Moneyhub’s Post

𝐓𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐚 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐒𝐜𝐡𝐞𝐦𝐞. A solid pension scheme offers incredible benefits for both businesses and employees. 𝐀𝐭𝐭𝐫𝐚𝐜𝐭 & 𝐑𝐞𝐭𝐚𝐢𝐧 𝐓𝐚𝐥𝐞𝐧𝐭: Enhance your company's stability by attracting and keeping highly qualified employees. Their financial security boosts satisfaction, motivation, and productivity. 𝐓𝐚𝐱 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬: Enjoy tax deductions for employer contributions and tax advantages for employees, reducing the tax burden for both parties. 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Protect employees from future financial setbacks and safeguard your business from legal and reputation risks. 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐄𝐝𝐠𝐞: Improve your company’s image and attract top talent and business partners. 𝐋𝐞𝐠𝐚𝐥 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: Meet legal requirements and showcase your commitment to ethical business practices. B Smart Pensions & Insurances helps businesses set up and manage effective pension schemes, offering second opinions and management at no extra cost. We're here to support both you and your employees. Contact B Smart Pensions & Insurances for more information and advice! #PensionScheme #BusinessGrowth #EmployeeBenefits #TaxAdvantages #RiskManagement #BsmartInsurances

An insightful day at #langcatlive REGENERATE. Here are some of my key takeaways: - Although small pots consolidation is a hot topic, the UK Pensions Minister made it clear dashboard (no surprise) and Value for Money are a priority in 2024 (check out our own VFM campaign at https://lnkd.in/eUVhgRnn). - Owners of advice firms shared their key to success includes taking on clients who add value to their business, no matter what their net worth and implementing a simplified business model. - Investment bonds could become more desirable as tax allowances change from April. - AI can enhance advice journey processes, but human input will always be required in some capacity. Advice firms must start taking an interest in AI, as it’s no longer on the horizon, it’s here!

⏰ Time is running out for pension scheme administrators who have yet to begin preparations for dashboards. If you find yourself in this group, it's crucial to take action now – failure to do so could result in significant financial repercussions. A final connection deadline of 31 October 2026 might seem distant, but the preparation required is substantial. For starters, you'll need to prioritise data accuracy and decide how you will connect, both of which take time. Here's what you can do now: https://lnkd.in/dw2PMX7v

There will always be questions to ask when it comes to managing defined benefit pension (DB) promises, and now’s not the time to stop asking those. So, how should schemes be managing both current and legacy active members as part of ongoing discussions around DB endgame strategies? Here’s some thoughts, based on different, ‘live’ conversations I’ve been having with clients in different circumstances:

Yesterday I shared our latest guest blog from Sarah Abraham, Head of Pension Redress Services at First Actuarial. Over the next few days I am going to share Sarah’s five useful tips to help you understand how large redress might be. 𝟏. 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐫𝐞𝐜𝐞𝐧𝐭 𝐦𝐨𝐯𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐫𝐞𝐝𝐫𝐞𝐬𝐬 Redress has fallen significantly over the past few years – with typical redress for someone who transferred out in 2016 falling by around 80%. This is because the redress calculation looks at the cost of purchasing an annuity to replace the ceded defined benefit (DB) pension. As such, recent falls in annuity prices translate to lower redress. The substantial falls in redress over the years mean that, if you’re using the redress you paid on historic complaints as a guide for a future redress payment, you may be being too pessimistic. However, just because redress has fallen substantially in recent years doesn’t automatically mean that the redress on your case will be negligible. Redress is highly sensitive to the particular circumstances of the case – and we still see cases where the compensation payment is more than the transfer value affected. Come back tomorrow for tip number 2.

FCA Bans Richard Fenech and Heather Dunne from Financial Services Due to Flawed Pension Advice. The Financial Conduct Authority (FCA) has imposed bans and substantial fines on Richard Fenech and Heather Dunne following their roles in a flawed pension advice model that jeopardized clients' guaranteed benefits. Fenech, who oversaw Dunne’s work at Financial Solutions Midhurst Limited, failed to address critical compliance issues, while Dunne provided advice that led to the transfer of over £126 million out of defined benefit pension schemes, often against clients' best interests.

Financial services consultancy Broadstone has outlined its key predictions for the pension market in 2025, focusing on potential developments, government reviews, and areas requiring reform. Read more: https://loom.ly/pgUhMKg

🚀Forward-thinking firms like Aegon UK are transforming pension engagement. They are harnessing innovative technology to address key challenges for non-advised savers.💡 In a recent article for Money Marketing, Scott Phillips discusses how habit stacking and digital tools are being used to enhance engagement, help people find lost pensions, compare charges, and make more informed financial decisions – all online. Aegon’s streamlined process, including bulk transfers with integrated identity verification and automated Letters of Authority, is just one example of how technology is closing the advice gap and reducing administrative burdens. Scaling such digital approaches promises to benefit millions of pension holders and set new industry standards in transparency and efficiency. 🔗Link to full article in comments below 👇 #LoA #LettersofAuthority #PenTech #MemberEngagement

Advice Guidance Boundary update! The Financial Conduct Authority will consult on “high-level proposals” for targeted support for pension savers in December It also revealed it would be engaging with small advice firms in 2025, through a series of roundtables across the country, to gauge the willingness and capacity of these firms to offer a simplified advice service. #FCA #financialadvice

The new CAP guidelines, released by the Canadian Association of Pension Supervisory Authorities (CAPSA), indeed bring significant updates and improvements. These guidelines now include a broader range of financial products such as Locked-in Retirement Accounts (LIRAs), Registered Retirement Income Funds (RRIFs), Life Income Funds (LIFs), Pooled Registered Pension Plans (PRPPs), Voluntary Retirement Savings Plans (VRSPs), and Tax-Free Savings Accounts (TFSAs). They also emphasize enhanced communication and disclosure practices, improved governance standards, and clearer responsibilities for plan sponsors, members, and service providers. If your pension consultant views these updates as a burden, it might be worth considering whether they are the right fit for your organization. The new guidelines are designed to provide better protection and clarity for all parties involved, which is ultimately beneficial to everyone.