‘In the Spotlight’: The latest on pension freedoms from Andy Bell

Spotlight AJ Bell As a follow up to our interview with AJ Bell founder Andy Bell earlier this month, we’ve managed to secure a little more of Andy’s time to discuss his views on the Government’s response to the consultation on the post- April 2015 pension freedoms. Phillip Bray: Can you give us a snapshot of your views on Monday’s announcements? Andy Bell: In terms of Monday’s news I’d sum it up as more positive than negative. The majority of the announcements were sensible in the context of the wider reforms. Looking at the broader ...

SIPPs: Providers split on whether investment choice should be restricted

Providers split on whether investment choice should be restrictedSelf-Invested Personal Pensions (SIPPs) are popular with investors mainly because of the investment flexibility they offer, compared to other forms of pension. However, regulators have warned that some investors, as well as unscrupulous advisers and salespeople, are taking advantage of this flexibility by taking out or selling investments, which may not meet HMRC rules and could therefore lead to unforeseen tax charges. One possible solution, to the problem of assessing whether an investment meets HMRC rules, and therefore avoid a tax penalty, would be ...

Call for the government to reform Income Drawdown rules

One of the pension industries leading SIPP (Self Invested Personal Pension) providers has urged the government to rethink the recently introduced rules governing the maximum income which can be taken from an Income Drawdown plan. AJ Bell has called for the government to reverse changes to the Income Drawdown rules which has seen the levels of income available to pension savers fall. Income levels The changes introduced by the government in April have reduced the maximum level of income which can be taken by someone in Income Drawdown from 120% of the GAD (Government Actuarial Department) limit to 100%. The GAD rate is set ...