With a technology-driven approach for pension solutions in the SIPP market, we are strengthening our focus on innovation with private cloud infrastructure from the leading technology solutions provider Rackspace Technology® (NASDAQ: RXT).
The multicloud solutions provider is supporting our ambitious growth plans following significant inhouse investment in our highly scalable pension platform, allowing us to continue to drive tech-focused solutions within the SIPP market.
We approached Rackspace Technology as our preferred private cloud solution provider given their excellent reputation, multi-technology expertise, and 24×7 support. The firm provides scalable backbone private cloud infrastructure and security solutions for iPensions Group’s digital platforms and client solutions. Long-term engagement with Rackspace allows us to focus on innovation and the development of the business.
Hrishi Kulkarni, Director & Group Chief Technology Officer at iPensions Group, said:
“With significant growth plans and increase in demand for our digital services, we needed a trusted partner to provide a robust, reliable and agile infrastructure.
“Rackspace Technology gives us all the support we need as we scale, and its expertise allows our team to focus on building the digital solutions our customers demand. From our adaptability to our security, Rackspace Technology is enhancing all our technological operations and, in turn, the overall user experience and confidence.”
Tim Lovejoy, VP Private Cloud and Government at Rackspace Technology, said:
“iPensions Group’s transformation into a digital business has placed innovation and user experience at its heart, with the new platform offering massive time-savings and an improved customer experience.
“As its team focuses on using this new platform to find better solutions to meet changing customer demands, we look forward to how we can further support its ambitions to scale and innovate by exploring new possibilities such as multi-cloud.”
We have made significant investments in technology as part of our growth strategy, driven by a focus on innovation in the SIPP market as well as efficient and timely support for advisers and members.
Our bespoke technology platform, which was developed internally over three years, is enabling the company to add new SIPP products such as its Platform SIPP and to develop new services for its advisers and members.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought (as well as legal advice where required) in both the UK and any jurisdiction where you are resident.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
In a world where consumers increasingly expect online services to be available for every aspect of their financial life, digital pensions are fast becoming the norm. Covid-19 has accelerated this expectation, changing the way we shop, bank, manage our insurances, our pensions, and changed the way we interact generally with any service provider. Businesses that traditionally have had predominant offline processes have now been forced to adapt and provide digital services to their clients.
Irrespective of Covid’s impact, the trend over the last decade has shown that our information is increasingly migrating online. What constitutes an efficient and reliable service has now changed and consumers are increasingly looking for digital pension solutions that give them all the information they need at their fingertips.
At iPensions Group, we have had to adapt too. We’ve invested heavily in bespoke digital pension technology allowing clients to access information at a click of the button. However, as more services shift online, an increased focus on online security has become essential for keeping clients and our business safe.
Chief Technology Officer Hrishi Kulkarni had this to say:
“In this fast-moving era, where most transactions take place digitally, security should be by design. For firms, data and information security must be the focal point in developing their systems and processes. Boards must continuously evaluate risks, invest in technology to enhance security, and provide their clients with confidence. Here at iPensions Group, we are continuing to invest in security, keeping our client and business data safe. However, there is a role for everyone to play, including clients, when ensuring internet safety.”
With potential threats such as hacks, scams, cybercriminals, and malware, the internet can feel like a dangerous place. The proliferation of devices, from smartphones and tablets to internet-connected appliances, has opened us up to even greater risks.
But the good news is that by taking just a small handful of security measures we can greatly reduce our exposure to the many potential threats.
Emails have long been a primary access point for scammers and hackers and as digital pensions become the norm, email is an easy first point of contact with potential scam targets. But malicious emails are relatively easy to spot if you know what to look for and a little vigilance goes a long way.
First, you should check if the email has been personalised. Fake emails often will use generic greetings such as “Hi” or “Dear Customer” instead of your real name.
The next step is to check for spelling mistakes, different email formatting, or unusual email addresses; often any discrepancies here may be an early indicator of a fraudulent email.
Any links within an email should also be approached with caution. You should hover over any links with your curser to check where the URL points to before clicking. For example, the body of an email may say “Go to http://www.websiteaddress123.com/ for more information”, but when you place the cursor above the hyperlink, it points to a completely different URL, e.g. ‘www.19898d99d99d9939d8887c.com’. Does this look trustworthy to you?
There has also been a rise in ‘clone firm’ scams in the UK in recent months, where emails received from supposed trusted sources turn out to be criminals who have set up ‘dummy’ sites and email accounts to scam savers, investors, and companies. Therefore it is even more important to check the details of any incoming emails carefully. You can read more about ‘clone firm’ scams here along with details of how to spot and report this kind of fraudulent activity.
Some other key things to remember:
– Be suspicious of any email or website that is asking you to do something unusual, particularly any asking you to provide payment details for something you are not expecting.
– Avoid opening email attachments unless you are expecting them.
We all know the importance of having a password that cannot be guessed easily, but what constitutes a strong password?
Avast, a provider of antivirus software and security applications, recommend the following:
Don’t be too obvious: Avoid using personal information such as your name or date of birth, and stay away from sequential numbers or letters e.g. ‘1234’ or ‘abcd’.
Don’t use memorable keyboard paths: Just like sequential letters and numbers, sequential keyboard paths such as ‘qwerty’ or ‘asdfg’ are common and often the first kinds of passwords to be guessed.
Make it long: You should aim to have a password of 15 characters minimum.
Avoid common substitutions: An example of a common substitution is using a number in exchange for a letter, such as a ‘3’ instead of an ‘E’ or a zero instead of ‘O’. These kinds of passwords can easily be cracked by attackers.
Use a mix of characters: Using uppercase and lower case as well as a mix of letters, numbers and symbols make your password less susceptible to attack.
As well as the above advice it is a good idea to use different passwords for different services. Installing a password management system on your browser or operating system is a great way to keep multiple passwords saved securely.
Check to see if your online accounts offer multi-factor authentication. This is when multiple pieces of information are required to verify your identity. So, to log into an account you may need to enter a code that is sent to your cell phone, as well as your password or passphrase.
Never share your password with anyone: This seems obvious but it’s surprising how often people will share passwords with people they trust. The concern is not always whether the person you shared your password with is trustworthy, but whether the device they use has the potential to be compromised.
It’s also important to remember that you have no control over how that person will store the password for later use e.g. will the person write the password down somewhere it could be discovered?
With the above points in mind, the take-home message is NEVER share your passwords with anyone, even if you trust them.
Look for the ‘S’ in HTTPS at the start of a domain. If this is present it means the site is encrypted and has an SSL certificate. Without an SSL certificate, information is exposed and easily accessible by Cybercriminals.
Legitimate companies provide contact information such as physical addresses, phone numbers, and email addresses. If these aren’t present on the website it’s worth being suspicious.
Also, check that the website contains a privacy policy, this indicates that the website cares about the safety of its users and is abiding by privacy laws.
When at home or work, you probably use a password-protected router that encrypts your data. But, when you’re on the road, you might be tempted to use free, public Wi-Fi. The problem with public Wi-Fi is that it is often unsecured. This means it’s relatively easy for a hacker to access your device or information. That’s why you should consider investing in a virtual private network (VPN). A VPN is a piece of software that creates a secure connection over the internet, so you can safely connect from anywhere.
Ensure you keep your laptops, PCs, and mobile phones up to date. Every vendor provides regular software updates. These updates not only release new features but may also include important security updates. These security updates are very important to ensure your device and information safety.
As the financial industry becomes ever more digitised, the opportunity for cybercriminals to get hold of your data increases. Businesses can go some way to protecting themselves and clients at the organisational level by committing to investing in systems security. However, following the simple steps above may help to protect individuals from malicious attackers seeking easy ways to circumvent security controls already baked into digital pensions.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
Pension and investment scams are on the rise in the UK, with a worrying increase in the number of reported scams taking place during the Coronavirus pandemic.
Due to the financial instability created by the continuing crisis, many people are looking to secure their future finances. This has presented scammers with an opportunity to take advantage of the uncertainty, offering slightly higher returns than the market rate to entice prospective investors through ‘clone firms’.
Figures from Action Fraud, the UK’s national fraud & cyber reporting centre, show that as Britain went into the first lockdown in April 2020 the number of ‘clone firm’ scams reported increased by 29% compared to March.
The data reveals that between January and December 2020 there were losses of over £78 million, with victims losing £45,242 on average to scammers.
To tackle this rising problem, Action Fraud in conjunction with the Financial Conduct Authority (FCA) and the City of London Police is running a campaign warning the public of the dangers of ‘clone firm’ scams after 77% of investors admitted they were not sure what ‘clone firms’ were.
Action Fraud describes ‘clone firms’ as fake firms “set up by fraudsters using the name, address, and Firm Reference Number (FRN) of real companies authorized by the FCA”. Victims will then transfer their savings to a seemingly legitimate firm only to lose their money to criminals. Unfortunately, many do not realise they have been scammed until much later when investment reports and/or benefit payments are not received.
Several channels of contact used by fraudsters have been identified. One common method used by criminals is the running of online advertisements that, when clicked by victims, direct to replicas of a legitimate firm’s website, with some more sophisticated criminal gangs even cloning the firm’s domain name.
Victims will then often be asked to register their interest and are later contacted by the scammers. Criminals have even been known to obtain names of employees within the business they are claiming to be from to open fake company email accounts in their name, further adding to the seeming legitimacy of the ‘clone firm’.
Another way that scammers have been known to fish for potential victims is via legitimate comparison websites, with reports of investors being contacted by scammers after inputting their details into such platforms.
As the FRN number of a firm is often copied by fraudsters, it is important to check all company details and not just the FRN. Carefully checking details like email addresses, mail addresses, and telephone numbers can be a useful method for judging the legitimacy of a firm. Often discrepancies between fake and legitimate firms will be minor and easily missed, such as a slightly different telephone number or an additional character in an email or domain address, and so extra attention should be paid to these. All details should be checked against the FCA register and if you are to contact any firm, it should only be via the details registered with the FCA.
Action Fraud has provided the following steps for protecting yourself from ‘clone firm’ scams:
1. Any unsolicited offers online or over the phone should be rejected.
2. Always check details against the FCA Register and check the FCA Warning List.
3. Only use the telephone number and email address on the FCA Register.
4. Consider seeking impartial advice before making decisions about where to put your money.
With pension and investment scams on the rise, particularly during the uncertainty of the coronavirus pandemic, it is clear that extra care needs to be taken to remain vigilant and protect you and your client’s funds.
You can read more about the ‘clone firm’ scam on the Action Fraud website here. The FCA also has a useful tool for testing your ability to spot a scam at www.fca.org.uk/scamsmart.
If you think you have fallen victim to a pension scam, contact Action Fraud as soon as possible at www.actionfraud.police.uk or by calling 0300 123 2040.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
Backed by industry-leading technology we make pension administration simple and efficient. Advisers who partner with us benefit from our innovative systems, detailed diligence and our people-focused approach – making pensions administration effortless.
Here we take you through a summary of our key products and services, helping you understand how iPensions Group might benefit you and your clients.
Designed to help advisers facilitate client’s retirement needs, the Adviser SIPP is for UK and non-UK residents who want to keep their assets in the UK. The Adviser SIPP gives access to many of the leading investment platforms, an almost unlimited number of investment options, and multi-currency capability – providing a highly flexible SIPP bolstered by the assurance of UK regulation.
You can find out more about the Adviser SIPP here.
With the Platform SIPP, pension consolidation is simple. This product allows you to combine your client’s pensions into a single online managed SIPP that offers transparency, control, and a wide choice of investments at a competitive price. The Platform SIPP is available wherever your clients are and wherever they plan to retire.
Find out more about the Platform SIPP here.
Our US SIPP is designed for USA expats, USA residents, and USA-connected people who want a UK-registered pension scheme. The USA SIPP offers a wide range of investments and benefits from fixed, transparent pricing.
For more on the USA SIPP, take a look at our dedicated page here.
Our Core SIPP reduces complexity and costs by using one of our third-party investment platforms or discretionary fund managers, allowing UK-resident members to benefit from a bespoke investment portfolio that meets their needs. Wealth is protected and risk managed through diversification.
You can read more about the Core SIPP here.
Designed for long-term investment the Property SIPP enables investors to access a wide range of tax-efficient commercial property and land assets. Assets in the Property SIPP can be leveraged to access commercial property loans or generate income by using SIPP funds to purchase and then lease business premises.
Read more about the Property SIPP here.
For employers, company directors and business owners with fewer than 12 scheme members, the Small Self-Administered Scheme (SSAS) is ideal. Offering significant control over contributions and investments and a wide range of asset options, our SSAS provides a high degree of investment flexibility.
To find out more about the SSAS please visit our dedicated page here.
This service is tailored to Irish expatriates and other individuals with Irish pension benefits who are currently residing or employed in the UK, or intend to retire in the UK or overseas. It provides the opportunity to consolidate Irish, UK, or other overseas pension benefits into one Self-Invested Personal Pension (SIPP).
Find out more about Irish transfers here.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
New transfer service is backed by strong Irish pension knowledge and experience.
We are pleased to announce the launch of a new Irish Transfer Service, enabling Irish expatriates and people with Irish pension benefits to consolidate Irish, UK or other overseas pension benefits into a SIPP.
With the ability to transfer into the Adviser SIPP or Platform SIPP, the Irish transfer service is available to individuals who are resident or employed in the UK, or those who wish to transfer for other bona fide reasons acceptable to the Irish Revenue.
Consolidating existing pensions into a SIPP provides flexibility on retirement planning and can provide currency choices as well as access to wider investment options and Discretionary Fund Managers. Clients will also benefit from the ability to take financial advice from a regulated Financial Adviser on their retirement planning options.
Transfers of Irish pension benefits overseas can only be made for bona fide reasons and not to circumvent Irish pension tax rules or Irish Revenue pension rules and conditions. Individuals residing or working outside the UK will need Irish Revenue approval for the transfer.
Our transfer proposition benefits from the expertise of a senior team of Irish expats working at group level and was developed fully in-house.
Group CEO Sandra Robertson said: “Demand for the transfer service has come from advisers looking for solutions which will enable them to support Irish expats and individuals who have previously worked in Ireland and now reside in the UK.
“Leveraging our in-house experience and knowledge on Irish pensions, we have developed a transfer service which provides the flexibility of SIPPs to people with Irish pension benefits as well as providing an opportunity to get independent financial advice on their retirement options.”
We have made significant investments in technology as part of our growth strategy and have recently launched an Adviser Portal designed to save time on administration and provide round-the-clock access to client information. The new Adviser Portal enables advisers to complete the SIPP application process within minutes.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
With the Covid-19 pandemic affecting personal finances, 2020/21 has been a tough financial year for many. Lots of people in the UK are now paying extra attention to their finances and thinking seriously about their financial future.
With this in mind, many of us had been eagerly awaiting the UK Government’s Spring Budget, hoping to see what direction Chancellor of the Exchequer Rishi Sunak would be sailing the country’s finances over the coming months and years. From a retirement planning perspective, there was one stand-out feature of the budget affecting savers – the announcement of the government’s position on the lifetime allowance.
The lifetime allowance was expected to rise in line with inflation from April 2021. This would have seen the lifetime allowance rise by around £5,800. However, the Chancellor instead announced that there would be a freeze on the limit until April 2026, meaning the lifetime allowance will now stay at its current level of £1,073,100 for the next five years.
The lifetime allowance applies to the total value of tax-privileged benefits an individual can draw from their pension schemes, including safeguarded benefits.
The value of any authorised benefits paid out in excess of an individual’s lifetime allowance is subject to a tax charge known as the lifetime allowance charge. This applies to all types of registered pension schemes equally.
How much an individual is charged will depend on whether they receive benefits from their pension as a lump sum (55% charge) or drawn down as income (25% charge).
For further information on the lifetime allowance, you can visit the Money Advice Service here.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
Client demand for accessing products and services online is transforming the industry with the impact of COVID-19 speeding up the digital transformation and helping to reduce costs and risks for providers.
Technology will still need to be combined with high standards of personal service creating an opportunity for providers and advisers to demonstrate the value of specialist services and advice.
However, our predictions for 2021 warn that the SIPP industry will see continued consolidation, leaving firms which have not adopted new technology struggling and demonstrating a need for business leaders to look for strategic partnerships potentially including sharing technology platforms.
In terms of our hopes, we wish to see greater vigilance on pension scams which continue to increase and, more importantly, an increased focus on preventing scams in the first place.
Group CEO Sandra Robertson said: “Covid-19 dominated last year, and those businesses which adapted quickly and looked after the wellbeing of their people were the ones that could continue to trade successfully whilst tackling the challenges of the pandemic. There is a real opportunity in 2021 for forward-thinking companies to build upon their experiences and innovate further for the benefit of clients and advisers.
“More needs to go online and happen digitally as technology will help advisers to do business more efficiently and become the new normal post-COVID.
“People want instant information but also personal service and the key to retaining clients is combining that well with technology.”
The rising cost of Professional Indemnity cover and regulatory costs are major issues which are hitting providers who are already under pressure due to price competition and also having to prioritise investment in new technology.
Here at iPensions Group, we have made significant investments in technology as part of our growth strategy driven by a focus on innovation in the SIPP market as well as efficient and timely support for advisers and members.
Our bespoke technology platform, which was developed internally over three years, is enabling us to add new SIPP products such as the Platform SIPP and to develop new services for our advisers and members.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
Portal enables SIPP applications to be completed in minutes
We are delighted to announce the launch of our Adviser Portal as we continue the technological transformation focused on innovation in the SIPP market to support advisers and their clients.
The new Adviser Portal enables advisers to complete the SIPP application process within minutes in contrast to days or weeks with paper-based applications.
The launch of the Adviser Portal builds on more than three years of investment in developing an end-to-end pension management solution utilising best in class technology. The deployment of the in-house platform in early 2020 offers great levels of automation, operational efficiencies, risk management and regulatory compliance, as well as it enhances its features for offering integrated digital solutions for the advisers and clients.
The dedicated Portal is designed to save time on administration and provide round-the-clock access to client information and applications, with the launch being supported by a dedicated team to onboard advisers for Portal registration and provide the necessary information.
Our Chief Technology Officer Hrishi Kulkarni said: “We have exciting plans for technology enhancements in 2021 and beyond. We plan to offer many useful features to improve service experience for members and advisers through this secure digital Portal. “
“The timing of the Adviser Portal launch is perfect, with everyone working from home and performing most tasks online. Simplified online application process with the adoption of electronic signatures, electronic ID checks (where available), application tracking, access to investment valuations and transactions at a click of a button with other features will provide an advantage for the advisers working with us.”
“Our aim is to offer simplified secure technology solutions that will come with improvements over time.”
To find out more about the Adviser Portal, please visit our dedicated page here, alternatively if you would like to register your interest in accessing the portal, speak to our team today.
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
Our recent adviser research has revealed that younger clients are increasingly demanding technological improvements from Self Invested Personal Pension (SIPP) providers as the market expands.
Over three-quarters of advisers said that younger generations of clients regard technological investment as a significant consideration when choosing a pension provider, adding to the already significant push towards technologically advanced solutions within the sector.
With around 77% of advisers saying that the ongoing COVID-19 crisis has changed the way they use technology, pressure from younger clients will further add to the pace of technological innovation in the SIPP market.
However, with only just over half (52%) of advisers saying they fully understand how clients are using tech, further insight may be needed to gain a clearer picture of client’s expectations surrounding technology.
In addition to this, nearly a third (31%) are worried that consolidation among SIPP providers is slowing down the pace of technological innovation.
With the march towards technology as strong as ever, some are remaining cautious, with warnings of new risks coming from advisers.
Around half (48%) of advisers say clients’ ability to trade instantly in response to stock market news has meant people making decisions that cost them money and which they regret in the long run.
This has led to concern that a switch to technology could make clients more prone to ‘knee-jerk’ reactions when managing their investments online.
Group CEO Sandra Robertson commented on the results of the latest adviser research:
“The SIPP market is expanding year on year with new members investing and new products being launched to meet demand.
But advisers are clearly concerned that without technology investment, SIPPs may no longer appear attractive to suitable clients. Adviser and member portals are increasingly a must-have for providers who want to compete.”
Going on to talk about the importance of providers offering more than just technology solutions, she said:
“Technology is not the ‘be all and end all’ as it must be combined with and supported by strong, reliable and personable customer service.”
Here at iPensions Group, we have made significant investments in technology over the last three years, driven by a focus on innovation in the SIPP market as well as efficient and timely support for advisers and members.
We recently launched The Platform SIPP which introduces the technology to enable advisers and clients to consolidate their pensions into an online managed SIPP solution. Providing 24/7 hour online access, The Platform SIPP is the first in a series of technology-led pensions solutions designed to provide advisers and their clients with transparency, control and choice.
*Research conducted by PollRight in July and August 2020 among 104 financial advisers who regularly provide advice on SIPPs
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
The term ‘financial wellbeing’ is gaining a lot more attention in today’s world and as pension administrators, it is essential that we contribute to improving people’s sense of financial wellbeing when it comes to their pension. That’s why every year, we take part in Talk Money Week, an annual campaign aimed at encouraging the whole of the UK to open up about their finances, improve their financial wellbeing and start planning for their future.
2020 has been no exception and with the current Covid-19 crisis taking its toll on the economy, it is important more than ever to think about our financial wellbeing.
The yearly campaign is an initiative of the Money and Pensions Service (MaPS), a government-backed body created under the Financial Guidance and Claims Act 2018. The service brings together three providers of impartial financial guidance: Pension Wise, The Pensions Advisory Service and The Money Advice Service to offer arms-length help on pensions, debt, consumer protection and to encourage a general understanding of money.
This year’s Talk Money campaign aims to get people to talk openly about their money and pensions, as well as it gives businesses and organisations the chance to shine a light on the work they are doing to support the UK Strategy for Financial Wellbeing. Launched by MaPS in January 2020, the initiative has ambitious ten-year goals to help everyone make the most of their money and pensions.
For the 2020 campaign, we have chosen to point everyone towards useful pension ‘first stop’ resources for impartial information and support with their pensions. With the campaign revealing that 47% of UK adults don’t feel confident in making decisions about financial products and services, these resources are a great way of gaining a deeper understanding of how pensions work.
A free impartial government service ideal for those who are aged over 50 and want to make sense of their pension options. The service can be used to find out about your pension type, discover your options such as leaving your pension pot untouched, taking cash in chunks or getting a regular income and there is even a free service to book an appointment and discuss your pension queries.
The Pension Advisory Service is provided by the Money and Pensions Service and is a partner of Pension Wise. The service is a rich resource of impartial advice and guidance for everything pension related. The site provides information on the basics of pensions, pension policy, pension options, guidance with pension problems and information on your protections.
In all circumstances, in order to have a Self-Invested Personal Pension (SIPP) with iPensions Group, you will need to appoint a regulated financial adviser. For those new to SIPPs, finding a financial adviser can be a daunting task. Thankfully, the Money Advice Service provides a free to use directory of financial advisers as well as guidance on key questions to ask an adviser, paying for advice and reasons to take advice from a financial adviser.
The Financial Conduct Authority (FCA) is the UK’s regulatory body for financial services. They ensure protection for consumers, maintenance of standards, crime prevention and encourage competition in the market. Before dealing with any advisory firm or individual, you should check if they appear on the FCA’s register first. Here you can check if the firm or individual is currently approved by the FCA to be involved in regulated activities, find out what they are regulated to do and your protections when doing business with them.
Although the Talk Money campaign takes place over one week, it is important to continue to think about your financial future and consider your options all year round. Knowing you are in control of your pension can help improve your financial wellbeing and the resources discussed here are a great start in getting the help you need to make considered financial decisions for your future.
For more information on Talk Money Week visit www.maps.org.uk/talk-money-week/
Disclaimer
The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.
iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.
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