New statistics have been published showing just how much has been withdrawn in the first year of pensions freedom. In August, the Association of British Insurers (ABI) published data showing how much had been withdrawn from pension arrangements in the 12 months to April 2016, the first year in which the pension flexibility reforms introduced…
Read moreMonth: September 2016
The Bank of England halved its base rate in August. By the end of the year, it could be lower still. At its first formal meeting after the Brexit vote, in early July the Bank of England's interest rate setters (the Monetary Policy Committee) surprised some economists by not cutting rates. The (non-) move resurrected…
Read moreThe fall in interest rates is boosting some pension transfer values. Pension scheme deficits have been hitting the headlines again, and not just those of BHS. The Bank of England's efforts to bolster the post-referendum economy have been to blame. On one widely quoted measure - the Pension Protection Fund's PPF7800 Index - the overall…
Read moreThe interim procedure for claiming the 2016 pension protections has come to an end. The referendum vote has disrupted many plans and timetables this year. Among them is the passage of the Finance Bill, which in any other year would by now have been given Royal Assent and become a Finance Act. In 2016 it…
Read moreThe Bank of England may have finally ended speculation and dropped the interest rate from 0.5% to a new low of 0.25%, but there are plenty of savings accounts already paying less. Last month the Financial Conduct Authority (FCA) published "sunlight remedy" data, showing the lowest interest rates (as at 1 April 2016) offered by…
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