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1 in 8 prospective annuity buyers unwilling to shop around

Alongside extra retirement income, consumers call out lower fees, financial stability, and concerns about their incumbent provider as the top reasons to switch. Nearly a quarter (23%) of people say they don’t know where to start when it comes to switching provider. New research by Canada Life has revealed that one in eight people intending to purchase an annuity would not consider switching from their existing pension provider to another supplier, even if they could potentially gain additional retirement income.
Posted on Monday Mar 24

VCTs are the lesser known way to save up to GBP120K in tax

Listed on the London Stock Exchange, Venture Capital Trusts (VCTs) typically invest in small, young and innovative companies that are unlisted and often privately owned. Investors in VCTs can enjoy exposure to diversified sources of growth whilst benefitting from generous tax reliefs. You can invest up to £200,000 per tax year in VCTs and receive up to £60,000 income tax relief. Using this and next tax years allowances over the next two weeks could provide up to £120,000 income tax relief (limited by the amount of income tax you have paid in each year).
Posted on Monday Mar 24

BT Pension Schemes GBP10bn longevity swap deal with Swiss Re

The BT Pension Scheme (“BTPS” or “the Scheme”) one of the UK’s largest private sector pension schemes with c.260,000 members and c.£36bn of assets under management has recently completed two longevity reinsurance transactions. These transactions further protect BTPS from the cost of unexpected increases in the life expectancy of its members.
Posted on Friday Mar 21

Inheritance Tax receipts set new record with a month to go

Just Group and Utmost Wealth comment on latest tax receipts update from HMRC showing that Inheritance Tax (IHT) receipts reached £7.6 billion in the first 11 months of this Tax Year (2024/25). It surpasses the full year’s total in 2023/24 (£7.5 billion) to set a new annual record tax-take with one month of IHT receipts still to come and marks an 11% increase on the comparative period last year (£6.8 billion through first 11 months of 2023/24).
Posted on Friday Mar 21

Rates on hold and what it means for you

The Bank of England held rates at 4.5%, as forecast. The markets are pricing in a cut in May or June, and another around September. The monetary policy committee voted 8 to 1 for no change. One member voted for a 0.25% cut. What this means for markets, savings, annuities and resilience.
Posted on Thursday Mar 20

First FCA enforcement action against an Investment Exchange

The Financial Conduct Authority (FCA) has fined the London Metal Exchange (LME) £9.2 million for failing to ensure its systems and controls were adequate to deal with severe market stress.
Posted on Thursday Mar 20

L and G complete buyin for 3 Anglo American pension schemes

Legal & General Assurance Society Limited (“L&G”) has completed buy-ins totalling £785 million with three pension schemes sponsored by Anglo American Services (UK) Ltd: The Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme and the Anglo UK Pension Scheme (the “Schemes”). The buy-ins were completed as part of a combined transaction.
Posted on Thursday Mar 20

Call for truly simple CCI product summaries

In its response to the FCA’s consultation paper on a new product information framework for Consumer Composite Investments (CCI), which closes today, Aegon has called on the FCA to ‘be much bolder’ in making product summaries more engaging and ‘truly simple’. Aegon also draws attention to the ongoing major differences between CCI and pensions disclosure documents.
Posted on Thursday Mar 20

Ahead of the Bank of England base rate announcement

Commenting ahead of tomorrow’s Bank of England base rate update, Chris Arcari, Head of Capital Markets, Hymans Robertson says:
Posted on Wednesday Mar 19

Just Group completes buyin with Church of Scotland Pension

Transaction covers two schemes and three sections sponsored by the Church of Scotland. Secures the benefits of approximately 1,500 pensioner and dependant members and 850 deferred members
Posted on Tuesday Mar 18

FCA decides to fine and ban Robin Crispin Odey

Mr Odey has referred his Decision Notice to the Upper Tribunal where he and the FCA will present their cases. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised.
Posted on Monday Mar 17

BoE survey on risks of inflation and interest rate confusion

On average, in February, people thought the inflation rate was 4.9%. In January it was actually 3%. 41% of people said the interest rates on saving and borrowing had risen over the past 12 months, and only 28% said they had fallen. In reality, the average rate on easy access savings accounts is down from 3.17% to 2.9%, while the average rate on a 1-year fixed rate savings account has dropped from 4.62% to 4.19% (Moneyfacts). 34% of people expect interest rates to rise over the next 12 months, and only 29% expect a cut.
Posted on Friday Mar 14

XPS Group administrator of the John Lewis Pensions Trust

XPS Group and the John Lewis Partnership (JLP) can confirm the completion of the transition of services to XPS as administrator of the John Lewis Partnership Pensions Trust. First announced in November 2023, this project has now been delivered on schedule, ensuring the continuity of a high-quality service for the Scheme’s 126,000 members, including 41,000 pensioners.
Posted on Friday Mar 14

Comment on Law Commission consultation on friendly societies

The Law Commission has published a consultation paper on friendly societies as part of a review of the current law in this area.
Posted on Thursday Mar 13

Hastings Insurance may cost HMRC hundreds of millions in VAT

The judgement last week by the Tax tribunal in the case of Hastings Insurance Services Ltd v Revenue and Customs [2025] UKFTT 275 (TC) has significant implications for insurance intermediaries and their ability to recover VAT as well as a major cost to HMRC.
Posted on Thursday Mar 13

Stats show pensioners increasingly dragged into income tax

Shaun Moore, tax and financial planning expert at Quilter, comments on the latest HMRC personal incomes statistics: “The impact of the government’s fiscal drag policy has been laid bare in this morning’s personal income statistics from HMRC. In 2022 to 2023, there were a total of 34.5 million taxpayers, 19.1 million of which were male and 15.4 million were female. This represents an increase of 1.5 million taxpayers compared to the prior tax year as wages climbed while income tax thresholds remained stagnant.
Posted on Wednesday Mar 12

Tariffs threaten to reignite inflation

Wariness remains on markets as high tariffs on steel and aluminium imports come in. US consumer price data in focus amid concerns trade policy will inflame prices. Ceasefire hopes are higher, after talks between Ukraine and the US in Saudi Arabia. Oil prices hover near six-month lows amid concerns about lower global growth and energy demand.
Posted on Wednesday Mar 12

Annuity rates flirting with new highs in early 2025

• Returns on Guaranteed Income for Life rebounding to 15-year highs
• Retirement specialist says best rates are nearly 70% higher than four years ago
Posted on Tuesday Mar 11

Resolution Life agree USD9.7bn deal with Protective Life

$9.7 billion reinsurance transaction
Comprised of structured settlement and secondary guarantee universal life business
Demonstrates Resolution Life’s prudent risk management, substantial capital strength and proven execution capabilities in the US life and annuity market
Posted on Friday Mar 7

The three Is behind the taxmans raid on your savings

Interest Rates – Higher rates mean ISAs are more important than ever
Inheritance tax - Changes to pension rules mean ISAs are more vulnerable than ever
Inflation – Frozen allowances have cut your ISA allowance by 25%
Posted on Thursday Mar 6

The dot com bust anniversary looms amid AI bubble

The dot.com bubble peaked on 10 March 2000, as internet companies saw spectacular gains before dramatic falls. 25 years on there are fears another bubble has emerged amid AI enthusiasm. It comes as tech stocks like Nvidia, Tesla and Palantir are hit by investor nervousness. Amazon’s trajectory shows how market survivors can go on to reap unforeseen rewards.

Posted on Thursday Mar 6

Make the most of your allowances before the new tax year

Rachael Griffin, tax and financial planning expert at Quilter, comments on the ways people can make the most of the allowances available to them before the start of the new tax year:
Posted on Thursday Mar 6

Growth of private markets needs lasting focus on valuations

The Financial Conduct Authority’s (FCA) review of private market valuation processes has found good practice but some room for improvement.
Posted on Wednesday Mar 5

FCA bans former Credit Suisse execs after US convictions

FCA bans former Credit Suisse executives following US criminal convictions for their roles in connection with loans to the Republic of Mozambique
Posted on Tuesday Mar 4

Brookfield set to join the bulk annuity market

Brookfield Wealth Solutions has announced that it is entering the UK bulk annuity market to provide buy-in insurance solutions to defined benefit pension schemes under the Blumont Annuity UK brand, with operations expected to begin later in March following final regulatory approvals.
Posted on Monday Mar 3