Product Awards, held at the Millennium Hotel, Mayfair, London. Investment product manager salary rare and exclusive video interview with whistleblower Bradley C. 30m over the next year, the City regulator said today.
The Index considers 103 factors on the basis of quantitative measures provided by the World Bank, Economist Intelligence Unit, OECD and UN. Cyber security has been identified as one of the biggest threats to int’l business this year. How concerned are you about cyber security ? You need to fill all required fields! Multimedia Designer 3d Animator 3d Designer 3D Designer Cum Jr. Would you buy and renovate a property in France? The pitfalls of ditching final salary pensions are being flagged by watchdogs after a probe found fewer than half of people get a suitable recommendation or subsequent pension product.
Regulators uncovered a series of failings by financial advisers and pension transfer specialists – which at worst could be leaving savers at risk of moving pensions to scam schemes. Rising numbers of people are abandoning guaranteed and typically generous final salary pensions after being offered gigantic sums – often worth vastly more than the current size of their pots – by employers keen to clear expensive obligations off their books. 30,000-plus, and the Financial Conduct Authority is looking to improve rules on the help people are given before making a crucial decision they can’t take back. Its investigation into how mainstream financial advisers and specialist firms are handling transfers at present discovered some are not doing enough to protect clients, and are ignoring previous alerts it has issued to the industry. Should you ditch your final salary pension? The FCA said among the 88 transfers it has reviewed, 47 per cent of adviser recommendations were suitable but 17 per cent were not and in 36 per cent of cases it was unclear either way. It also considered the investment products or funds savers were recommended to transfer to, and found 35 per cent were suitable but 24 per cent were not and in 40 per cent of cases it was unclear.
WHY ARE PEOPLE GIVING UP FINAL SALARY PENSIONS? Final salary or ‘defined benefit’ pensions are typically generous and provide a guaranteed income for life. But increasing number of people are tempted to give them up for a range of reasons – the huge offers they receive from employers, the desire to invest their savings in the hope they will continue to grow, and the opportunity to leave whatever is left over to loved ones when they die. Meanwhile, pension freedoms launched in 2015 give people in ‘defined contribution’ schemes, where they and employers contribute to a pot that’s invested for retirement, the power to do what they want with their savings once they reach the age of 55. However, leaving a final salary pension scheme means people must bear all the investment risks to their retirement pot going forward.
Not making appropriate comparisons between the final salary scheme and the intended receiving scheme, so advice was based on incorrect or inaccurate comparisons. Some of these firms made transfer recommendations without considering a receiving scheme or investments, or knowing the introducing adviser’s intentions for investment. This opened up the risk of consumers’ pension savings ending up in inappropriate or scam investments,’ it said. The general risks associated with firms accepting introductions were set out in our alert in August 2016.