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 …
Concern over the rise in scams is among the reasons prompting a new Work and Pensions Select Committee inquiry into whether the pension freedom reforms have achieved their objectives and if policy changes are needed. The committee, which is chaired by Birkenhead MP Frank Field, said this would follow up an inquiry it conducted shortly after the reforms were introduced …
The government has confirmed it will implement the reduction of the money purchase annual allowance (MPAA), originally due to take effect in April, retrospectively. In the second version of the 2017 Finance Bill, out last Friday, the Treasury said savers who have accessed their pension will see their annual tax-free allowance cut from £10,000 to £4,000 for the 2017/18 tax …
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 …
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 …
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 …
