An adviser is set to be banned and fined over 'unsuitable' advice related to switching pension funds via Sipps into unregulated investments.
Showing my age, one of my all time favourite Motown songs is: “The world is like a great big onion” by Marvin Gaye and Tammi Terrell. I am reminded of this classic at every budget or autumn statement because our pensions world has been growing like an onion – with layer upon layer of complexity added almost every time the Chancellor gets to his feet.
During the summer, HMRC unexpectedly began challenging Sipp providers on whether net pension contributions can be made in specie, (that is, a change of legal ownership without sell/buy transactions).
Twice a year, every year for the last ten years, I have had the discussion with my peers about tax free cash, or to give it its correct legislative name, pension commencement lump sum, and if it will lose its tax free status in the next announcement.
Sipp property investors are being penalised by a rule change made by the the Scottish Government, a Sipps firm says.
In six months’ time, April 2017, all Sipp providers will need to have changed their illustration systems so that they show the margin they retain on cash holdings, writes Elaine Turtle, director of DP Pensions.
A Sipps firm has announced it is moving to a model with two managing directors.
Retirees are spending more of their cash on gambling than working people, a report says.
In a guest column for Sipps Professional, Karena Woodall, consultant at Mattioli Woods, discusses the treatment of SSAS and Sipps and if there should be any difference in how they are viewed in regulatory terms.
A former director at Suffolk Life has predicted a “very rosy future” for the Sipp sector, in particular providers that offer a more personalised, bespoke service.