With the imminent arrival of auto-enrolment the big qualifying pension schemes, find that the Act sets out a framework to allow the Government to cap charges, and to ban active member discounts and commissions. With the introduction of auto-enrolment it is likely that many people in this increasingly portfolio work place will end up with small pension pots all over the place as a result of moving jobs. To tackle this, the Act sets out the framework to allow the automatic transfer of pensions between auto-enrolment schemes.
The Act also means the Government and the FCA have to introduce rules for DC schemes and providers to publish detailed information on the charges that apply in a scheme. This should make it easier for advisers and employers to compare providers and to make the best decisions possible
The Act finally also sets out the framework for a single-tier state pension. With the increase in state pension age to 67 from 2036 and the ability for some to buy more state pension, this might mean many will need to revisit their retirement planning. If you want to talk through pension planning Enable IFA’s are here to help.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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