Bank of England hikes interest rates for first time in a decade

The Bank of England have voted to raise UK interest rates for the first time in a decade. Interest rates will increase by 25bps to 0.5% from 0.25%. This means the Bank have reversed the rate cut of August 2016, when it eased monetary policy to help Britain’s economy through the aftermath of the Brexit vote. The Monetary Policy Committee …

PLSA calls for pension tax relief reform

The Pensions and Lifetime Savings Association (PLSA) has said it wants to explore how reforms to pensions tax relief can help improve retirement income. In a new consultation paper, the pensions industry body called for new national income targets and changes to the saving system to help people meet those targets. Citing research which found 78% of people aged 18 …

Canada Life buys Retirement Advantage

Annuity specialist Retirement Advantage has been bought out by Canada Life for an undisclosed sum. Retirement Advantage, which also operates in the equity release market, has more than 30,000 customers and more than £2bn in assets under management. This includes a £1.5bn block of in-payment annuities. Canada Life UK executive vice-president and chief executive Doug Brown said: “Canada Life has …

Abbey Life included in FCA annuity sales review

Phoenix-owned Abbey Life was unable to complete the Financial Conduct Authority’s (FCA) annuity sales review in the same timeframe as other providers, its financial results have shown. Last year the Phoenix bought fellow closed-book provider Abbey Life in a deal worth £935 million. In its company results released today Phoenix said the focus of the integration of Abbey Life has …

Pension scammers target 1.8million over 50’s in three months

Almost one-fifth (18%) of people aged 50 or over have been targeted by potential scammers during the past three months, according to research by Retirement Advantage. That equates to some 1.8 million people, who have been offered unsolicited free pensions advice or investment opportunities by phone, text or email. Retirement Advantage pension technical director Andrew Tully (pictured) said: “The pension …

What an annuity costs and where to buy it

If you’re looking to purchase a life-long income with your pension savings, there’s a lot to think about when making the irreversible decision about where to put your money. Where can you find a good annuity? How much do they cost? Where to buy First of all, your pension provider may offer their own annuity six months before you retire, …