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September 2014


Old Mutual Wealth pension expert, Adrian Walker, comments on the announcement on changes to tax payable on pension pots upon death.


In its response to the FCA Consultation Paper (CP14/11) ‘Retirement Reforms and the Guidance Guarantee’, Old Mutual Wealth is calling for part of the cost of the service to be borne by an addition to the pensions levy, paid by workplace trust schemes. This should reduce the amount contributed by financial advisers.


The Skandia brand disappears from the UK today (22nd September 2014) and all Skandia UK operations adopt the Old Mutual Wealth brand.


Skandia International, part of Old Mutual Wealth, has enhanced the adviser charging options available on its range of offshore bonds. The enhancement means the advice fee no longer needs to be deducted from the annual 5% tax-free withdrawal allowance, leaving more of the allowance for the customer. This is great news for UK advisers and customers who want to use the 5% withdrawal allowance on offshore bonds because customers can benefit from greater tax-free income.


Skandia has listened to financial advisers and worked closely with Invesco Perpetual and Woodford Investment Management following its announcement that it intended to close the Skandia Invesco Perpetual Income and High Income funds on its Skandia Life range. Many financial advisers have told Skandia that they want to remain invested in the Invesco Perpetual funds and asked that the funds remain open.

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