My late mother was very fond of using sayings to express herself. If I am honest, whilst they all remain precious to me, not all of them made sense. “That guy has a head full of broken motor cars” was a particular favourite, used to describe men with an unstable state of mind!

On 22 June, the Office for National Statistics released a number of interesting "Pension Trends" statistics. A few topical snippets jumped out.

One of the downsides of travelling a lot is that you often miss your kids’ sports days. My ten year old son informed me that this year’s sports day was not one to be missed. Trusting his intuition I arranged my diary to make sure that I could attend. The background to his advice was that he was running in the school long distance race and, to quote him, “he fancied his chances”.

The senior team at A J Bell recently took part in a paint ball day. I entered the fray knowing that I am a larger than average size target and the number of bruises I now have seems to evidence that point well. It therefore made me smile when I was searching for a phrase on taxation to kick off this article and I spotted “Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund.”

We know that the Government introduced the changes to the pension contribution and incentive system with the aim of building a simple and sustainable set of rules whilst still achieving the required tax relief saving of £4 billion.

I spent most of last weekend sawing up a tree that had fallen foul of high winds that battered the west of Scotland. Living in Scotland you learn to love all kinds of weather and have to appreciate that sometimes it is good but within minutes it can be chaotic.

Over recent years there has been a flurry of activity in the SIPP market. Increased popularity amongst advisers and investors has led to challenges in the shape of new entrants and an increased regulatory focus.

Excitement is not an emotion typically associated with news about pensions. Immediately after the Government introduced the concept of flexible drawdown to us all on 9 December 2010 an associate in the pensions industry confided in me that they were genuinely excited by what it might offer. In fact they went as far as describing flexible drawdown as a Thomas Edison style light bulb moment from the Treasury – a completely fresh invention, and hopefully the first of many designed to encourage pension saving.

Each month we ask leading industry figures to answer one big question... As we come to the first anniversary of the coalition government, what do you think about their approach to retirement policy reform?

We live and work in a heavily regulated environment and sometimes it is all too easy to confuse popularity with the potential for widespread abuse. There is a potential connection between the two but evidence of popularity does not automatically mean that abuse is likely.

Kenny Dalglish is famous for handling press conference questions with the response “maybees aye, maybees naw”. For those not fluent in the west of Scotland tongue I can of course translate and confirm that it simply means maybe yes, maybe no. It seems that this saying could also be used in conjunction with questions surrounding the introduction of flexible drawdown from 6 April 2011.

Billy Mackay examines the issues surrounding early access to pensions and asks whether it is really a good idea. The HM Treasury call for evidence on “Early access to pensions savings” was published in December. Its aim was to identify a possible resulting boost to pension saving, the risks and complexities it may involve, and whether any specific models of providing early access have particular merits.

Most providers are setting themselves up for an extremely busy 2011 tax year end period for benefit claims and new contributions as clients and their advisers look to make the most of changes to the pension regulations. 

As we approach the reintroduction of carry forward on April 6, we coincidentally find ourselves approaching the 10-year anniversary of the abolition of the previous version and memories of the incredible contributions rush that it created.

Over recent times we have all had to face up to the challenge of difficult economic conditions and the worst arctic weather for many a year. As daylight slowly increases and spring appears on the horizon there are a number of opportunities that should help banish the winter blues.

HMRC published their Pension Schemes Newsletter number 44 just before Christmas. For anyone not looking forward to the usual over indulgence in turkey, alcohol and all things good the Newsletter offered up the alternative of a quick run through of the recent Government initiatives including information on EFRBS, annuitisation and changes to the level of the annual and lifetime allowance.

It is not for me to set resolutions for the entire SIPP industry. Looking at this differently there are a few things that are on my wish list for 2011.

Most will be familiar with the phrase “better the devil you know, than the devil you don’t”. We all know it is often wiser, and easier, to deal with something you are familiar with, and problems you know about, than step into the unknown.

A friend of mine deals with requests from his doctor as to the number of alcohol units he intakes by seeking to determine whether it is the real or aspirational figure they are after. It is an excellent example of how aspiration and reality can be confused.

Thomas Edison was apparently a very bright chap. An American inventor, he is credited with more than 1,000 patents so he must have been doing something right. He is also credited with coming up with the saying “the three great essentials to achieve anything worthwhile are hard work, stick-to-itiveness and common sense.“

In a previous Moneyfacts article I talked about the madness of the Labour Government’s proposals for changes to the contribution rules. I stated that its policy on pension incentives was formed from erroneous perceptions and trying to reason correctly from it was a recipe for disaster. With this in mind, the recent HM Treasury paper “Restricting pensions tax relief through existing allowances“ is a breath of fresh air.

Over recent years the SIPP market has experienced significant growth, new products, the FSA's thematic and pension switching reviews and changes in Government policy with a great deal of it happening all at the same time.

The Self-Invested Personal Pension industry has historically been built around an ethos of "if the Inland Revenue allows it, then we will allow it". In general, a strict and tightly defined permitted investment list pre A-Day kept discussions about SIPP investments fairly straight forward.

The emergency budget introduced several interim measures with further consultation planned. On the changes to the tax treatment of death benefits and the requirement to take benefits at age 75 a new approach is needed.

Anyone with any interest in SIPPs and SSASs will be aware of the massive difference in growth between the two products over the last few years.

Billy Mackay argues that the Government's proposed uniform tax charge of 55% on any unused pension funds on death feels like a Trojan horse.

The subject of inheritance tax and pensions generated headlines recently as a result of a tribunal ruling earlier this year. The judge at the tribunal found that an uncrystallised lump sum death benefit paid from a pension scheme should have been subject to inheritance tax. This was because the member has taken actions before her death that had the effect of reducing the value of her taxable estate.

The cost to the taxpayer of public sector pensions is set to soar from £4 billion to £9 billion in the next four years, the Office for Budget Responsibility (OBR) said last week.

A glance at the dictionary will tell you that a “democracy” is a system of government based on the principle of majority decision making. 

The new Coalition Government is leading with the strap line Freedom, Fairness and Responsibility. In their Coalition agreement a couple of statements stick out.

An Inland Revenue press release in December 2002 outlined the aims of the Labour Government’s pension simplification proposals. It said the aims were to increase individual choice and flexibility and reduce administrative burdens, thereby making it easier and more efficient to save in pensions.

On the 10 March 2010 the Financial Services Authority (FSA) published its Financial Risk Outlook (FRO) outlining the main risks and issues affecting firms, markets and consumers.

When I’m 64. Pension reform is a political hot potato that MPs refuse to put down or agree on. Pensions experts help make sure advisers know the latest developments and reveal what can be done to maximise your clients’ retirement income.

Investors who want to take control of their retirement savings with do-it-yourself pensions are being warned to check the charges - even on so-called "low-cost" options.

As we approach the end of another tax year it seems appropriate to point out that a precursor to the modern income tax was invented by Britain in 1800 to finance the Napoleonic Wars. The tax was repealed in 1816 and opponents of the tax, who thought it should only be used to finance wars, wanted all records of the tax destroyed along with its repeal.

Incentive synonyms include catalyst, drive, enticement, inducement, influence, inspiration, persuasion, purpose, rationale and reason. It is worth keeping this in mind when considering recent Government intervention on pension incentives.

What is madness? In the context of Government policy on pension incentives the answer is to have erroneous perceptions and to reason correctly from them.

The savings and investment world is changing, says Billy Mackay, marketing director of A J Bell, the largest privately owned provider of self administered pensions and stockbroker services in the UK.

The increasing popularity of the Sippcentre product is largely responsible for A J Bell's success at the Professional Adviser awards.

Recent press coverage suggested that some advisers are frustrated with the lack of flexibility shown in the SIPP industry. Is there truth to this suggestion? Alternatively, is this a case of a firm demonstrating a lack of understanding of the dynamics of the market in question? Let us examine the issues and leave you to make your own mind up, is it fact or fiction?

As the SIPP market continues to grow, the strategic direction of others can be of great interest. Some look to muscle in with new SIPP products; some seem keen to dress up old products to look like SIPPs in the hope that advisers don't notice.

It seems that SIPPs are destined to remain in the spotlight for the foreseeable future. The FSA thematic work and review of small SIPP providers has provided the speculators and the fans of gossip with new material.

The SIPP market is experiencing growth, development, challenges and change all at the same time. Challenging economic conditions and client suitability are hot topics of discussion.

There have been a wide variety of economic conditions over the past decade but Self Invested Personal Pension (SIPPs) have been the only retirement solution able to cope with them all, according to Billy Mackay , A J Bell's marketing director.

An Inland Revenue press release in December 2002 outlined the aims of the Labour Government's pension simplification proposals. Three years on, words like unified, simple and consistent no longer seem fitting.

The current economic conditions have fuelled an increased focus on the things that affect our day-to-day finances. I watched with interest a recent news piece where members of the public volunteered their views on how much tax we pay.

For many advisers and clients, SIPPs are viewed as personal pensions with a wider investment choice. The market historically aligned itself around three distinct variants.

With so much advertising in the press from execution only SIPP providers such as Hargreaves Lansdown, how can you give additional value to the IFA that can be used to demonstrate to the client the value of advice?

How are retirees looking to utilise income drawdown as part of their retirement planning strategy? How has it evolved as a result of the current economic turbulence?

I read something recently that said politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.

On the 9th March 2009 A J Bell wrote open letters to the Chancellor of the Exchequer and the Shadow Chancellor. One of the aims of this was to explore the arguments for change on the taxation treatment of residual ASP funds on death.

I guess being in Government is not about winning popularity contests, unless you count the general election, of course. The latest in a long line of changes to pension policy, announced in last week’s budget, is surely proof of that. In a previous Money Marketing article I used a quote from a wise, older relative of mine. Time for another, retiring after many years as a miner, frustrated at the way his industry had been dismantled, he once told me that “for years Governments had been promising me more than they can deliver, and often delivering more than they can afford”. How right.

Two of the most controversial areas of debate in the run up to the introduction of ‘Pensions Simplification’ in April 2006 were the tax treatment of residual Alternatively Secured Pension funds (ASP) on death and the proposal to allow pension schemes to invest in residential property.

The Sipp market is experiencing growth, development, challenges and change all at the same time. Volatile market conditions, the results of a thematic review and discussions about improving comparability when transferring to a Sipp are the hot topics.

A J Bell is flourishing but its managing director Richard Taylor sees plenty of room for growth and innovation in a rapidly expanding pensions market.

The SIPP market is experiencing growth, development, challenges and change all at the same time. Volatile market conditions, the results of a thematic review and discussions about improving comparability when transferring to a SIPP are the hot topics.

A general election must take place some time between now and June 2010. We are now seeing the major political parties look to put a stake in the ground in what is sure to be an area where the current Government will be attacked - pensions.

The definition of a myth outlines an association with legend, fiction, fairy tale, folklore, fable, confusing data, personal desire and urban legend. What has this got to do with pensions? A great deal if you have been monitoring recent press comment surrounding SIPPs.

One of the five primal instincts is self-preservation. The instinct of survival has never been more pronounced than it has over the last few weeks, with savers abandoning their hunt for rates in favour of safe havens. Although, in some cases the fire has turned out to be as hot as the frying pan. It’s tin hat time. For those who like rugby league, up your jumper rugby time. The FT reads like a soap opera with daily headlines that would make Sun Editors blush.

Approaching 35 years of age, the SSAS market continues to frustrate, as it seeks to justify its existence in the shadow of the SIPP market. Like two siblings, SSAS and SIPP share the same DNA, but have developed very differently. SIPP has gone out and challenged all comers with considerable success, whereas SSAS, in Timothy Lumsden style, has somewhat apologetically languished in its comfort zone.

In his 1989 budget speech Nigel Lawson introduced us to the principle of giving individuals control over how they invest their personal pension funds. The first SIPP was written in the spring of 1990, in the 18 years since we have seen the market evolve from niche to mainstream.

A J Bell Group are one of the largest SIPP and SSAS administrators and trustees in the UK dealing with in excess of 32,000 separate pension arrangements and, within those arrangements, holding net client assets exceeding £5 billion.

The SIPP market is experiencing growth, development, challenges and change all at the same time. Volatile market conditions, self investment of protected rights and discussions around the suitability issues when transferring to a SIPP are hot topics.

Adviser registrations on AJ Bell SIPPcentre are 44% up on the 12 months to September 2008 compared with the same period in 2007. Registrations received in the last 3 months are 98% up on 2007 figures.

Pension consolidation has been a common theme in the period after A-Day with many Advisers reviewing their clients’ existing pension arrangements. Changes to the rules allowing self-investment of protected rights will increase activity in this area. As with any transfer recommendation you must ensure all aspects of client suitability are considered and documented. For the benefit of this article I have focussed on money purchase to money purchase transfers.

A J Bell Holdings Ltd today announces the appointment of Les Platts as non-executive director and chairman of its audit and risk committee.

My interest in protected rights goes back many years to the first holiday I had that involved me taking both my new girlfriend (now wife) and in-laws away for a break. When holidays are involved, discussions on pensions are normally left firmly planted in the UK. However, while enjoying my first glass of Rioja my mother-in-law mentioned that she was contracted out and had managed to do this by completing a tear-off slip in a magazine.