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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.

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