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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?”


Swiss Re life and health chief is sectioned

Alberto Izaga, a senior executive and board member of Swiss Re, was arrested on Sunday and remains in custody after his two-year-old daughter was found seriously injured in his central London flat.Neighbours called the police after hearing loud thudding noises, shouting and a child crying at around 8am. Police officers and ambulance crews arrived at […]

DSP goes for Asian advantage

Dalton Strategic Partnership has introduced the Melchior Pan Asian Advantage Fund, which aims for growth by investing in a portfolio of 45-75 Asian stocks excluding Japan.

Focus launches CRM system

Focus Solutions Group is launching an integrated front office and customer relationship management solution, integrated with Oracle CRM solutions, into the EMEA financial services market. This will extend Focus’ capabilities into the front office arena, allowing client data to be transferred from either application along with the completed compliant documentation. It will build on Oracle’s […]

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


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