FORTHCOMING DEVELOPMENT: On 30 July 2019 the Financial Conduct Authority (FCA) published a Consultation Paper CP19/25: Pension transfer advice: contingent charging and...
This Practice Note set out some of the key issues to be considered when acting on the purchase of a property from a Self-Invested Personal Pension (SIPP) or a Small...
What is an insistent client? The term ‘insistent client’ is commonly used to describe an individual who has received advice (ie a personal recommendation) and chooses to...
FORTHCOMING DEVELOPMENT 1: The Pension Schemes Bill 2020 was reintroduced in Parliament on 7 January 2020. This 2020 Bill (which differs from its withdrawn 2019...
THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL AND PERSONAL PENSION SCHEMES The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI...
The introduction of personal pensions in 1987 was heralded as offering new choices for self-employed and employed individuals. However, it soon became apparent that the...
This Practice Note focuses on the FCA requirement for workplace personal pension schemes to establish an independent governance committee (IGC), set out at COBS 19.5. For...
STOP PRESS: On 17 December 2019, the FCA published Policy Statement PS19/30 ‘Independent Governance Committees: extension of remit’ in response to its consultation...
Investment-regulated pension schemes (IRPSs) are a particular category of registered pension schemes that are subject to additional controls on the asset classes that can...
Before 6 April 2006, personal pension schemes were specifically required to provide retirement benefits on a money purchase basis in order to be HMRC approved...
THIS PRACTICE NOTE APPLIES TO PERSONAL PENSION SCHEMES This Practice Note looks at the disclosure requirements that were applicable to trustees (or managers) of personal...
Statutory development of personal pensions Retirement annuity contracts were the predecessor to personal pensions. They were introduced by the Finance Act 1956 to ensure...
FORTHCOMING DEVELOPMENT: In July 2019 the Pensions Administration Standards Association (PASA) DB Transfers Working Group released ‘Defined Benefit Transfers: A Guide to...
Personal pension schemes—central role in private pensions sector Personal pension schemes, in their various forms, play a central and important role in the UK private...
Since the introduction of the pension flexibilities on 6 April 2015, changes have been made to legislation and the rules of the Financial Conduct Authority (FCA) Handbook...
With effect from 6 April 2015 (when the pension freedoms were introduced), provisions were inserted in legislation and the rules of the Financial Conduct Authority (FCA)...
What is a section 32 buy-out policy? A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also sometimes referred to as a...
FORTHCOMING DEVELOPMENT: Following the publication of a discussion paper (DP18/1)on the effectiveness of competition in non-workplace pensions (including self-invested...
FORTHCOMING DEVELOPMENT: Following the publication of a discussion paper (DP18/1)on the effectiveness of competition in non-workplace pensions (including stakeholder...
ARCHIVED: This Practice Note has been archived and is not maintained. With effect from 8 October 2001, the Welfare Reform and Pensions Act 1999 (WRPA 1999) introduced an...
The obligation on employers to designate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and Pensions Act 1999 (WRPA...
This Practice Note looks at the Financial Services Compensation Scheme (FSCS) in the context of pensions. For further information and detail on the FSCS in general, see...
There are a variety of possible pension arrangements which employers can offer to their employees. These are described in Practice Note: Types of pension arrangements for...
Role of the Pensions Regulator Statutory objectives The core role of the Pensions Regulator is to fulfil the statutory objectives set out in the Pensions Act 2004, s 5...
Application of the RDR The Retail Distribution Review (RDR) introduced major changes to the retail investment market and applies to regulated firms in that market. This...
FORTHCOMING DEVELOPMENT: Following a period of consultation, the government decided to restrict the statutory right to transfer (contained in sections 93–101 of the...
