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Pension Freedoms. Are they for you?

But what is the reality? It appears that blocks are being put in the way by large pension providers to people trying to access their money. Companies are concerned that the amount of money that could be potentially drained from their holdings would make them vulnerable to collapse.  

In response the providers are putting in place restrictions that prevent savers from having bank account like access to their money. These restrictions include long delays, high charges, misinformation or just saying to no to that type of service

Mr. Osborne’s proposals are now in danger of being sunk by the pension industry’s commercial interests. While some companies are clearly keen to capture business and compete in the new world of accessible, flexible pensions, other providers, mainly the large insurers that for decades profited under the old regime, are dragging their feet.  If you are feeling trapped by what is happening with your pension, Blacktower can help you. We have enormous experience in dealing with providers and can offer ways of transferring your money, in lots of cases to other providers which are tax efficient and with the freedoms you would hope for. We can plan for you an individual response that suits your needs.

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

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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NEWS WRAP – PLSA Publishes UK Retirement Living Standards

Older Couple ShoppingThe Pensions and Lifetime Savings Association (PLSA) has published a guide to UK Retirement Living Standards* as part of a mission to assist people in working towards a prosperous future retirement.

Research by the PLSA found that 51% of retirement investors are overly focused on their current economic needs, with only 23% properly educated on what it will likely take for them to adequately fund their retirement. However, the newly published Standards are designed to address this shortfall by providing investors with the knowledge and guidance they need to picture their future lifestyle.

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