Displaying items by tag: pensions

PIMFA, which represents around 1,000 UK wealth managers and financial advisers, has called for an “urgent review” of the FSCS following yesterday’s announcement of an interim levy.

The basic premise on contributions made to pensions is that once the money has gone in, you can’t get it out again until you reach retirement age (or earlier ill health or death). There are very few circumstances when exceptions can be made, and if a refund is made other than as permitted by HMRC, then it would be classed as an unauthorised payment with charges totalling up to 70% of the amount refunded.

Experts have had their say on the appointment of Amber Rudd as Work and Pensions Secretary and spoke out about what her priorities should be.

Work and Pensions Secretary Esther McVey has quit the Cabinet over Prime minister Theresa May’s Brexit deal.

XPS Pensions Group has welcomed a proposed consultation from the Department for Work and Pensions (DWP) on DB pension scheme consolidation.

So it was with bated breath that Chancellor Philip Hammond stood to deliver his November Budget speech. Rumours has been swirling for weeks that pensions could be hit with changes to taxation. It was suggested that this would be to pay towards the NHS deficit among other things. It was with great relief that when he sat down and we reviewed the actual Budget papers that this was all just speculation and there was little impact. This can only be a good thing as any meddling impacts the distrust that consumers have for the pensions system and makes it difficult for advisers to plan for the long term with clients. How many times have we heard that PCLS or tax-free cash as it is more commonly known will be scrapped? Every Budget for as long as I can remember.

Men and women will for the first time share the same state pension age of 65 from tomorrow (6 November 2018) marking a major pensions milestone set in train 25 years ago but critics say the change is far from fair to women.

The FCA has written to SIPP firms to reiterate regulatory commitments following the judgement in the Berkeley Burke case.

Experts breathed a sigh of relief as Philip Hammond’s Budget yesterday avoided a tax raid on pensions.

FCA data showed an increase in the number of complaints about regulated firms, with more than four million complaints during the first half of 2018.