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A swift change to retirement income rules is required in order for the Government’s proposed pension reforms to work, according to leading investment business Skandia, part of Old Mutual Wealth.


Skandia, part of Old Mutual Wealth, today confirms it is adding Neil Woodford’s Equity Income fund to its SelfSelect open fund range and a bespoke sub-advised mandate of the fund to its WealthSelect researched fund range. The fund, which is the first launch from Woodford Investment Management, will have an ongoing fund charge of 0.65% in both ranges. 


A new report by Skandia, using independent data from the Lang Cat, has revealed that the cost owning similar portfolio management services can vary by as much as 66% over a ten year period.


New analysis carried out by the lang cat on behalf of Skandia has revealed that the total cost of owning similar portfolio management services can vary by as much as 66% over a ten year period. The analysis shows how important it is to focus on the total cost of ownership, including platform, portfolio management, underlying investments and trading costs, rather than just than any one of these costs in isolation.


A recent adviser survey* by Skandia International, part of Old Mutual Wealth, showed there is an opportunity for advisers to make greater use of ‘nominations’ on offshore bonds. This little known feature can actually add significant value and can help the client achieve some of the benefits of a trust without actually placing the bond in a trust. Not many providers offer nominations on bonds, which could explain why nearly half of UK advisers are unaware of what a nomination is.


70% of financial advisers say clients believe assets held overseas escape UK Inheritance Tax (IHT) according to new research* from Skandia International, part of Old Mutual Wealth. As this belief is totally incorrect for anyone UK domiciled (or deemed UK domiciled); investors should be warned that unless they take action, their overseas assets could be hit with an unexpected 40% tax on their death.


Adviser research* from Skandia International, part of Old Mutual Wealth, shows 22% of advisers have experienced problems with a trust arrangement ending in a dispute when family members are appointed as trustees. There are a couple of alternative options that can greatly help advisers and their clients; including setting up a protector on the trust, appointing a corporate trustee to manage the trust, or a combination of the two.


Demand for financial advice to increase following Budget proposals.


Following the launch in March 2014 of the innovative RS GBP Investec FTSE™ 100 Defensive Autocall Fund, available through its UK offshore portfolio bond, Skandia International has today announced the launch of a second issue.


Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has appointed Stewart Cazier as chief operating officer of distribution.  In this new role, Stewart will be joining the distribution leadership team to help develop Old Mutual Wealth’s distribution capability, supporting its growth ambition of being the best retail investment business in its chosen markets.


Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, has reached agreement with Henderson Global Investors to acquire its 50% shareholding in the Intrinsic Cirilium Investment Company Limited (Cirilium). The agreement was reached following the announcement that Old Mutual Wealth is to acquire Intrinsic and, upon completion of both acquisitions, will result in Old Mutual Wealth owning 100% of Cirilium.


Skandia, part of Old Mutual Wealth, has appointed Tom Hawkins as head of UK proposition marketing. This is a new role which will have responsibility for the marketing of Skandia’s customer proposition in the UK, covering platform, pensions and investment solutions.


An unprecedented grouping of leaders from across the UK financial services industry are warning of an impending consumer finance crisis unless action is taken to change people’s attitudes to saving.


Analysis by Skandia, part of Old Mutual Wealth, suggests that by the end of 2016 over £141 billion* could be placed in outsourced portfolio management services by financial advisers in the UK market.


Sales into multi-asset funds accounted for nearly a third (32%) of all net sales during Q1, according to figures from the Skandia Investment Solutions platform. Multi-asset funds continue to be popular as advisers seek quality investment solutions for their clients, such as risk targeted funds.


Skandia, one of the largest pension drawdown providers in the UK, has revealed that less than 10% of its current flexible drawdown customers have taken, or are currently in the process of taking, the entire value of their pension savings.  These figures downplay fears that UK retirees will withdraw all their retirement savings at once when the Chancellor’s proposed changes, announced in the recent Budget, come into full effect in April 2015.


The changes announced to ISAs in this year’s Budget mean that from 1st July 2014 people can invest up to £15,000 per annum in an ISA split as they choose between stocks & shares and cash. According to investment business, Skandia, whilst the new ISA regulations do not come in until 1st July, regular savers can take advantage of the increased limits next week by increasing their monthly contributions to £1,250 from Monday 7th April.


Skandia, part of Old Mutual Wealth, today confirms it will enhance the cash option available on its ISA in time for the new rules in July. Skandia will make cash available as a longer term holding, rather than a short term cash deposit facility, with the interest rate rising to approximately 0.40% in time for the new tax year, up from 0.10%. Skandia is looking to secure the highest interest it can in time for the changes on 1st July. 


Skandia, part of Old Mutual Wealth and one of the largest pension drawdown providers in the UK, has today launched new system functionality to enable customers and financial advisers to take advantage of the new flexible pension regime with immediate effect.


In today’s budget statement, the chancellor gave the UK public greater flexibility in how they save for their retirement.  According to investment business Skandia, the changes reflect the changing nature of retirement in the UK with people increasingly looking to phase in to retirement over a longer period, rather than it being a ‘cliff edge’ decision.