Wednesday, January 20, 2021
  • About
  • Advertise
  • Careers
  • Contact
Pension Changes
  • Home
  • Government Policy
  • Pension Changes
  • Pension Information
  • Pension Rights
  • Retirement Pension
No Result
View All Result
Pension Changes
Home Pension Changes

State pension changes could create opportunities for financial advisers like Argent Wealth in 2020

May 5, 2020
in Pension Changes
State pension changes could create opportunities for financial advisers like Argent Wealth in 2020
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

2020 is set to bring a number of changes to the state pension scheme. From April 6 it will increase by 3.9 per cent, yet tens of thousands of pensioners could see a fall in their income as the allowance for adult dependants is abolished.

The increase in the pension is generated by the pension triple lock system, which stipulates that the state pension must increase by September’s price inflation, average earnings growth or by 2.5 per cent, depending on which is higher.

In the new financial year, the state pension will match the 3.9 per cent average earning increase recorded in July 2019. However, cuts of up to £70 per week will also come into force which will effectively cancel those increases out.

With such cuts will come a need for those affected to seek out financial advice, and this is where firms like Argent Wealth can extend their hand.

Indeed, Argent Wealth managing director David Hardman told The Parliamentary Review that since 2010, when the triple lock first came into play “the changes to the pension regime” led to an “increase in consumer-led enquiries”. This looks set to be the case again as those currently eligible for the adult dependency increase [ADI] are set to be impacted by new regulations.

Originally in place to provide additional support to those with financially dependant partners, the ADI was closed to new applicants back in 2010 but from April 6 2020 will cease for everyone, no matter the date of claim.

A Freedom of Information request from insurance firm Royal London revealed that over 11,000 pensioners are set to be affected by the change, with those claiming the maximum payment losing out on £3,640 per year. For those receiving the new full state pension increase for 2020-21 who would have also claimed ADI, losses are thought to total £3,296.

Ongoing uncertainty over the future of the triple lock itself is also rife, after a House of Lords committee on intergenerational fairness suggested that it was unsustainable in an April 2019 report. This leaves the future of the UK state pension system up in the air, and will most likely generate more work for financial advisers in future to help people prepare for the impact of possible changes.

Whatever changes come in 2020, Hardman believes the firm and the industry is ready for the impact. This is not only due to the fact that Argent Wealth has its own strategy to keeps up with the changing economic and political landscape with its own specialist investment research team, but also due to its emphasis on long-term relationships with its clients, something which longstanding financial services providers have in common in Hardman’s view.

Hardman explains: “Having been in the financial services industry for over 25 years, you become accustomed to change. The industry itself has had to adapt to evolving circumstances and for those advisers I have met who remain, I believe they are committed to long-term relationships with their clients in order for all to achieve positive outcomes.

“Fluidity, flexibility and diversity, allied with consistent service, are key to ensuring that client objectives can be achieved.

“While very proud, we will not rest on our laurels and will continue to strive to maintain and improve standards where possible to achieve results for our clients.”

— to www.theparliamentaryreview.co.uk

Related posts

State pension changes to give hundreds of thousands huge boost in retirement savings | Personal Finance | Finance

State pension changes to give hundreds of thousands huge boost in retirement savings | Personal Finance | Finance

January 14, 2021
Biden touts gender parity and diversity of his Cabinet

Biden touts gender parity and diversity of his Cabinet

January 12, 2021
Previous Post

Labour Party: Starmer moves to rein in shadow cabinet spending plans

Next Post

Are There Disadvantages To Filing A Restricted Application For Spousal Benefits Only?

Next Post
Are There Disadvantages To Filing A Restricted Application For Spousal Benefits Only?

Are There Disadvantages To Filing A Restricted Application For Spousal Benefits Only?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Ten Point Plan reactions: A ‘vital step forward’, but does it go far enough?

Ten Point Plan reactions: A ‘vital step forward’, but does it go far enough?

2 months ago
Lords pensions bill amendment could confirm single dashboard approach

Lords pensions bill amendment could confirm single dashboard approach

7 months ago
Most people don’t receive full state pension, government figures reveal

Most people don’t receive full state pension, government figures reveal

11 months ago
114,837 Retirees Collected N28.46bn, Quit Pension Scheme – Report — Economic Confidential

114,837 Retirees Collected N28.46bn, Quit Pension Scheme – Report — Economic Confidential

3 months ago

FOLLOW US

  • 79 Followers
  • 27.6k Followers
  • 40.7k Subscribers

BROWSE BY CATEGORIES

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

BROWSE BY TOPICS

2021 2021 Pensions auto-enrolment age 18 auto enrolment pension contributions 2021/22 auto enrolment rates 2020/21 auto enrolment rates 2021/22 cashing in pension at 55 cashing in pension calculator cashing in small pension pots CCP retirement check my state pension Disabled pensions drawdown employer pension contributions 2021/22 government policy examples uk list of government policies uk minimum pension contributions 2021 minimum pension contributions 2022 new state pension Pension age pension issues pension ombudsman pension plan pension regulator Pensions Advisory Service Pensions Brexit pension scheme uk Pensions outlook retirement 2 million scams scheme funding Single mothers pensions State Pension State Pension age state pension changes state pension forecast State Pensions State triple lock taking pension at 55 the pensions regulator Therese Coffey uk pension age UK State Pension uk state pension age what is government policy uk

POPULAR NEWS

  • Multiemployer pension reform not happening this year

    Multiemployer pension reform not happening this year

    5 shares
    Share 0 Tweet 0
  • Exit payment cap: Implications for the LGPS

    0 shares
    Share 0 Tweet 0
  • Public Service Pensions Update | October 2020

    0 shares
    Share 0 Tweet 0
  • NEST: More than a pension | Country Report

    0 shares
    Share 0 Tweet 0
  • Builders were not self-employed, rules employment tribunal

    0 shares
    Share 0 Tweet 0

Follow us on social media:

Recent News

  • Pension Solvency Relief Gets Fresh Shot in Democratic Congress
  • Further Insight Into Deductibility Of Collateral Benefits – Employment and HR
  • Beijing House Church Pastor Denied Pension Amid Ongoing Crackdown on Worship — Radio Free Asia

Category

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

Recent News

Pension Solvency Relief Gets Fresh Shot in Democratic Congress

Pension Solvency Relief Gets Fresh Shot in Democratic Congress

January 19, 2021

Further Insight Into Deductibility Of Collateral Benefits – Employment and HR

January 19, 2021
  • About
  • Advertise
  • Careers
  • Contact

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.

No Result
View All Result
  • Home

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.