Industry news and views from Panacea and our partners.
Pensions_
Royal London: The FCA's 5 remedies for retirement information
From 2016, the way that people will be told about their pension options will change. Here's a summary of what the FCA are proposing.
Former Skandia CEO Peter Mann to host Events-Hub Retirement Special
The UK pensions system has changed radically in recent months and the thinking of everybody involved in retirement planning needs to do likewise. Opportunities and pitfalls abound for savers, advisers and product providers alike not least with regard to the thorny issue of how best to approach the decumulation process of converting pension savings into retirement income.
Scottish Widows: Supporting you and your clients with pension freedoms solutions
The new pension freedoms announced last year have revolutionised the way we think about pensions, creating more opportunities for you to support your clients.
FundsNetwork: More pension withdrawal options
FundsNetworkTM have enhanced their pension to include a wider range of withdrawal options. So, if your clients want to remain in a capped drawdown arrangement, require flexi-access drawdown or an uncrystallised lump sum - theyve got it covered.
Scottish Widows: Helping your clients understand Pension Freedoms
Our servicing and communications strategy Our new comprehensive servicing and communications strategy will cover every key customer touch point and has a consistent call to action to seek financial advice:
The Pension regulator Weve launched our new guide to automatic enrolment for business advisers
Its been created in response to feedback from advisers who told us that they wanted a simplified online process to help small business clients meet their automatic enrolment duties.
The Pension regulator: AE Industry liaison Manager provider update - May 2015
Do you have any events planned on automatic enrolment? As part of our education and enablement approach we attend and speak at events on automatic enrolment.
Scottish Widows: Retirement savings: encouraging trends
The first 18 months of automatic enrolment could hardly have gone better for the Government. Most employers met their obligations on time, and opt-out rates for employees were in single figures, which was far lower than expected. But simply getting people into pension arrangements must be seen as a start, and not as an end in itself. The benchmark for the tenth Scottish Widows Retirement Report is 12% of earnings saved from age 30 to state pension age for those not expecting their main income to come from a defined benefits (DB) scheme. This will not provide a luxurious retirement, but should give an acceptable living standard. For average earners it is almost twice the automatic enrolment minimum, but includes employer contributions and non-pension savings designated for retirement.
A&E in a box: Gaps, Solutions and why auto enrolment enforcement now means fines
Whilst previously the natural approach of the pensions regulator was to support and encourage employers to comply. In the early days of auto enrolment whilst working with many of the bigger businesses weve seen a few examples of the regulator working in partnership with employers to ensure they are compliant and have the systems and processes in place to continue top comply.
Royal London: Emergency tax and lump sum withdrawals
Royal London - Emergency tax and lump sum withdrawals: Fiona Tait provides a handy explanation of when emergency tax applies to lump sum withdrawals and how to get it back
Scottish Widows: So Pension Freedoms have arrived is it a big deal?
For many advisers April 6th and Pension Freedoms has arrived and passed without making too much of ripple and in some of the financial press the first day was described as a bit of a damp squib. However in provider land the reality has been a bit different with large numbers of customers getting in touch to look into their options, and large numbers have got in touch to access their cash.
Now: Pensions: Wouldnt it be great if IFAs could charge fees to accountants? With AE you can!
For a couple of years now the advice industry has been saying that Accountants and Payroll Bureaux need advisers involved within their auto enrolment proposition. At last they seem to be realising it. Auto enrolment is the best opportunity for advisers to develop accountancy relationships ever!
Royal London: Pension freedoms knowledge builder
Watch our video on the new era of retirement to ensure you're ready for the new flexible pension legislation changes.
Now Pensions: Wouldn't it be great if IFAs could charge fees to accountants? With AE you can!
For a couple of years now the advice industry has been saying that Accountants and Payroll Bureaux need advisers involved within their auto enrolment proposition. At last they seem to be realising it. Auto enrolment is the best opportunity for advisers to develop accountancy relationships ever!
Scottish Widows: 5 steps to help you plan for your retirement
With the new Government pension rules coming into place in April 2015, its important to understand the changes and review your pension options.
Royal London sweeps the board
We are delighted to have won four award wins at the 2015 Financial Adviser Life & Pensions awards.
FundsNetwork reveals details of 2015 investment forums
Five events being held nationwide with six leading fund managers at each Investment Forum FundsNetworks Paul Kennedy to review hot topics in the pension and retirement sphere Seminars provide 3 and a half hours of IFP CPD accreditation
Aberdeen Asset Management: Pensions move into the fast lane
With major pension changes coming into effect, we have done one of the things were best at and simplified them.
Royal London: Pension freedoms aren't free - making the right decision
The new pension freedoms allow people to access their pension funds as and when they like, but there are concerns that the consequences of making (or not making) the right decision could put pension savings at risk.
Scottish Widows Techtalk
Our technical magazine for financial advisers Techtalk is our free online magazine which is written by our technical experts3 and provides technically relevant, up-to-date information. The key rationale of techtalk, and indeed one of the reasons it is so popular amongst financial advisers, is the non-sales, non-promotional approach of the articles. The overall theme is to anticipate, interpret and forecast key industry changes and regulation.
A&E in a box: Noise, Minefields and the significance of the auto enrolment third way
Every time I put fingers to keyboard, either for this blog, a comment for the press, or an article on another site, Im conscious of avoiding doing one thing Adding to the unnecessary noise. I read so much which does just that. It doesnt add value to an argument, debate or provide a fresh perspective. It doesnt help, support or guide. Its just another layer of noise in a market where everyones shouting to be heard
Royal London: Pension freedoms knowledge builder
Watch our video on the new era of retirement to ensure you're ready for the new flexible pension legislation changes.
Now Pensions: Auto enrolment we are entering the most dangerous time of all
So far all (well most) is well. Overall, auto enrolment has been a big success. I think most people would agree with that.
Free guide to investing in retirement age available from AILO
The Association of International Life Offices (AILO) offers a free guide to help those of retirement age make decisions about how to use an established pension pot.
Prudential: Pensions Freedom WebEx series sign up now!
Prudential are delighted to be running a series of WebExes on the new pensions freedom aimed at helping you identify new financial opportunities with your clients.
FundsNetwork: Dont kill the goose - IHT planning & pensions
The recent pension reforms have given people greater flexibility for death benefits, as well as the removal of some draconian tax charges. FundsNetworks Paul Kennedy, Head of Tax and Trust Planning, shares his views on inheritance tax and retirement planning.
Royal London: Everything but the pension
George Osborne was really rather smart last April. At the same time as telling people they could spend their pensions as they liked he gave some very powerful reasons why they shouldnt. In fact for some people their pension should probably be the very LAST thing they spend.
Fidelity Worldwide Investment - Pension freedom trends over Bank Holiday
Coming into effect, Fidelity Worldwide Investment has already observed trends in customer requests and recurrent misunderstandings around the new pension freedoms.
FundsNetwork: Were ready for the pension revolution
Following the Chancellors momentous announcements on retirement last year, the new era of choice and freedom in retirement is almost upon us. As I mentioned in the November issue of Fwd: magazine, the changes represent an enormous opportunity for advisers and at FundsNetwork, weve been working hard to make sure you can take full advantage from day one.
A&E in a box: Aristotle, The Spice Girls and why the whole is greater than the sum of its parts
Theres certain people throughout history who are remembered as true geniuses. People through hard work, deep thought and opportunity seem to have the ability to be prolific throughout their lifetimes across a range of sectors. One of the greatest historic examples of this type of individual is
Advisory firms set for pension freedoms, Fundsnetwork research reveals
Overwhelming majority of advisory firms ready for reforms Advisory firms confident about their understanding of the new retirement rules However, client understanding remains
ADVISORY FIRMS SPLIT ON BUSINESS STRATEGY FOLLOWING PENSION REFORMS, REVEALS FUNDSNETWORK SURVEY
43% of advisory firms likely to increase their focus on retirement planning over the next 12 months but 44% have no plans to change Nearly half of firms think at-retirement advice fees will increase post-April 2015 but 41% think they will remain static Majority of advisers believe there is a need for new products post-April 2015
AE Industry liaison - Newsflash - March 2015
1. Consultation published - Helping users of HMRCs Basic PAYE Tool undertake automatic enrolment calculations - open until 19 May 2015.
Road Blocks, Momentum and why AE in a Box isnt middleware
One of the things that drives me, both personally and within my businesses, is a desire to provide clearer ways to solve financial issues. My firm belief is that the world of money is quite often overly and unnecessary complicated and I get a massive buzz from the challenge of taking the cloud of complexity and hopefully turning into rays of simplistic sunshine.
Standard Life Investments: The investment challenges of decumulation
The new pension freedoms The significance of volatility Innovative multi-asset strategies to help achieve retirement goals
FundsNetwork: Helping you with your clients last minute applications
Visit us at one of 13 locations nationwide on 2 April to drop off your clients last minute ISA and pension applications. For clients who arent sure where to invest, our ISA Cash Park is available to ensure they secure this years allowance.
Scottish Widows: Getting your potential clients planning
This years pension reforms mean that the landscape for you and your clients is changing like never before. Scottish Widows new Change your life in an hour campaign aims to get people thinking about their plans for retirement and highlights the benefits of good financial advice. We want people to be prepared and informed for their discussions with you.
TISA: LTA Factsheets
The Government is reducing the Lifetime Allowance for pension savings from £1.25 million to £1 million from April 2016. From 2018-19, the Lifetime Allowance will be increased by inflation (the Consumer Prices Index). This factsheet will help you understand if this change might affect you.
Royal London: Defined benefits and the MPAA
From April anyone taking income from a Flexi-Access Drawdown (FAD) plan or using an Uncrystallised Funds Pension Lump sum (UFPLS) will trigger the Money Purchase Annual Allowance (MPAA) of £10,000.
Schroders: Picture the perfect retirement
I am sure you have had many conversations with your clients about the imminent changes to pension rules and their impact on retirement financial planning.