Advisers should take a cautious approach to drawdown of Protected Rights within SIPPs, the Association of Member-Directed Pension Schemes (AMPS) warns, after receiving clarification on the rules from the Government.
Living Time has announced it will allow customers to invest Protected Rights pension cash in its fixed-term annuities.
Clients are being urged to seek advice before moving Protected Rights money out of with-profit funds and into a SIPP as exit penalties introduced last week could significantly reduce the value of their pots.
Hornbuckle Mitchell has called on the Department for Work and Pensions (DWP) to clarify its ‘proportionality' rules in relation to Protected Rights transfers.
Xafinity, a major player in pensions administration, has launched a flexible SIPP with a menu charging structure which will allow clients to pay for what they use.
Today is the first day that around £100bn of protected rights money currently sitting in insured funds can be consolidated into a registered pension scheme including a SIPP.
The FSA is warning firms to ensure pension savers receive suitable advice when tranferring protected rights into a SIPP.
New rules allowing protected rights investment in SIPPs could leave savers exposed to huge losses due to a gap in compensation rules, AWD Chase de Vere warns.
Allowing SIPP investment in residential property could boost the flagging housing market and prevent a recession, a financial adviser says.
James Hay will accept applications for protected rights into its entire SIPP product range from 1 October 2008.