Latest from Media Centre

On Monday 28 November, HMRC announced some changes to the carry forward rules governing pension funding. The changes enable people to carry forward unused allowances that were previously deemed unavailable and hence, can now pay more into their pension and benefit from further tax relief. This extra funding capability is great news, but is only available until the end of the current tax year, into pension arrangements with an input period ending in the 2011/12 tax year. Some people may not realise that they can still make use of this opportunity even if their pension input period in the current tax year has ended.

Skandia announces the launch of a flexible drawdown option via its platform pension: the Collective Retirement Account (CRA) and is increasing the age at which people can transfer existing pension funds into the scheme. The new features make the CRA very attractive for customers who require a cost effective and flexible pension solution with a wide range of investment options for both the accumulation and decumulation phases of their retirement planning.

The Financial Services Authority’s intent for an outright ban on legacy commission with effect from 1^st January 2013 creates a strong likelihood of customer detriment, says Skandia. 

Offshore financial adviser confidence drops by 14% in Q4 2011 although advisers in Asia remain relatively upbeat, according to Skandia's International's Adviser Confidence Barometer research.

The latest 15 year Gilt Yield figure, which will drive the maximum level of income withdrawal someone can take from their pension from December, has hit a new record low. The yield has fallen 37% since the start of the tax year, financially squeezing those about to take an income from their pension savings, and those approaching their pension income review period.

Skandia has launched a new user experience for its Skandia Investment Solutions platform which will enable advisers to more easily manage customer investment portfolios.  The platform redesign has been developed with advisers, for advisers, and enables them to put the customer at the heart of their business.

Statistics revealed by Skandia shows that over half of their pension customers in income drawdown are not actually taking any income*. This could be a missed opportunity for many.

Skandia has launched an innovative online Fantasy Fund Football game with a total prize fund of £25,000 - www.fantasyfundfootball.co.uk. The game uses football as a way of helping people understand the principles of building and monitoring an investment portfolio. The educational element of the game has led to its endorsement by the Financial Skills Partnership.

Skandia has launched a Capital Gains Reporting tool on the Skandia Investment Solutions platform. The new tool is the latest in a line of planned enhancements to the Skandia platform proposition, and follows the recent launch of its U-Skan 2.0 tool.

Skandia UK, part of Old Mutual Wealth Management, today announces Net Client Cash Flow (net inflows) of £1.8 billion for the first nine months of 2011, a 5% fall on the same period last year despite industry wide net retail fund sales falling 26% over the same period*.  The strong performance is a result of continued strong sales via the Skandia Investment Solutions platform over the period and solid persistency of in- force business.