Retirement: Is now the right time to transfer your Final Salary pension?

TransferOver the past few weeks we’ve seen several stories in the personal finance press imploring you to transfer your Final Salary pension. Frankly, this worries us. So, we thought we’d look at some of the issues in more detail. Firstly though, we should point out that this article equally applies for Final Salary and Defined Benefit pensions. But for ease, we’ll just use the Final Salary term from now on. To stoke the fires, this weekend saw Royal London, a pension provider, report that Cash Equivalent Transfer Values (CETVs), the technical term for the pot of ...

SIPPs: Consolidation, charges and clarity, a look back over 2016

Straight open road to upcoming 2017 at idyllic sunsetThe Self-Invested Personal Pension market has seen an unprecedented year of change, and we still have two months to go! Three key themes have emerged over the past 10 months; consolidation, charges and clarity. Not all the changes have been positive for consumers, with prices rising and competition falling. Let’s look at all three in more detail. Consolidation – on the rise The year started with Curtis Banks acquiring Suffolk Life in one of the largest ever deals of its type. The pace of consolidation hasn't slowed ...

Pensions: 3 reasons why you shouldn’t use your pension to fund your business

Pension Retirement Income compensation Office Business Concept We often get phone calls from people wanting to use their pension to help start a business, or indeed plough money into an existing business, which is often facing financial difficulties. In fact, we’ve seen an increase in the number of enquiries of this nature, partly we believe due to Pension Freedom, which gives people over the age of 55 greater access to their pension. It’s also possible that wider knowledge of self-invested pensions has a part to play too. In our view, using your pension ...

Savings: Protection for savers to be cut

FSCSThe level of protection enjoyed by savers, with deposits held in UK registered banks and building societies, will be cut from 1st January 2016. Currently, money held by savers is protected in full, by the Financial Services Compensation Scheme (FSCS), up to a balance of £85,000 per person, per institution. However, following an announcement today by the Prudential Regulation Authority (PRA), this will be cut to £75,000 from the New Year. The change will apply to retail customers (individual savers) as well as small businesses and accounts held in Self-Invested Personal Pensions (SIPPs). Why has ...