All freedom and choice articles – Page 6
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News
Government must clarify minimum pension age plans, say experts
HM Treasury has been urged to clarify its plans for increasing the age at which savers can access pension freedoms, after it accelerated the rate at which the state pension age will increase in July.
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News
Calls for action on complexity at heart of DB transfer delays
Increased demand for defined benefit pension transfers, lack of transfer experience among independent financial advisers and complexity of DB pensions is adding to transfer delays by putting strain on administrator resources, recent research has shown.
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OpinionPlastic Lamborghinis: The worrying FCA Retirement Outcomes Review
'I’d like to buy a Lamborghini please!'
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News
More people accessing freedoms, but industry image concerns remain
The number of people taking advantage of pension freedoms increased in the second quarter of this year, but while this signals an increased awareness of freedom and choice, experts say there is still a need to improve trust in the industry.
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OpinionWe need action on cold-calling now
From the blog: We live in an age in which the internet finds something to promote or celebrate every day, week or month, from cupcakes to allotments. Believe it or not, there is even a world egg day.
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News
FCA cites ways to crank up consumer protection amid competition concerns
The rising number of consumers who buy drawdown without advice has given prominence to the need for greater support and protection, says the Financial Conduct Authority.
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News
Annuity purchasers regret decision as confusion 'remains rife'
Despite widespread confusion, most defined contribution savers are happy with the retirement choices they have made in light of the introduction of freedom and choice, with the exception of those who have purchased an annuity, a survey has found.
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OpinionHow have the freedoms changed pensions administration?
We are now two years into freedom and choice in pensions, and it is clear from the frontline of pensions administration that members of defined benefit schemes have taken a great deal of interest in the new flexibilities.
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News
FAMR makes headway but experts say further progress is needed
The Financial Conduct Authority has published a progress report on its Financial Advice Market Review, alongside a consultation that sets out proposed guidance, but reactions in the pensions industry show there is still a long way to go.
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FeaturesPru amends DC default, as experts warn against 'wait and see' approach
The Prudential staff scheme is due to amend its DC default fund this year in light of the introduction of freedom and choice, amid concerns that some schemes are choosing to wait for retiree data to help them design their default.
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News
Freedom and choice: Engagement improved but confusion remains
Two years have passed since the government introduced the pension freedoms, and although the flexibilities have improved engagement to some extent, the increased complexity has also led to confusion.
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OpinionWhat effect will a cap on exit fees have on freedom and choice?
Freedom and choice has generated over 1.5m flexible payments totalling more than £9.2bn since April 2015. That sounds like a lot to me, even though there are 4m people aged over 55 who are eligible, so I doubt if many people have been inhibited by exit fees so far.
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FeaturesLafargeHolcim reconstructs DC scheme
Building materials giant LafargeHolcim has changed the default fund and administration of its defined contribution pension scheme following a value-for-money assessment.
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OpinionWhy we need a minimum income for drawdown
The OECD recently identified the increasingly important role of defined contribution arrangements in providing retirement benefits as one of the international pension trends.
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OpinionWhat we can expect from the pension scams consultation
The government’s consultation into pension scams contains four very sensible proposals that will make it harder for scammers to operate. This a great step in significantly improving consumer protection in this area.
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News
Cold-calling ban could strengthen scheme powers to block transfers
The government has launched its consultation on pension scams, proposing bans on pension-related cold calls, limits on the statutory right to transfer and tighter regulations for setting up potentially fraudulent schemes.
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News
Consumers to be encouraged to shop around with proposed annuity provider rules
New plans announced by the Financial Conduct Authority will require annuity providers to make consumers aware of rival deals before they purchase an annuity, but some experts say there should be a similar solution for other retirement products.
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NewsFCA annuity provider rules to encourage consumers to shop around
New plans announced by the Financial Conduct Authority will require annuity providers to make consumers aware of rival deals before they purchase an annuity, and some experts say there should be similar rules for other retirement products.
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News
FCA reveals transfer data as experts note 'dramatic' increase
Close to 8,000 people transferred out of defined benefit schemes and into defined contribution between Q3 2015 and Q1 2016, figures from the Financial Conduct Authority show, but experts estimate the numbers may be even higher.
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NewsEarly exit charge cap attracts criticism and praise
Both the government and the Financial Conduct Authority have confirmed plans to introduce caps on early exit pension charges, but authorities should take care not to actively encourage early decumulation, experts say.