Comment & Blogs
It was good to see the Guidance Consultation from the FCA on the fair treatment of vulnerable clients that has recently been published.
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The retirement outcomes review continues to cause fun and games in the world of pensions. Particularly for those with more complex pension products.
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There has been unprecedented change in the pensions industry in recent years and SIPPs have been no exception.
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You may be forgiven for thinking regulations in respect of workplace pensions has little to do with SIPPs, yet recent proposals from the FCA could catch many thousands of SIPPs in the workplace net.
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The Financial Conduct Authority (FCA) is concerned about how pension freedoms are impacting consumers and quite rightly so, especially with regards to those accessing their retirement savings and not taking advice, putting them at risk of running out of money, or worse, being scammed.
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Staveley will be a familiar name to many. The test case for IHT treatment of pensions following transfer in ill health has been in the news many times since Mrs Staveley’s passing all the way back in December 2006.
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Before you think you are reading an old article, I am of course referring to the start of the new tax year.
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It seems a long time since we had an annual allowance (AA) of £255,000. These days most pension savers are restricted to £40,000, but the money purchase annual allowance (MPAA) and the horribly complex tapered annual allowance (TAA) impose significant further restrictions for many. HMRC’s pension contribution statistics for 2016-17 tax year give us the first indication of the impact of the tapered annual allowance, and it’s not pretty.
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