ABI resolves adviser charging dispute with HMRC

Earlier today it emerged HMRC had received representations from the pensions industry over its stance on adviser charging. HMRC issued guidance in January which said advisers whose clients buy open market option (OMO) annuities must take their charge from two different sources. The original guidance said adviser charges must be drawn partly from the pension commencement lump sum (PCLS), when released by the incumbent provider, and partly from the remaining pot when annuitized by the new provider. However, the ABI confirmed in a letter to its members today that it has negotiated wit...