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&#39IFAs central to Tory strategy&#39

IFAs would be placed at the centre of a future Conser vative Government&#39s pension strategy which could see young people opt out of the basic state pension.

IFAs are being consulted on the Tory Party&#39s pension proposals. The party wants IFAs to foster relationships with younger consumers who do not currently save, says Lord Norman Blackwell.

Blackwell, chairman of the right-wing think-tank Centre for Policy Studies, says the Tories would let young people opt out of the basic state pension in favour of a personal pension scheme.

The party believes this would help grow pension pots to a much higher level than currently provided by the Government.

Blackwell says the scheme would be as simple as possible so people may not require much advice but it is an ideal way for advisers to develop a culture of saving among young people.

The Tories are consulting with the industry on the proposals through its website pensionsreform.org.uk and will publish the results in February.

Blackwell says: “The role of IFAs is less giving advice about this as a product and more about developing continuing relationships with people who seek them out initially looking to opt out of the state pension.”

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