Just’s annuity sales at highest since pension freedoms

First-half sales up 54% as higher interest rates boost annuity offering. Pension provider Just Group saw its best six months for annuity sales since the introduction of pension freedoms on the back of rising rates. Half-year results published this morning showed that in the first half of 2023, Just’s guaranteed income for life sales grew by 54% from £305m last …

HMRC docs threaten ability to inherit pension pots free of income tax

A potential big change made ‘through the back door’ A bundle of complex tax consultations published yesterday contained a potential bombshell for anyone expecting to inherit a pension pot free of income tax, Lane Clark & Peacock (LCP) says. Yesterday (18 July), HM Revenue & Customs launched a consultation on changes to pension taxation that could result in ordinary taxpayers having to …

Quilter calls for pension transfer warning rethink over ineffective data

Government data shows 40% of pension transfer amber warnings are for unknown reasons, making it hard to understand whether the system is working. Quilter is calling for clarity around the government’s new pension transfer rules after finding 40% are flagged and delayed by trustees for unknown reasons. According to freedom of information (FOI) data obtained by Quilter, 6,050 (43%) of …

Government confirms delay in bringing forward state pension age

The government will now delay making a decision until after the next general election. The government has confirmed today that it will not bring forward the date the state pension age will rise. At present, the state pension age is 66 and on current plans is set to rise to 67 by 2028 and to 68 between 2044 and 2046, …

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 …

Gov’t cancels plans for secondary annuity market

The government has decided to cancel plans to create a market for secondary annuities. A statement on the Treasury’s website explained the reason for the U-turn just 6 months before it was due to be implemented. The government said, “It has become clear that creating the conditions to allow a competitive market to emerge could not be balanced with sufficient …