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ABI goes direct in last-ditch parallel plea

The ABI has embarked upon a last-ditch stakeholder campaign by trying to

amend the Chancellor&#39s Budget legislation.

Having failed to convince the Inland Revenue, the DSS and the Treasury in

arguments on parallel pension holdings, life insurance proposals andtax

relief on advice, the ABIhas taken the radical step of directly lobbying

MPs on the Finance Bill committee.

The committee analyses the Finance Bill on a clause-by-clause basis before

it becomes law. It is currently discussing clause 60 which relates to


The ABI has written to committee members, urging them to amend the bill

to allow parallel holding of occupational and personal pensions and

reconsider proposals on life insurance and tax relief for advice under


In the letter, the ABI says: “The association is concerned that if the

position on life insurance remains unchanged, it is unlikely that insurers

will be able to offer life insurance as part of a pensions package.

“It would also represent that unless the definition of allowable

contribution for tax purposes is changed, individuals will pay a higher

charge than necessary for important additional services such as advice.”

But committee members suggest such a move is unwise and could make the

Government more determined to push through the legislation.

Scottish Life head of communications Alasdair Buchanan says: “We support

the ABI in raising this issue again. The Government must be made aware of

the problems its proposals are likely to cause through increased



L & G warns against scoring pensions own goal

As the nation plunges into football frenzy, Legal & General is warning stars and fans alike that even premiership footballers could face a massive income shortfall when they retire. The life office claims the likes of Shearer, Owen and Beckham could score own goals in their pension planning and be forced in to retire with […]

Barclays starts bid for small business pensions

Barclays has begun its onslaught into the smaller business pension arenaahead of stakeholder in April 2001 with the launch of its group retirementaccount.The bank will be targeting the GRA group personal pension at its 500,000smaller business customers. The move is in direct competition to IFAs whoalso see smaller businesses as a prime target in the […]

Through NIC and thin

Over the last couple of weeks, I have looked generally at the importanceof understanding National Insurance to those giving advice to employers andemployees, including the new provisions on gains under unapproved shareoption schemes.Follows a consultation period announced in the Budget, a new changeintroduced on May 19 will, following agreement between companies and theiremployees, allow employers&#39 […]

If wins big deal with Mysis IFAs

Halifax’s tele-net bank Intelligent Finance is signing a deal with Misys to register 4,500 IFAs to its July-launched service. Mysis IFA Services is the parent company for five IFA networks namely IFA Network, Countrywide, Financial Options, Investment Options and Kestrel. The latest deal means around 20 per cent of all RI’s will have signed-up to […]


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