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 …
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, …
The government has announced the state pension age (SPA) will rise to 68 seven years earlier than previously planned. The change is in line with a report led by John Cridland and published in March this year. Under current legislation, from December 2018, the SPA for men and women will increase to 66. It will then rise to 67 between …
The Treasury has confirmed its decision to press ahead with an increase to the lifetime allowance (LTA) by inflation from 2018. At the 2015 Budget from the then chancellor George Osborne it was announced the LTA would be reduced to from £1.25 million to £1 million from April 2016. It was also announced that the LTA would be indexed by …
Drawdown regrets for savers are putting pension freedoms at risk. Savers who invested in drawdown are unhappy with their choice while others admit they did not understand the risks before buying, new research* from MetLife shows. – More than one in five admit they did not understand the risks of conventional drawdown and more than one in 10 are unhappy …
