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78% believe price cap will be raised

Most IFAs believe the Government will concede to industry demands and lift the 1 per cent price cap on stakeholder pensions, according to the Money Marketing/One Account State of the IFA Nation poll.

The annual poll found that 78 per cent of respondents – 167 of the 215 IFAs who took part – are confident the price cap will be increased.

Only 20 per cent think the price cap will be maintained, while 2 per cent could not say what they expect to happen.

IFAs are also optimistic about the move from defined-benefit to defined-contribution pensions, with 70 per cent saying this will potentially increase their business. Only 26 per cent think it will have no effect.

Eighty-four per cent of IFAs support moves to create fewer types of pension, as recommended by Alan Pickering, with only 14 per cent being against this recommendation.

But IFAs are split over whether the minimum income guarantee is likely to deter clients from saving for a pension, with 47 per cent concerned it will and 50 per cent disagreeing.

Informed Choice managing director Nick Bamford says: “The number expecting the cap to be increased seems bit optimistic. Expecting the Treasury to realise in a blinding strike of recognition that the cap actually restricts availability of advice is optimistic but the Treasury is not that bright.”

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