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&#39Blair wants lifetime limit to be eased&#39

The Prime Minister is understood to be calling on the Treasury to relax the proposed £1.4m lifetime limit for executives whose companies contribute to pensions for their staff.

The Treasury is continuing to review whether the lifetime pension fund limit should be raised, indexed to wages rather than prices and whether funds over the limit should be returned less tax relief ahead of the publication of its pension simplification proposals next week.

Money Marketing understands that Tony Blair is concerned that senior executives who are blocked from further pension saving will be less interested in contributing to employee schemes.

Scottish Life head of pension strategy Steve Bee says: “We are getting a much more restrictive tax regime for pensions and many decision-makers are being kicked out of the system. Why not increase relief for a good director who looks after his own workforce?” A Treasury spokesman says: “When we put out the paper next week, that will be the Government&#39s policy and it will have the support of the whole Government.”


It shouldn&#39t happen to a vet

Two old acquaintances from the public service were reunited at this year&#39s Aifa dinner – FSA chairman Callum McCarthy and Aifa director general Paul Smee. After McCarthy&#39s keynote address, reassuring IFAs that the regulator is here to help, Smee felt the need to complete some unfinished business. Smee told McCarthy: “When you were secretary to […]

Group 300 signs GPMU deal

IFA Group 300 has completed a multi million pound deal with the ninth biggest union in the UK – the Graphical Paper and Media Union that has 200,000 members. The IFA group is in talks to provide similar advisory services to several other unions including Teacher organisations.

Free test is offered to IFAs for Funds Library

Hargreaves Lansdown is offering 600 IFAs and stockbrokers six months&#39 free subscription to Funds Library, its online index of mutual funds. The online database, set for launch in the second quarter of 2004, has secured the support of 20 fund firms and covers over 410 retail funds. HL is presently embarking on a full technological […]

Wesleyan bond doubles up

Wesleyan&#39s capital & income bond issue is a combination of a guaranteed equity bond with a high-interest account which gives investors a choice of a five or seven year term. Up to 50 per cent can go into the high-interest account, while the remainder goes into the guaranteed equity bnnd. The guaranteed equity bond element, […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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