Annuity rates up 19% since Brexit nosedive

Annuity rates have increased nearly 20 per cent since hitting rock bottom two years ago, Hargreaves Lansdown analysis shows. In an update, the fund shop notes annuity rates that nosedived following the EU referendum result have risen. Rates for 65 year olds are up 19 per cent since their low on 15th September 2016. At their lowest, a 65 year …

Retirement ProfessionalsAnnuity rates up 19% since Brexit nosedive

HMRC publish latest Pension Freedom withdrawal payments

HMRC has today published its latest update on flexible payments from pensions > Official statistics can be found by clicking here. 574,000 withdrawals were made by 264,000 people in quarter 2 2018, with total withdrawals in this quarter exceeding £2.2 billion. Since pension freedoms, 3.7 million withdrawals have been made by 1 million people, totalling £17.45 billion (April 2015 – …

Retirement ProfessionalsHMRC publish latest Pension Freedom withdrawal payments

New Single Financial Guidance Body CEO appointed

The Single Financial Guidance Body (SFGB) have appointed John Govett as their new Chief Executive Officer, which is due to launch in January 2019 to replace the Money Advice Service, The Pensions Advisory Service and Pension Wise. The new CEO will take up his position in October 2018, when the body is first being established, for a four and a …

Retirement ProfessionalsNew Single Financial Guidance Body CEO appointed

No rethink of pension freedoms tax despite £37m in overpayments

HM Revenue & Customs (HMRC) has said there will be no rethink of controversial emergency taxes on the pension freedom withdrawals made by millions of savers, despite pressure from the industry to change its approach. The current rules require providers to charge emergency tax the first time someone uses the pension freedoms to access their pension savings. As a result, …

Retirement ProfessionalsNo rethink of pension freedoms tax despite £37m in overpayments

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 …

Retirement ProfessionalsBank of England hikes interest rates for first time in a decade

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 …

Retirement ProfessionalsPLSA calls for pension tax relief reform