It doesn't seem possible that it is 30 years since the then Chancellor of the Exchequer, Nigel Lawson, stood to deliver his Budget on 14 March 1989. The immortal words ‘I propose to make it easier for people in personal pension schemes to manage their own investments’ led to what is now the self invested pensions (SIPP).
We recently saw the Financial Conduct Authority (FCA) issue a policy statement in response to the consultation it carried out in June 2018 on retirement outcomes. As part of the consultation exercise, the FCA engaged with SIPP providers and the industry body AMPS, among others.
There has been a flurry of corporate results in the last few months from SIPP providers that have shown an increase in revenue due to the increase in SIPPs being set up due to the large number of DB transfers to SIPPs.
The FCA recently published its final report on the Retirement Outcomes Review which has some interesting ideas to improve the experience of non-advised consumers, but some of the areas could cause difficulties for the SIPP sector.
Work and Pensions Committee MPs have backed the FCA’s Retirement Outcomes Review but warned that progress on reform was “glacially slow.”
The Financial Conduct Authority may introduce a cap on drawdown charges as it announces a package of measures to trackle potential 'harm' from the Pension Freedoms.
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