FSCS expects thousands of SIPPs claims

FSCS expects thousands of SIPPs claims

The Financial Services Compensation Scheme (FSCS) is expecting to face thousands of claims for mis-sold pensions after a major administrator went into administration. GPC Sipp administered 3,200 SIPPs and another 50 Small Self Administered Schemes (SSAS pension trusts) with an estimated investment value of £130 million. Insolvent But it became insolvent after several ‘alternative investments’ …

Concern over ‘no advice’ pension withdrawals

Concern over ‘no advice’ pension withdrawals

Experts are becoming concerned at the number of people accessing their pensions without taking any advice. Analysis of the sector by the Association of British Insurers (ABI) has revealed that only a third of people who withdrew money from their pensions in 2018 took any kind of financial advice. Greater risks ABI director Yvonne Braun …

Mixed age couples could lose £10,000 a year in pension credits

Mixed age couples could lose £10,000 a year in pension credits

A government change to the way pension credits are paid out could mean more than 60,000 mixed age couples could lose up to £10,000 a year. Research by the Pensions Policy Institute (PPI) has revealed that the income for mixed age couples on low incomes could be slashed by up to 45%. Pension credits Pension …

Shock pension scam robs two pensioners of £1 million each

Shock pension scam robs two pensioners of £1 million each

Two British pensioners have been robbed of more than £1 million each through a series of elaborate pension scams say Action Fraud. The identities of the two individuals is being protected by police, but it is known they lost their life savings over two years to June 2018. Devastating Pauline Smith, director of Action Fraud, …