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 …

Retirement ProfessionalsCanada Life buys Retirement Advantage

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 …

Retirement ProfessionalsAbbey Life included in FCA annuity sales review

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 …

Retirement ProfessionalsPension scammers target 1.8million over 50’s in three months

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, …

Retirement ProfessionalsWhat an annuity costs and where to buy it

State pension age increase brought forward by Gov’t

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 …

Retirement ProfessionalsState pension age increase brought forward by Gov’t

Lifetime Allowance will increase next year says Treasury

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 …

Retirement ProfessionalsLifetime Allowance will increase next year says Treasury