Pension News
Mercer welcomes DWP consultation on SIPPs
Mercer has welcomed the move by the Department for Work and Pensions (DWP) to begin consultation on draft regulations to allow SIPPs to hold protected rights.
2007 – The year of the SIPP for Fidelity FundsNetwork
Fidelity FundsNetwork has marked 2007 and the 2nd anniversary of its entrance into the Life & Pensions market with over £900 million of SIPP, Investment Bond and International Bond assets.
Just and final settlement for people who lost pensions
Secretary of State for Work and Pensions Peter Hain has announced a substantial package of help for up to 140,000 people who lost savings when their employer-sponsored pension schemes collapsed.
FSA fines Norwich Union Life £1.26m
The Financial Services Authority (FSA) has fined Norwich Union Life £1.26 million for not having effective systems and controls in place to protect customers' confidential information and manage its financial crime risks.
New concurrency rules leads to boost in SIPP business
A poll conducted with advisers by Fidelity FundsNetwork, the UK’s fastest growing SIPP provider, has revealed that changes concerning concurrency since A-Day has led to an increase in SIPP business.
Pension schemes reminder for January
HM Revenue & Customs (HMRC) is reminding pension schemes that 2006/07 Pension Scheme Returns and Event Reports must be filed online by 31 January 2008.
Pressure on government and industry to promote pension savings
In a recent press release, the ABI gave its support for Personal Accounts but only on the basis that they add to savings rather than undermine existing pension provision. This position is supported by consumer research carried out for Defaqto’s Retirement Savings & Income report 2007.
Pensions Bill misses the point
The changes to the current pension system in the Pensions Bill, including Personal Accounts, will not make a fundamental difference to pension saving rates, says Chris Gilchrist of EveryInvestor.
Self-investment of protected rights finally gets green light
The Government has issued a consultation paper which will allow protected rights funds to be self-invested in future.
Go online and help plant a forest
To encourage customers to elect to receive their annual pension statements online, Standard Life has pledged to plant a tree for each of the first 10,000 people to sign up to the initiative.
Inflation movements worry for working 60-somethings
The closer people get to retirement the more they fear the impact of potential inflation movements on their retirement provision, according to figures from Alliance Trust Savings.
SIPP sales soar to £7.1bn in just three years
Today the Standard Life Self Invested Personal Pension (SIPP) celebrates 3 years of excellence since its launch on 6th December 2004. The award winning SIPP has attracted 41,700 customers with £7.1bn funds under management in its first three years.
Not all SIPPs are truly open, says Fidelity
Analysis of Defaqto data by Fidelity FundsNetwork, UK SIPP provider, has revealed that despite the post A-Day open-architecture environment, not all Self Invested Personal Pensions (‘SIPPs’) are truly open.
Simpler benefit claims for older people
Older people will soon be able to get more help with rent and Council Tax bills without having to send off any forms, the DWP announced today.
Millions more savers, billions more savings
Millions more people would benefit from a good workplace pension as a result of reforms in the Pensions Bill 2007, Secretary of State for Work and Pensions Peter Hain said today.