Stay up do date with relevant news and announcements related to pension, New Zealand superannuation regulation, overseas pension transfer and the Ranfurly Superannuation Scheme.
Following numerous bids by the U.K. Prime Minister Boris Johnson to call a snap election, the deadlock has finally been broken. MP’s voted 438-20 in favour of the general election and the date has been set for 12 December. This near-unanimous support for the general election following three prior failed bids comes after the second Brexit deadline of 31 October passing with no deal yet in place between the European Union and the U.K.
Read MoreWith on-going uncertainty surrounding Brexit, the talks of dramatic policy changes under the new Government, being aware of the potential impacts Brexit could have on your UK-based pension may help you get and remain ahead with your pension. Prime Minister Boris Johnson has signalled that Britain will leave the EU by the October 31 extended deadline with or without a deal if no agreement has been reached.
Read MoreHer Majesty’s Revenue and Customs (HMRC) has recorded an increase in the number of individuals that have transferred their pensions to a Recognised Overseas Pension Scheme (QROPS) in the 2018-19 financial year. The released data shows that there has been a 6% increase in the volume of transfers out of registered UK pension schemes, a total value of £640 million.
Read MoreThe UK Parliament will hold a second day of indicative votes today where different Brexit options will be explored. This comes after the UK Parliament rejected the withdrawal agreement on March 29th, following two previous rejections of the entire deal. A power vacuum is being created in the government and if this instability continues in the following years, it could result in a change in government following the next general election in May 2022 or even sooner.
Read MoreFundCalibre, an independent fund research ratings agency, released their annual index which determines the top asset managers that have consistently outperformed over the past five years.
They announced that, Baillie Gifford placed third in their index, following Morgan Stanley and Man GLG. FundCalibre noted that Baillie Gifford and T. Rowe Price have been among the top ten companies in each of the five annual surveys and both firms have outperformed over "almost a decade" despite having larger product offerings, and "maintaining such a level of consistency… is extremely impressive".
Read MoreFor many of those with their pensions tied up in UK schemes and looking to get out, the looming threat of a no-deal Brexit, may mean being even more proactive in planning your future in retirement.
Read MoreThe Financial Conduct Authority (FCA) has recently released findings on the quality of pension transfer advice given by specialist advisory firms. These findings show that less than half of the advice given to clients regarding their defined benefit pension scheme was deemed ‘suitable’, based on new rules set by the FCA regarding pension transfers.
Read MoreWe at Ranfurly are pleased to announce that we are offering two brand new investment options for new and existing members. The Sterling Growth Fund and the New Zealand Dollar Balanced Fund are replacing the Sterling Dollar Fund and the Australian Dollar Cash Fund. These funds have been available to members to invest from the 28th December 2018.
Read MoreAround 4,700 qualifying recognised overseas pension scheme (QROPS) transfers were carried out during 2017/18. Of these, only 30 transfers were required to pay the 25% Overseas Transfer Charge (OTC) that was introduced in March of 2017. Her Majesty’s Revenue and Customs had predicted £65 million in tax revenue from the tax, however, only £1.4 million has been raised since the enactment of the charge.
Read MoreA recent report by the UK Financial Conduct Authority (FCA) found that 47% of advice on defined benefit to defined contribution pension schemes was 'unsuitable’. Following this, the FCA has introduced new rules and guidelines for pension transfer specialists and consultants.
Read MoreThe Law Commission has recently proposed a programme of reforms that would allow Britain to remain competitive globally in the increasingly likely event that Britain will leave the European Union. One area of focus has been the integration of electronic signatures in the signing of documents.
Read MoreWith the recent confirmation by a number of UK advisory firms that they will not be giving advice to clients looking to transfer out if their pension schemes, it is recommended that those considering transferring out of their UK defined pension scheme do so sooner rather than later.
Read MoreWith Brexit negotiations having resumed in the past few weeks, fears of a ‘hard exit’ have ignited. A ‘hard’ Brexit is the option favoured by those strongly supporting Brexit. Likely resulting in the UK giving up full access to the single market and significantly tightening immigration.
Read MoreChanges in Defined Benefit Pension Scheme Transfer Advice:
What You Need To Know.
