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

Scam fears prompt new parliamentary inquiry into pension freedom

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 …

Retirement ProfessionalsScam fears prompt new parliamentary inquiry into pension freedom

Money Purchase Annual Allowance (MPAA) reduction confirmed

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 …

Retirement ProfessionalsMoney Purchase Annual Allowance (MPAA) reduction confirmed