The Government has confirmed plans to bring pensions into the inheritance tax regime, a move that has been widely criticised. It has removed responsibility from pension scheme administrators. But clearly not everyone is happy.
This is Money's take is certainly critical.
"Bereaved families rather than pension firms will be responsible for working out and paying inheritance tax on retirement pots from 2027, the Government has announced.
"It disregarded experts' warnings and confirmed plans to go ahead with a 'double tax hit' on inherited pensions described as 'punitive'.
"Those who die after the age of 75 will see their pots hit by both inheritance tax and income tax levied on beneficiaries. The total tax will be 64 per cent for pension pots charged 40 per cent death duties and 40 per cent income tax on withdrawals."
Separately, farmers are being urged to check their wills as the government confirms that the £1 million IHT relief allowance is not transferable. FTAdviser reports.
FNZ is in dispute with some of its shareholders. FNZ B-shareholders have filed a class action lawsuit over a share dilution. The case was filed in New Zealand on Friday, Citywire New Model Adviser reports.
Tony Hicks, head of sales at Copia Capital, considers some of the regulatory implications of the review of managed portfolio services and suggests advisers should look at being a co-manufacter, a categorisation deriving from Consumer Duty.
Writing in Money Marketing, he says: "For advisers, the role of co-manufacturer offers a pathway to retaining greater control of the investment process, while continuing to benefit from the advantages of outsourcing portfolio management."
There's another challenging piece in MM.
"If planners really are to do their best by clients, they must be prepared to play bad cop as well as good. Deliver the unpalatable news, but encourage optimism. Stick to the plan, don’t panic."
The full article by Simon Goldthorpe, chief distribution officer at Finli, is worth a read.
There has been a lot of wild speculation about huge rises in the state pension age so this is timely from AJ Bell. - The state pension - everything you need to know.