The New ISA or NISA is more flexible than ever, but not enough people seem to be using them to the fullest. Our research has found that UK taxpayers are set to waste £1.3 billion this year alone by not maxing-out their ISAs, with cash ISAs being by far the biggest area of waste, accounting for £1.2 billion of the total. Is it that people don't have the money to save, or are they just stuck in bad habits? Read the full summary here.
People who want to transfer out of final salary pension schemes will be legally required to seek financial advice first, if plans from the Pensions Regulator come into force. The proposal was first made by Philip Loney, chief executive of Royal London, who recommended mandatory advice for those with final salary schemes with a transfer value of £30,000 or more. This is welcome news for advisers and an important safeguard for consumers too, who otherwise might rush into rash decisions and lose the valuable benefit of a guaranteed income. You can read more about this story here.
Congratulations @Martinbamford! You're adviser of the week for your blog post 'How to avoid pension fraudsters'. Follow @unbiased_co_uk for live updates on the latest news and professional trends.
What do the pension reforms mean for you and your clients? Are you seeing a rush for advice, or are people just confused? Do you see more opportunities or greater risks? Join the debate here.
Category: News Tagged: Savings
