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95% of IFAs say means testing is a disincentive

A total of 95 per cent of IFAs say that means-testing benefits in the UK acts as a disincentive to pension savings.

A poll on the BeeHive website run by Scottish Life pension guru Steve Bee revealed that only 5 per cent of 1,029 advisers surveyed thought pension credit was working.

The poll supports the long-held view in the IFA community that pension credit is inappropriate for the UK and comes after the House of Commons&#39 work and pensions committee pledged to hold an enquiry into its effectiveness.

Scottish Life head of pen-sion strategy Steve Bee says: “The fact that over 1,000 voted on such an important issue and that the vast majority voted in the way they did should be taken seriously by those with the power to change the system.

“I have been saying for some time that pension credit is an obstacle to cost-effective distribution of pension products.”


Accord offers US Libor tracker loan

Accord Mortgages is launching a five-year US Libor tracker mortgage. The London inter-bank offered rate is the rate of interest at which banks borrow funds for US dollar deposits. The rate charged is set on March 31, June30, September 30 and December 31, plus the tracker rate of 1.99 per cent. Maximum LTV is 95 […]

Jelf set to float on Aim

Corporate intermediary Jelf Group has announced its intention to float on AIM and is seeking to raise approximately £2.5m at the placing price through a placing of 3,086,420 placing shares. Jelf Group has applied to the London Stock Exchange for admission to AIM and expects that dealing will commence on October 21.

Platform boosts range of non-conform deals

Britannia Building Society subsidiary Platform has enhanced its non-conforming product range. Platform has added a fast-track product at 75 per cent to its existing range at Libor plus 3.50 per cent and has also extended its bonus discount, offering an extra 0.25 per cent discount to one year, 18-month and two-year discounts on all cases […]

FSA and Treasury respond to savings report

The FSA and the Treasury have responded to select committee recommendations to improve confidence in savings.The Government has joined the select committee&#39s called for an industry led forum designed to tackle to the problems of consumer confidence.And it has welcomed the commitment of the FSA and of product providers to come up with some workable […]

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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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