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ABI rethinks plan to close savings gap

The ABI has revamped one of its key proposals to close the savings gap, cutting to £100m from the original £500m it wants the Government to spend on tax breaks for employers which provide their staff with access to financial advice.

Presented as part of a package of measures to persuade people to increase saving at its first Saver Summit last week, the ABI says if the Government spends £100m on tax credits it will be able to close the savings gap by £2bn.

It has changed its focus for the initiative from all employers to those with fewer than 500 staff. It has also decided access to an IFA once every five years rather than every two years is sufficient.

The ABI also detailed its proposals for a pension contribution tax credit, giving small employers a 1 per cent rebate on their National Insurance Contributions in return for making a 5 per cent salary contribution to a pension scheme.


Virgin helps &#39unloved&#39 NU policyholders

Virgin Money is offering a dedicated helpline for Norwich Union stakeholder policyholders who are feeling “unloved” after NU&#39s decision to concentrate on larger, more profitable schemes. Virgin says it loves every one of its customers and says companies like NU could run stakeholder as a closed book and service could suffer.

Aberdeen unit trust has default holdings

Fifty of the holdings in Aberdeen Asset Management&#39s high-yield bond unit trust have defaulted or are close to default.In addition to its Argentinian bond holdings, the unit trust also has exposure to split caps through holdings in Aberdeen preferred income and the real estate opportunities trust, which it formerly managed. Aberdeen has told IFAs that […]

Bercow quits over adoption vote

Conservative Shadow pensions minister John Bercow has resigned from the front bench rather than give into pressure from the party to vote against Government plans to allow gay and unmarried partners to adopt children.He has been replaced on the pensions front by former social security minister Oliver Heald, who served in John Major&#39s Government in […]

No compulsory Amicus redundancies

Prudential has averted threatened strike action by promising Amicus there will be no compulsory redundancies at its Reading call centre. This follows Pru&#39s decision to move its call centre to India which threatened 850 jobs. The union is recommending acceptance of the offer.

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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