Latest Blogs
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Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
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Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
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Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
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Tilley: Will Pensions Dashboards be a missed opportunity?
I can’t be alone in thinking that the recent House of Lords committee sessions on the Finance Bill and, in particular, discussion on bringing unused pension pots into scope for inheritance tax (IHT) made for interesting viewing.
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Lisa Webster: A tiny step forward on IHT and pensions
Last month I talked about the headaches and liabilities of being a personal representative (PR) for a deceased’s estate when pensions are included for inheritance tax (IHT) purposes from 6 April 2027.
Popular News
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Scottish SIPP firm among 13 in default
The Financial Services Compensation Scheme (FSCS), the industry-funded consumer compensation body, declared 13 regulated firms in default between August and November, including a Scottish SIPP firm, it reported this week.
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HNWIs face IHT risk by not recording gifts
Nearly half (45%) of HNWIs have no written record of what they’ve gifted to loved ones, according to new research, leaving them at risk of falling foul of IHT rules.
The Financial Services Compensation Scheme (FSCS) is now open to claims against Berkeley Burke SIPP Administration Limited (BBSAL).
Scottish Widows has appointed Graeme Bold as director of workplace pensions.
AJ Bell has launched a retirement income solution to help financial advisers manage clients taking income in retirement.
The Aegon Master Trust has received authorisation from the Pensions Regulator (TPR).
The authorisation process is aimed at raising master trust standards in a fast growing area of the workplace pension market by “a thorough examination of scheme’s capabilities in areas such as their systems and processes, financial sustainability and fit and proper requirements for those exerting control over master trusts”.
Following authorisation, master trusts will need to have business plans, continuity strategies and access to ring-fenced assets to protect members’ benefits should a trust be wound up.
Aegon’s master trust was acquired as part of the acquisition of BlackRock’s Defined Contribution and administration business.
The master trust formally became Aegon Master Trust (AMT) in July 2018 and is a growing part of Aegon’s workplace business.
The Aegon Master Trust has £1.5bn total assets under management (AUM), more than 100,000 members and over 85 participating employers.
Ian Pittaway, chair of Aegon Master Trust said: “The Trustees of the Aegon Master Trust are absolutely delighted that Aegon’s commitment to the master trust has been recognised through gaining authorisation.
“I look forward to the continued progress in this market, and the Aegon Master Trust playing its part.
“I am sure there are lots of exciting developments ahead which will improve the financial outcomes for members.”
Kate Smith, head of Master Trust at Aegon UK, is responsible for leading the development of Aegon’s master trust proposition including the authorisation process.
She said: “It’s been exciting to see how the new and improved master trusts market has been shaping up over the last few months and we are delighted that the Aegon Master Trust has joined the line-up of those authorised.
“Raised standards among master trusts means greater protection for members of all master trusts, something I have been calling for over many years.
“As supervision starts to kick in master trust standards will have to continue to be maintained to retain authorisation.”
She added: “As confidence in the master trusts market continues to grow, we look forward to working with more employers in the future and supporting members on their journey to retirement and beyond.”