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Technology can enable anything – including disaster

By Tom Murray, Head of Product Strategy, Exaxe

Power to the people! This, slightly paraphrased, ringing cry from Chancellor George Osborne at the budget is still reverberating through the world of pensions and the latest tremor comes from the Treasury. This is the news that a fourth way has been added to draw you pension down, alongside the existing approaches of Income Drawdown, Lifetime Annuity and Scheme Pension. The new method is called the UFPLS – that’s Unsecured Fund Pension Lump Sum to the rest of us. The UFPLS allows people to draw down a lump sum from their pension without crystallising the whole pot.  

They can have 25% of the lump sum tax free whilst the remainder will be taxed at the individual’s marginal rate. In the meantime, the remainder of their fund can continue to grow without its uncrystallised status being affected by the withdrawal.

The UFPLS approach allows pension schemes to facilitate people who want to access their pension funds under the new system without the schemes having to offer full income drawdown style products. As such, it is likely to be much in demand by those who wish to access a lump sum, for debt repayment for example, but who fully intend to continue working. It’s like an ability to release equity except it’s fr...Read More

How big data is driving insurers towards the cloud

By Bob Welton, Regional Director Northern Europe, NTT Communications in Europe

With IDC forecasting the big data market to expand at a compound annual growth rate of more than 31 per cent to be worth nearly $24 billion in 2016, it is important that businesses understand that to unlock the true potential of big data they need to implement a cloud strategy first.

It is clear that a growing number of business leaders are turning to the cloud to help gain a competitive edge for their organisations as well as looking for new and efficient ways of working. In 2013 a study by <...Read More

Threats must be confronted

By Andrew Ducat, Head of Client Services at Baronsmead LLP

Over the past decade, the financial sector has increased its reliance upon technology at an incredible rate. In contemporary business, the processes and interactions undertaken by investors, managers and between institutions are almost unrecognisable from even five or ten years ago. Whilst such technology continues to become more proficient, the threats and security considerations that must be confronted by firms also do, such threats can be both large and small.

A single breach of cyber security can have a devastating i...Read More

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George Osborne's DB Exodus

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