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Pension freedoms are being compromised

Now there is possible relief in sight. The Financial Conduct Authority (FCA) is poised to clamp down on greedy managers by insisting they cannot charge more than one per cent of the value of the pot, but the change will not come into force until next March at the earliest.

So, anyone cashing in or transferring out of their pension today could still have their pocket picked. The move will make it easier for people to drop their pension if they are getting a poor deal or make full use of their new pension freedoms to cash in their pot without penalty.

Before you take any action on your pension you should seek advice from a financial adviser to see how you may be affected.  This could help you avoid the pitfalls of being overcharged for moving your money to a better position.  You will also receive advice on the most tax-efficient position you can achieve.  A simple review will also allow you to compare the benefits you are likely to receive from your current plan and the other options that are available to you.  

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

The best 5 cities to live in Spain

Spanish CityIn popular culture, Spain is synonymous with sunshine, Paella, Flamenco and endless golden beaches.  All of which paint a familiar, and perhaps slightly old-fashioned view, of the fourth biggest member of the E.U.

There’s a lot more to this huge country than the easy stereotypes might suggest. There’s sunshine if you want it, but there’s also snow, desert, dense ancient forests where bears still roam free, and sleepy hill towns that appear not to have changed in a hundred years – nor seem likely to, in a hundred more.

There’s so much to commend it to the traveler, that they can be forgiven for beginning to dream a little, of what it might be like to live there, for real… for good. Let’s take a look at 5 cities in Spain where the prospective expat might think of living la vida local.

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How much will retirement cost you after inflation?

Due to the consequences of the Covid pandemic, the energy crisis and a range of other factors, the UK and the wider global economy has seen inflation increase the cost of living substantially in a relatively short amount of time. This has resulted in much of the population having to cut back on their spending […]

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