Actuarial Post: All the king’s horses…

September 11, 2018 Tom Murray

Pensions freedom retirement planning FCA Pension Wise retirement income

ACTUARIAL POST: All the king’s horses…  This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  August 2018 edition of the Actuarial Post.   Once upon a time, people saving for their retirement were given a great deal of support by the taxpayer. This was provided on the basis that there were severe restrictions around the money saved and that the savers would ultimately be forced to use that money to buy annuities. These would provide a guaranteed income in retirement, ensuring that the taxpayer would have far less responsibility for the retiree, and therefore was getting a good deal for the tax foregone.
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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.
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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.
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