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90% of advisers oppose contract-out ban

Ninety per cent of advisers are against the Government’s plan to scrap contracting out of the state second pension on a money-purchase basis, according to the latest poll on pension guru Steve Bee’s BeeHive website.

Bee says: “If it is typical of what all IFAs think, nine out of 10 IFAs are in favour of people having pensions backed by money rather than pensions backed by political promises.” But he adds that comments from advisers show this is not a black and white issue.

One respondent in favour of the changes said: “The rebates offered do not give fair value for the additional state benefit being given up,” hinting that if the rebates were increased, contracting out would be a better option.

But another respondent, who voted against removing the facility, said: “There are a number of reasons why people contract out and not just to have a higher pension. Early access, more choice, more flexible access, tax-free lump sum alternative without deferring, reluctance to rely on the state and fear of legislative changes. If advice is sought and given, then why is there a problem with personal choice?”

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