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March 2015


With just days to go until the new pension freedoms become reality, new research from YouGov and wealth manager Old Mutual Wealth reveals that one in every ten people (9%) who will have access to their entire pension savings from next week don’t know that pension income is taxable.


A survey by Old Mutual International, part of Old Mutual Wealth, shows a significant number of overseas advisers have taken steps to link up with UK advisers in preparation for the new pension changes. From 6 April 2015 overseas advisers will need this relationship in place if they want to continue to accept QROPS business from defined benefit schemes and pension policies with Guaranteed Annuity Rates. However, UK advisers need to ensure they have a robust due diligence process in place as they will ultimately be responsible for the pension advice given to the overseas clients.


The recent Statutory Instrument* has confirmed QROPS (Qualifying Recognised Overseas Pension Schemes) will temporarily be unable to benefit from the full UK pension flexibilities. However, this does not apply to all QROPS. Some jurisdictions will be able to offer the pension flexibilities from 6 April 2015, depending on the qualifying rules relating to that specific jurisdiction and local jurisdiction amendments. Opportunities will exist post 6 April 2015 for those using a QROPS to gain flexible access to their pension savings in a tax efficient way.


According to a survey of financial advisers by Old Mutual International, part of Old Mutual Wealth, adviser confidence in the markets it operates across has dipped slightly compared to a year ago.


Old Mutual Wealth is partnering with the Chartered Insurance Institute to launch exam training sessions for advisers studying toward their AF4 Investment Planning qualification, part of the Advanced Diploma in Financial Planning that leads to Chartered status. 


The Chancellor in his budget delivered a boost for those saving in bank or building society accounts by scrapping tax on the first £1,000 of interest (£500 interest for higher rate tax-payers). This means someone can save £100,000 in a cash account without paying tax on their interest, assuming an interest rate of 1%. They can then save £15,000 in cash via an ISA each year and the Chancellor also introduced new flexibilities there, enabling savers to take money out and put it back in.


The Kia Oval will host the inaugural international Help for Heroes Twenty20 cricket fundraiser, supported by Old Mutual Wealth.


Total assets in Old Mutual Wealth’s range of managed investment portfolios, WealthSelect, stand at £860 million, with investments by more than 9,000 clients since launch on 24 February 2014.


77% of people approaching retirement have never sought professional financial advice in relation to their pension. However, at the same time, only 17%* say they understand pension income drawdown, which is set to become a more mainstream source of retirement income when the new pension freedoms come into effect in April.

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