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ABI outlines 10 point pensions plan

The ABI is proposing a series of amendments to the Pensions Bill in a briefing paper to Peers in the House of Lords which it hopes will encourage more people to put money aside for their retirement.

The trade body is hoping its proposals will help clarify how long it will take for the Pension Protection Fund to get started and when the risk-based levy will be fully implemented.

It hopes changes will enhance the requirements on the new pensions regulator to consult on its draft code of practices and implement cost – benefit analyses of its propositions.

The ABI also asks for further measures to be implemented to reform the structure of state pensions and encourage pension contributions from employers.

ABI head of pensions Jo Segars says: “Reforms such as the new pensions regulator, the abolition of compulsory LPI on DC schemes and the Pension Protection Fund are welcome changes that will encourage saving. But the savings gap is so large that the changes in the Bill alone will be insufficient to ensure that as many people as possible have an adequate retirement income.”


New head of market pricing at Clerical Medical

Clerical Medical has announced Richard Tomlinson as its new head of market pricing. He will lead a team of actuaries responsible for the product pricing of Clerical Medical&#39s brand in the UK. Tomlinson was previously the international pricing actuary for Clerical Medical and prior to that was employed by Natwest Life Assurance. Tomlinson says: “I […]

Survey urges caution over WP balance sheets

The FSA&#39s push towards realistic balance sheets for with-profits life offices is welcome but a degree of caution as to how the figures will be interpreted must be shown, according to The Centre for Risk and Insurance Studies. In a preliminary analysis of the top 20 with-profits life ins-urers&#39 returns to the FSA, Cris, which […]

Alliance & Leicester makes tracks

ALLIANCE & LEICESTER 10 Year Base Rate Tracker &#45 Standard Package Type:Tracker mortgage Tracker term: 10 years Tracker rate: 0.99% above Bank of England base rate Payable rate: 5.24% Minimum loan: £25,000 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of […]

Steady stream of industry staff joining the FSA

The FSA is employing more people from the industry now than it did at its inception in 2001. The recent appointment of Deloitte & Touche partner Kari Hale as director (finance strategy & risk division) and Hector Sants as managing director (wholesale and institutional markets) from Credit Suisse First Boston in March illustrates the FSA&#39s […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]


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