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&#39Rip-off&#39 row erupts over Green Paper rules

A row is brewing after Scottish & Newcastle Breweries pension trustee Ray Martin accused IFAs of wanting to rip off clients in the run-up to the implementation of the Pensions Green Paper.

Martin told delegates at a recent high-level Inland Revenue pension simplification meeting in Edinburgh that life companies and IFAs wanted to use the long run-up to the new rules as a mis-selling opportunity.

Speaking as a representative of the occupational sector, Martin&#39s attack was in response to a call from Scottish Life for more time to implement the new legislation.

Scottish Life head of pensions strategy Steve Bee says: “I was explaining how we cannot implement this massive change by next April when we do not even have new rules yet. Then Ray said the life offices wanted to use the time as a selling opportunity. But high-networth clients and their IFAs have life-changing decisions to make before this comes in.”

National Association of Pension Funds external affairs officer Vicki Bolton says: “Ray is an experienced and outspoken friend of the NAPF but was speaking in a personal capacity.

“The NAPF wants to see the Green Paper proposals implemented as soon as possible.”

Intelligent Pensions technical manager David Trenner says: “Ray Martin said life companies and IFAs wanted a delay to create a misselling opportunity. Guys like Ray believe that the only adviser is a rip-off merchant.”

Martin was unavailable for comment.


McVeigh replaces Seager at ailing Jupiter fund

Jupiter UK growth fund manager Justin Seager has been replaced by former Schroders star Ian McVeigh after failing to reverse the poor performance which had IFAs up in arms.Chief executive Edward Bonham Carter moved the manager from the fund although he continues running institutional money.Bonham Carter publicly backed Seager last December following a barrage of […]

Sandler takes over education role from Godfrey

Ron Sandler, architect of the Treasury&#39s long-term savings review, is to become chairman of the Personal Finance Education Group as Daniel Godfrey steps down.AITC director general Godfrey is stepping down from the PFEG after four years.Sandler dismissed speculation that he would apply for the role of FSA chairman when outgoing chairman Howard Davies leaves in […]

Walker Crips Weddle Beck looking to double its range of funds

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A consumer&#39s view

With only three weeks left before the end of the consultation period on the Pension Green Paper on April 11, it is time for consumers to make their voices heard. There are many points which require a rethink.First, the proposal for a lifetime limit on the size of an individual&#39s pension fund of £1.4m should […]


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