Personal pensions updates

Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment.

Ros Altmann reportedly hoped for more product innovation following pension freedom¹, and according to one poll 66% of advisers also believe that providers should be doing more².

Royal London’s Drawdown Governance Service (DGS) is now live, allowing adviser to monitor the level of income withdrawals their RL clients are taking and manage sustainability. It also gives us a snapshot of what clients are currently doing and the chance to monitor trends over time.

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings.

Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost effective way.

There were no changes to carry forward announced in the last budget, but advisers and their clients should be aware of how to treat the 2015/16 tax year when using carry forward. This was affected by the alignment of pension input periods (PIPs) to tax years from 8 July 2015.

According to George Osborne "people like ISAs – because they’re simple". Fiona Tait is not convinced…

Auto enrolment has been a resounding success to date. Six million more people are saving for retirement¹ and opt-out rates remain low². But what happens when you introduce a shiny new investment option aimed at some of these very savers?

Steve Webb, our Director of Policy and External Communications, considers the new Lifetime ISA

On 16 February the High Court overturned the Pension Ombudsman’s decision in the case Hughes versus Royal London and ruled that we could not block a transfer request to a newly-established SSAS, despite our concerns about the appropriateness of the transfer.

Royal London firmly believes in the value delivered to clients by financial advisers, not just for one-off events but on an ongoing basis. 

Steve Webb, our Director of Policy and External Communications, provides a summary of Royal London's latest policy paper.

Six months into freedom and choice the FCA are continuing to monitor consumer choices in order to identify high risk activities and introduce any necessary changes to regulation. We summarise their latest report.

We're mailing trustees, employers and customers to tell them about changes to their pension plans to cater for the new pension flexibility.

The retirement freedoms introduced the concept of nominee and successor flexi-access drawdown.  We consider what they are, how they operate and their attraction.

The proposed Single Tier Pension (STP) is designed to suit a 21st century world where the driving force in retirement planning is the need to provide for people who are spending longer and longer in retirement.

Last updated: 19 Jun 2017

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.