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City watchdog to probe pension freedom rip-offs

Clearly, shopping around for the right pension can mean the difference between a miserable and comfortable retirement.  When deciding what do with your pension, it is crucial that you receive appropriate independent advice to explain what options are available.  Many people are used to doing this for their insurance needs already, so it makes sense to do the same with the form of income that will dictate what sort of lifestyle you have on retirement.

Therefore, the review will focus on understanding the extent to which pensioners can compare the larger range of retirement options available to them since the introduction of the new pension freedoms.  The FCA was quoted as saying: ‘We want to understand whether savers can compare products, shop around, switch providers where they are not receiving what they want and make good, informed, decisions’. 

The watchdog’s remit is to look at the availability of options for people moving towards retirement.

 

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

QROPS works for expats in France

Given all the talk and acceptance of QROPS transfers, expats in France could be forgiven for forgetting that there was ever a time when they were short of options. But it’s worth remembering that before QROPS transfers became available, expats in France and elsewhere in Europe had very few choices available to them when it […]

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HMRC report details French QROPS

According to HM Revenue and Customs (HMRC) there has been little change in the market for Qualifying Recognised Overseas Pension Scheme (QROPS)s in the two weeks ending August 2016.

The continued uptake of QROPS in France is likely to be a factor behind this, with the number of offshore pensions available in the world rising by four to pass the 1,250 mark for the first time – the fact that nine schemes were delisted was more than offset by the opening of 13 new schemes.

French QROPS remain one of the most popular. However, QROPS are available across 42 different jurisdictions, with Australia still the foremost QROPS centre; its 302 available schemes account for around one-quarter of the those available across the world.

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