All Pension freedoms articles – Page 5
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OpinionMaking the right decisions
Editorial: Guidance can help savers make the right decisions, but not enough people are taking it.
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OpinionBetter guidance means better retirement decisions
The doomsayers have largely been proven wrong about freedom and choice, writes Standard Life’s Jamie Jenkins, but the weight of responsibility on today’s retirees means warnings about scams and inflation risks, alongside a long-term focus on education, are needed.
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News
FOS receives just 300 pensions transfer complaints
On the go: Since the introduction of the pension freedoms in 2015, the Financial Ombudsman Service has received fewer than 15,000 complaints involving pensions. Of this figure, just 1,700 have been about pension freedoms and around 300 of these complaints were about defined benefit transfers.
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News
Pension freedoms withdrawals reach record high
On the go: The Treasury’s pension freedoms tax bonanza continues, as record sums are being withdrawn.
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News
Pension savers overtaxed by 'staggering' £372.5m
On the go: The government faces growing pressure to review ‘emergency tax’ treatment of pension freedoms withdrawals, after it was revealed that a staggering £372.5m has now been reclaimed by pension savers since the freedoms were launched in April 2015.
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OpinionDB transfers: Is your pension fund at risk of paying out too much?
When it comes to defined benefit transfers, it is important to focus on striking a balance between being fair to members transferring out and the majority who are left behind, says Royal London’s Steve Webb.
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News
UK pension system still lagging on adequacy and sustainability
The UK pensions system has major shortcomings in its adequacy and sustainability, and could be improved by rowing back some of freedom and choice, according to research comparing retirement provision around the globe.
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PodcastsPodcast: DC default design - Make sure you understand your members
Podcast: Last month, Pensions Expert reported that trustees of the Lloyds Bank Pension Scheme No.1 had overhauled the default offering for their DC members. In this episode, Lydia Fearn, head of DC and financial well-being at consultancy Redington, and Maria Nazarova-Doyle, senior investment consultant and head of DC investment consulting at JLT Employee Benefits, discuss the most important factors for trustees to consider when designing or reviewing their default investment strategy.
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Opinion
DC Debate Q3: Getting the right amount of risk in defaults
In the first instalment of this quarter's DC Debate, five experts dive into the appropriate amounts of risk and diversification for defined contribution members at various points in their savings journey.
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Features
Automation improves insurer scheme admin but work still to do
The Royal Insurance Group Pension Scheme has reported a “considerable improvement in service” from administrator Willis Towers Watson, after two years of problems that have hurt the scheme’s ability to service transfer requests.
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News
DB transfers heading into costly drawdown products, research finds
Defined benefit members transferring out of their scheme to take advantage of freedom and choice may be wasting money on fees for flexibilities they are unlikely to use, according to a new report.
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Opinion
How would a lack of government support affect dashboard progress?
Analysis: Reactions to speculation that the secretary of state for work and pensions wants to scrap the pensions dashboard project have been unsurprisingly negative.
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OpinionShould I stay or should I go?
Editorial: Moving away from the security of a guaranteed defined benefit fund is a big decision to make. For many, it may be the wrong decision.
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NewsLuxfer Group offers IFA to deferred members
Global materials technology company Luxfer Group has launched an exercise offering deferred members of its defined benefit scheme the opportunity to discuss their benefit options with an independent financial adviser.
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OpinionWhat can be done to address ‘survival pessimism’ in pensions?
Club Vita’s Nick Chadwick and Erik Pickett discuss the role of the pensions industry and government in communicating the uncertainty in future lifespans and designing products that help people manage this risk.
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OpinionSidecars suit self-employed
Editorial: Self-employment is more common than ever, and the distinct lack of any concrete solution to get these people saving for retirement is becoming increasingly worrying.
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NewsFCA recommends investment pathways for drawdown
The Financial Conduct Authority has proposed that pension providers are required to develop three ready-made investment pathways to help confused drawdown customers, but has shied away from imposing a charge cap on the products.
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News
Government rejects calls for default decumulation pathways
The government has rejected the Work and Pensions Committee’s recommendation for default decumulation pathways, but has agreed that there is a strong case for pensions dashboard compulsion.
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OpinionCDC ship has sailed for many employers
Collective defined contribution’s aim of providing a wage for life is laudable, writes Bravura Solutions’ Jonathan Wileman, but with the shift to DC already underway and savers keen on freedoms, its moment may have passed.
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News
Excess pension freedoms tax of £22m repaid in Q1 2018
HM Revenue and Customs figures show £22m in overtaxed pension freedoms payments was repaid in the first quarter of 2018, prompting calls for reforms to the way withdrawals are taxed.