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A "sting in the tail" could be looming for flexible drawdown clients who could face a HMRC fine of £300 or more.
The Financial Conduct Authority is proposing a pensions dashboard allowing consumers to see all their pension pots in one place, following a study on retirement income it carried out last year.
Checking up on the bodies that will provide the new Pension Wise service will cost the FCA nearly £400,000 every year and an initial outlay of nearly £600,000.
Suffolk Life has warned that investors using new pension freedoms to withdraw cash from a pension fund to purchase buy to let property could be £150,000 worse off after five years if they buy a £300,000 property.
So, Budget 2015 brought us another change to the lifetime allowance (LTA), with the proposal to reduce it from £1.25 million to £1 million. This now seems to be the pension policy of choice for at least two of the main political parties.
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