The views expressed remain the responsibility of the named authors and do not necessarily reflect those of the SLAAS. Many clinicians as well as general practitioners find it difficult to confirm diagnosis of some infectious diseases only on clinical grounds.
However, will these utility services have sufficient capacity to deliver the guidance to the hundreds of thousands who will ask for it? Also, the Treasury is opening the door for further product design: It will become increasingly difficult for ordinary investors to discern whether they are actually getting a good product or not.
In many cases it will be unsophisticated investors with relatively small pots of perhaps only a few thousand or tens of thousands of pounds. The guidance guarantee will not help them here as it will not provide specific product advice, and paying for an independent financial adviser may be too expensive to justify.
There will therefore be a huge job for the FCA to do in policing these new products, and the sales processes around them, to ensure that investors are sold competitively priced and appropriate products.
Without this regulatory scrutiny, these pension freedoms could be nothing more than a misselling charter. The Treasury press release makes very little mention of loophole closing. We know there is an issue with potential recycling risks — this is where money is taken from a pension and then recycled back into the plan in order to gain further tax relief.
The fact that they are distracting us with this announcement today suggests there may be some unwelcome news buried in the papers which will be released later on Monday.
The overall plan to liberalise the pensions market and encourage people to maximise their pensions savings are to be applauded. It is vital, however, that the independent advice given to people in the run-up to retirement is sufficiently rigorous and high quality.
Advice can be delivered over the telephone or even online, but we need to ensure that this type of advice is properly constituted and supported by qualified advisers.
All DB members will need to take regulated advice before they transfer to a DC scheme and it will be the responsibility of trustees to ensure members have taken this advice.
Many DB schemes have tens of thousands of members and checks of this type are likely to lead to higher administration costs. The demand for advice around retirement saving will be much higher than ever before — particularly for those in DB schemes — as people seek to replicate security of an annuity while taking advantage of the liberalisation?.
Organisations such as The Pensions Advisory Service and the Money Advice Service are currently nowhere near the scale needed to facilitate this.
A massive training exercise and the creation of new advisory roles will therefore be required and we can assume that the levy on financial services firms to fund a National Wealth Service will be concomitantly steep.
Steven Cameron, regulatory strategy director, Aego 21st July at In our view these services will be more scalable than face-to-face guidance and more convenient in the digital age. The priority must now be to determine the precise scope of what the guidance guarantee will cover and for the initial providers MAS and TPAS to be ready to offer this from next April.
As the scope becomes clearer, we urge the government to remain open to other pension providers offering the guidance guarantee. Technology advances mean guidance delivered, particularly on a web basis, can be demonstrated as fully impartial and objective. Working with advisers, Aegon will continue to offer our customers support and guidance to get them ready for retirement.
Importantly, this is not a one-off event, but is needed throughout their savings period as well as when they are considering taking an income. We welcome the new retirement flexibilities and Aegon already specialises in flexible drawdown solutions. Critically, pension providers and advisers must continue to offer customers the comprehensive support they will need — now more than ever — in addition to the guidance guarantee.
We are sure too that enabling consumers to choose the type of guidance that best suits them is the correct approach. Some will prefer to use websites, others the telephone and still others face-to-face discussions. We have offered our support to the Treasury and DWP in helping delivery of the policy.
We think the approach taken is a sensible and pragmatic solution and reflects the guidance we gave to government when responding to the consultation. Banning private sector DB to DC transfers — one of the options in the consultation paper — would have put UK plc at a huge commercial disadvantage with Europe, as it would effectively have locked companies into funding for buy-out, with all the recent flexibilities introduced by TPR rendered largely a waste of time.
It also enables companies to operate sensible liability management but with adequate protection as well as flexibility for the member. We welcome the prospect of a further consultation on the scope to enable members to take advantage of the new flexibility direct from defined benefit schemes rather than by transferring to a defined contribution scheme first.
However, we are concerned that anti-avoidance measures associated with the reforms may be a further, unwelcome, burden on the administration of a large number of pension schemes.
It is also perhaps significant presumably on purely practical grounds that the original concept of face-to-face guidance has now been watered down to include telephone and other electronic means of contact.
Overall, though, given the extra complexity that the new freedoms inevitably bring especially in relation to income tax and the risk of individuals making inappropriate choices, the taking of impartial guidance, if not full financial advice, should be encouraged by whatever means.
Transfers from funded defined benefit DB schemes to facilitate the new freedoms will be permitted with some important restrictions. Before doing so individuals will be required to take advice from a professional adviser who is independent from the DB scheme and is authorised by the FCA.
This is all sensible and will help to protect both individuals and schemes from the possible adverse consequences of such moves. There is also to be consultation as to whether funded DB schemes could be allowed to operate like DC and give individuals access to their funds without the need to transfer out to a DC arrangement.
The full implications of this need to be carefully considered before proceeding. Finally, it is good to note that greater flexibility is to be allowed in the design of annuity products permitting, for example, higher payments in the early and end phases of retirement with possibly access to lump sums to meet particular needs.
Although in recent times annuities have received a bad press as representing poor value for money, for many people a guaranteed income for life is something they would welcome giving them financial security and peace of mind throughout the whole of their retirement years.
These extra flexibilities may be just the shot in the arm the annuity industry needs at the present time to deliver the better products that individuals need and would buy into.D1- Evaluate the appropriateness of information used to make important strategic decisions.
The Coca Cola Company is an American beverage corporation, manufacturer, retailer and marketer of non-alcoholic beverage concentrates and syrups, which is headquartered in Atlanta, Georgia.
This book covers four of the core units that are common to BTEC National Engineering programmes. The remaining core unit (Project) is covered in the Curriculum Support Pack. Each unit contains Text, ‘Key points’, ‘Test your knowledge’ questions, Examples, Activities and Problems.
D1: Evaluate the influence different stakeholders exert in the organisation.
Introduction Each stakeholder is important to the business, however, some are more important than others.I have chosen the top three that I think are the most important and in this word document, I will evaluate how these stakeholders influence the NHS and McDonalds.
In contrast, the British grocery chain Tesco faces different competition in almost every foreign market it enters. Looking to the Future Three Ways of Looking at Globalization At this juncture, there’s a big difference of opinion on the future of international business and globalization.
D1 Evaluate the Influence Different Stakeholders Exert in One Organisation Emperor of China; Self-Portrait of K'Ang-Hsi To what extent were the decisions made by Germany's leaders responsible for the outbreak of the First World War?
Plesno umetniška skupina SAMEBA iz Gruzije - Slovenske Konjice - Nastop V petek, 7. novembra, bo ob uri gostovala v Kulturnem domu Slovenske Konjice Plesno umetniška skupina SAMEBA iz Gruzije..
V približno uro in pol dolgem nastopu nam bodo predstavili sedem tradicionalnih plesov in zapeli osem pesmi.