Pension Wise – Paying more for less

December 21, 2015 Tom Murray

Pensions UK guidance average cost of IFA Life and Pensions

Pension Wise - Paying more for less When George Osborne stood up and accidentally announced that there would be advice given free to all when they reached retirement, so that people would be educated in how to make the most of their new pension freedoms, the Treasury spin doctors leapt into action to clarify the statement. What was meant was guidance, we were told, a cheaper level than advice which would guide people through the options available but definitively not recommend anything to the individuals receiving the guidance.
Read More

Forget robo-advice. Robo-guidance is the answer.

November 02, 2015 Tom Murray

Pensions UK automated guidance guidance pension freedoms

Forget robo-advice. Robo-guidance is the answer. The difficulty of separating out the difference between guidance and advice has caused much anguished discussion in the press ever since the idea of guidance was first mooted after the introduction of pension freedoms. True, advice is too expensive for those with smaller pension pots, but arguably their lack of money means that they are more in need of advice to make sure they don’t make mistakes with the little they have.
Read More

More regulation is not the answer

August 06, 2015 Tom Murray

Pensions UK trustee Life and Pensions regulation

More regulation is not the answer I went to see my consultant prior to an operation on my shoulder. He gave me two options and then asked me which one I wanted to take. A bit astounded, I told him that I was paying him to make the best decision, he had 7 years of medical school and over 20 years’ experience to help him, and therefore there was no point in me trying to decide based on information gleaned from 15 minutes on Google.
Read More

Don’t mention the ‘A’ word!

June 11, 2014 Tom Murray

Pensions UK guidance Life and Pensions regulation

“And we’re going to introduce a new guarantee, enforced by law, that everyone who retires on these defined contribution pensions will be offered free, impartial, face-to-face advice on how to get the most from the choices they will now have.” (Emphasis mine)
Read More

The End of Retirement (Part One)

April 14, 2014 Tom Murray

the unretired Pensions UK working from home income

This article was originally commissioned and published in for the January 2014 edition of the Investment Life & Pensions Moneyfacts publication.
Read More

Time to stop the blame game on annuity sales

November 25, 2013 Tom Murray

Pensions UK Retail Distribution Review Admin Plus impaired annuities

Too many people buy standard annuities. Figures published in the Sunday Telegraph this weekend show that the number of people who retire and could be suitable for an enhanced annuity is substantially higher than those who actually do purchase one. According to the Sunday Telegraph, 68% of men between the ages of 61 and 69 suffer from a condition that would qualify them for this type of annuity, yet only 31% are actually being steered towards them. As a result, many of the 360,000 people who buy an annuity each year are landed with a really bad deal.
Read More

Using industry standards raises industry standards

September 25, 2013 Tom Murray

Illustrate Plus UK instant quotes portals providers

Consumers are losing their patience. By which, I mean that consumers in the second decade of the 21st century are used to having everything streamlined and online, and therefore have an expectation that they will never have to wait for anything. Need to fly somewhere? Then book online rather than go to a travel agent, wait for them to process it and send it out to you. Too busy to do your shopping? Then go online and have your supermarket deliver it to you at a time that’s convenient.
Read More

Regulator needs to trust the IFAs

September 17, 2013 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority FSA

One has to feel sorry for Martin Wheatley, CEO of the Financial Conduct Authority, as he struggles to find a proper path out of the morass into which the regulator was led under the previous incumbent. Sadly, a change of one letter in the name from the FSA to the FCA is not enough to chart a way forward, the problems are deeper than anything that could be corrected by a rebranding exercise.
Read More

Retirement advice – a necessity not an option

September 06, 2013 Tom Murray

simon smallcombe basic pension needs decumulation Pensions UK

It’s time to sort out,once and for all, the issue of advice at the retirement stage. The financial press throughout August have been full of articles from industry experts, all critical of the lack of advice being given to people who are retiring and the resulting bad choices that are being made in terms of product purchase.
Read More

Why don’t more people use financial advisers?

July 04, 2013 Tom Murray

decumulation Pensions UK EU Canada

There are people who refuse to go to doctors, preferring self-diagnosis to getting a professional opinion. For many common illnesses their diagnosis is often correct. After all, most of us can diagnose when we have a cold, the flu, or a chest infection. So of course they can “cure” themselves, which reinforces their feeling that that they are as knowledgeable as the medics.
Read More
1 2 3

Subscribe to Blog Updates

Recent Posts

EZine Sign Up