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Tag Archives: transfers
Aviva (unlike tPR) get it right on transfers.
Well done Andy Briggs for saying what a responsible life company CEO should say . “Aviva backs ban on transfer advice charges“. Let’s be clear Aviva are not calling for a ban on defined benefit transfers, they are … Continue reading
DB Transfers all but triple in a year.
Transfers to other pension schemes10 RKQR 6,810 6,084 5,363 13,221 12,777 34,245 Andy is referring to the Office of National Statistics update to “Investment by insurance companies, pension funds and trusts (MQ5)” -table 4.3: … The numbers are confirmed by … Continue reading
Transfer carnage at BSPS – the truth revealed
The full impact of transfers on the British Steel Pension Scheme has been revealed in this perfunctory tweet The British Steel Pension Scheme has paid just over £1.5bn from around 4000 DB transfers to date. Around 3700 transfers still to be processed. … Continue reading
It is time to ban contingent charging on DB transfers.
The argument for contingent charging (in abstract) The best case for contingent charging appears on this blog and it’s made by Pete Doherty, Managing Partner and CIO of Tideway. I published this blog to provide balance and to create debate. This is … Continue reading
Posted in pensions
Tagged Action, CETV, contingent charging, contingent fees, enforcement, pensions, Tideway, transfers
4 Comments
HMRC and FCA complicit in the democratisation of villainy.
If the FCA want to get to grips with the problem of contingent (conditional) charging, they had better have a look at the taxation of advice and make changes in the Finance Act 2018 to the way we tax advice. First … Continue reading
Posted in accountants, advice gap, dc pensions, pensions
Tagged advice, democatisation, FCA, HM Treasury, HMRC, IFA, pensions, transfers, villainy
15 Comments
Contingent charging will sink DB transfers
IFAs who persist in conveyor belt transfers based on contingent charging will kill the transfer market. Why people are taking a punt if they pay on the never-never. The FCA have made it clear that to transfer out of … Continue reading
Posted in advice gap, BSPS, pensions
Tagged contingent charging, DB transfers, pensions, pricing, transfers
3 Comments
Aegon stung into action by the Bee!
Let your people go! It looks like Aegon has backed down and agreed to treat its customers wishing to transfer to PensionBee, fairly. This report, based on what appears to be a press release from Aegon, suggests that Aegon will … Continue reading
Posted in pensions
Tagged Aegon, Margaret Snowden, PASA, PensionBee, pensions, Rom Samova, standards, transfers
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BSPS – a big win – but at what cost?
It now seems quite certain that the New British Steel Pension Scheme will happen and that it will be populated by the majority of members of the current British Steel Pension Scheme. In announcing the results of “Time to … Continue reading
Big pension decisions need grounding.
I am getting worried by the return of the word “systemic”. It pops up in Andrew Warwick-Thompson’s (otherwise) excellent article “a misunderstood shift” and it’s behind calls from those who know better to “just ban transfers”. It would … Continue reading
Steelworkers – what to do now!
Here is my advice – don’t worry – people are looking out for you. If you have sent your options form and have not heard back, do not worry. There is no need to panic, don’t send more option … Continue reading
