Latest Blogs
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Tilley: Will IHT reforms really threaten pension saving?
The Government’s decision to bring most unused pension funds and lump sum death benefits within the scope of inheritance tax (IHT) from 6 April 2027 has provoked widespread criticism from across the pensions industry. Providers, advisers and trade bodies have warned that the change risks undermining confidence in pension saving and damaging long term retirement provision.
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Lisa Webster: Salary sacrifice cap will hit some hard
The headline story from Budget 2025 - in the pension world at least - was the plan to cap National Insurance relief for pension contributions paid through salary sacrifice at £2,000 a year.
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Tilley: Rebooting the FOS makes sense
I’ve written before about the lack of coherence in the UK’s pension complaints landscape and it remains a source of real frustration for those of us working in the sector.
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Lisa Webster: Pension age uncertainty lingers on
We’ve known for many years that normal minimum pension age, NMPA it's known, is going up.
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Lisa Webster: Beware IHT and pensions double taxation
One of the most disliked aspects of bringing pensions into the estate for inheritance tax (IHT) purposes from 6 April 2027 is the double taxation that will occur when the member dies on or after their 75th birthday.
Popular News
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FCA survey reveals 15% fall in adviser firms
The number of adviser firms has fallen by 15% since 2021 although the number of advisers overall has remained steady at 31,000.
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3 in 10 business owners have no pension
Three in 10 business owners do not have a pension independent of their business, according to new research.
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Surge in DC lump sum withdrawals around Budget
There were surges in lump sum withdrawals from private sector DC pensions in Autumn 2024 and 2025 as savers acted in anticipation of rumoured Budget changes.
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Massive ‘concentration of power’ in DC pension market
There’s a massive concentration of power in occupational pensions with less than 50 people controlling more than half the money, according to former Pensions Minister Steve Webb.
The Financial Services Compensation Scheme has declared 45 firms in default between May and October including two signifcant SIPP providers and dozens of financial advice firms.
STM Group, the financial services and SIPP provider, has added £5m to its takeover war chest to fund further acquisitions.
The Competition and Markets Authority has ordered platform engine provider FNZ to sell rival and takeover target GBST over fears that millions of UK pension savers and investors could face worse service and higher prices.
In its final report, published today, the CMA found that the deal raises “significant competition concerns” in the supply of retail platform solutions to investment platforms in the UK.
FNZ and GBST are two of the leading suppliers in the sector, powering the majority of UK investment platforms.
The CMA found that if it went ahead the merged business would be by far the largest supplier in the platform ‘engine’ market, holding almost half of the UK market.
Martin Coleman, chair of the CMA inquiry group carrying out the investigation, said: “We have found that FNZ and GBST are two of the leading suppliers of retail investment platform solutions, and that they compete with each other closely and face few other suppliers of similar standing. The merger has substantially reduced competition in this sector.
“This matters to the millions of UK consumers who hold pensions or other investments. This is because competition plays a key role in driving price and quality. Without healthy competition, costs could go up and service quality could get worse.
“FNZ chose to complete its acquisition of GBST without first seeking merger clearance in the UK, which it is perfectly entitled to do. This came with the risk that the CMA could call the case in for investigation and that, if competition concerns were found, FNZ could be required to sell off all of the business it had just acquired.”
Following an in-depth investigation, a group of independent CMA panel members concluded that the loss of competition brought about by the deal could lead to investment platforms, and therefore UK consumers who rely on these platforms to administer their pensions and other investments, facing higher costs and lower quality services.
The CMA’s findings are based on the companies’ own tender data and internal documents, as well as information from customers, competitors and other stakeholders.
While the competition regulator found differences in the firms’ business models - with FNZ providing an integrated software and servicing solution and GBST a software-only provider - the CMA found that they compete closely and face few other significant suppliers at present.
The CMA found no basis to suggest that entry or expansion by other suppliers would mitigate the harm caused by the merger.
The CMA considered a number of remedies, including options put forward by FNZ but found that requiring FNZ to sell the entire GBST business was the only solution that will “properly address” the loss of competition resulting from the merger.
A spokesperson for FNZ said: "We note that the CMA has published its final views on FNZ's 2019 acquisition of Australian software company, GBST. We have no further comment at this stage."
Adviser platform Wealthtime says it may make it own acquisitions following the completion of its takeover by European private equity firm AnaCap Financial Partners.
The Department for Work and Pensions (DWP) has responded to a bid from former Pensions Minister Stephen Timms MP to make pension guidance appointments automatic.
SIPP provider Curtis Banks has received the go ahead from the FCA to complete its acquisition of rival Talbot and Muir.