pensionsandsavings.com

  • PENSIONSANDSAVINGS.COM

    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

    • pensionsandsavings.com

    pensionsandsavings.com

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    Category: Annuities and Income Drawdown

    FCA Review

    FCA Review

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    14 February 2014 FCA Review is welcome but customers need urgent action not another review More delays mean more consumer detriment as companies sell unsuitable annuities to customers who do not understand the complex issues and jargon Need suitability checks and ban commission for all annuity sales to remove bias against advice The FCA’s Thematic Review of Annuities is certainly welcome.  Its findings that the market is not working well are hardly a surprise, given the extent of media coverage…

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    FCA annuities review preview

    FCA annuities review preview

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    12 February 2014 FCA Annuities Review is bound to find serious failings  Annuities scandal must be ended to ensure better value pensions Annuities are sold as a ‘no-risk’ product, suitable for all but are actually high risk for those who buy unsuitable, irreversible pension income The FCA must act urgently as Treating Customers Fairly is about more than just ‘shopping around’ Providers must make suitability checks, give risk warnings and fair charges – currently they are not bothering to check and…

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    Are annuities fit for purpose?

    Are annuities fit for purpose?

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    2 February 2014 Last week, there was an important debate in the House of Lords, organised by Baroness Sally Greengross, head of ILC-UK, sponsored by Legal and General and attended by annuity providers, brokers, advisers and consumer groups.  The topic was ‘Are Annuities fit for Purpose?’ On the panel were Tim Gosden and Kerrigan Proctor of Legal and General, Dan Hyde from the Daily Telegraph, Sue Lewis of the Financial Services Consumer Panel, Tom McPhail of Hargreaves Lansdown, Jane Vass…

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    Campaign for Annuities Reform

    Campaign for Annuities Reform

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    19 January 2014 Sunday Times calls for urgent action to address annuities market Please sign the petition to call for reform – You can sign here: https://www.formstack.com/forms/?1662003-GfcIepCLc4 More than 1000 people every day at risk of buying the wrong annuity and thousands of widows will lose out It’s great to see the Sunday Times running a campaign for annuities reform.  This huge market is not working well for its customers and reform is required quickly. Many people just buy the…

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    Pension charge caps

    Pension charge caps

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    17 January 2014 Steve Webb is right to delay introduction of charge cap – 2014 was too soon Cap new scheme charges to protect smaller firms’ workers but leave legacy schemes till after 2018 – and reform NEST charges to allow proper comparison Capping annuity charges is far more important anyway! Sensible decision to delay charge cap:  It is good to see that Steve Webb has decided to delay introducing a cap on the charges paid by workers in auto-enrolment pension schemes. …

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    THE ALTERNATIVE ANNUITY DIRECTORY – WHY IFAs ARE IMPORTANT

    THE ALTERNATIVE ANNUITY DIRECTORY – WHY IFAs ARE IMPORTANT

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      14th January 2014 NEW WORDING FOR PICK-A TO DESCRIBE ADVICE AND GUIDANCE The following is the alternative text I have drawn up to more accurately reflect the value of seeking advice from a whole of market independent financial adviser.  It explains the benefits of using an IFA but does also point out that those with small funds may not find advice cost-effective.  With larger funds or for those who qualify for enhanced rates, the IFA advice route can even…

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    Another look at the Pick-A Directory – developing it to be fairer to IFAs

    Another look at the Pick-A Directory – developing it to be fairer to IFAs

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    13 January 2014 Pick-A Annuity Directory another look Suggestions to build on all the initial work It is essential to explain properly the value of independent whole of market advice My comments on the Pick-A Directory have really upset those who put it together.  It is such a shame that the wording was not tested on consumer groups or shown to independent advisers before the site went live.  Now that the service is launched I have had a chance to…

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    Pick-A Annuity Directory – why so biased against advisers?

    Pick-A Annuity Directory – why so biased against advisers?

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    12 January 2013 PICA Annuity Directory is such a disappointment A wasted opportunity to really ensure customers achieve good outcomes Bias against independent advice and towards non-advice broking is dangerous PICA has just released its long-awaited Annuity Directory (called ‘Pick-A’) which is supposed to help people get better value for their pension savings in retirement.  I had high hopes that this would be a major step forward to ensure customers are clear about what they need in order to achieve…

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    Steve Webb is right to call for annuity reform

    Steve Webb is right to call for annuity reform

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    9th January 2014 Steve Webb is right to highlight inadequacies of annuities Better value and more flexible pension products are urgently required Pensions Minister, Steve Webb has been subjected to a tirade of attacks in recent days following his comments about the failings of annuities.  He is accused of proposing unworkable reforms, but he is making valid points.  His remarks seem to have been misunderstood. Of course the Minister understands how annuity products work, but he is highlighting that they…

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    Annuities – now FCA Consumer Panel calls for urgent reform

    Annuities – now FCA Consumer Panel calls for urgent reform

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    9 December 2013 Financial Services Consumer Panel slams annuity market Calls for urgent regulatory reform – this is long overdue Fears that annuities don’t offer value for money and insurers making excessive profits Annuity consumers need better protection:  A report just released by the Financial Services Consumer Panel (FSCP) calls for urgent regulatory reform of annuity sales, in order to protect consumers.  http://www.ifaonline.co.uk/ifaonline/news/2317942/fscp-demands-change-in-the-non-advised-annuities-market The FSCP is the consumer body of the FCA – the financial services regulator – and its…

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