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ABI says Government still unrealistic on NPSS costs

The ABI says the Pensions White Paper has set the annual contribution cap too high for NPSS personal accounts and says confusion over means testing still needs to be sorted out.

It has backed the measures designed to protect existing occupational pensions schemes. These include banning transferring in and out of Personal Accounts until 2020, eight years after the scheme is introduced.

Good pensions schemes will be rewarded with “quality” marks

But the move to increase contribution caps from £3,000 to at least £5,000 has been cricisised by the ABI. It has also been slammed by Standard Life head of pensions policy John Lawson. He says it could actually force more employers to revert to NPSS and close their existing schemes.

The ABI says the Government is also still being unrealistic on charges and says the pressure is on the Delivery Authority to make the right decisions and consult appropriately.

ABI’s director general Stephen Haddrill says: “The Government has listened and accepted many of our key concerns, in particular the importance of allowing existing pension provision to thrive.

We remain concerned that the Government is unrealistic on costs and charges, particularly if it wishes the private sector to offer specialised funds, such as for ethical investment. The Authority must be expert and it must consult properly.”


Come on board at Ship

Having read Nic Cicutti’s article of November 23, I wanted to write in support of the theme he explores that IFAs should grasp the nettle and make the necessary preparation for involvement in the equity-release market. As Nic correctly points out, demand for this product type is set to expand as the baby boomers age […]

Existing policies could still be hit by changes

Existing PTA policyholders could be affected by the changes announced in the pre-Budget report despite Treasury assurance that policies on risk before midnight of December 5 would be unaffected.Standard Life protection marketing manager Mick James says HM Revenue & Customs has confirmed that if policyholders increase the sum assured or extend the term, the life […]

LibDems claim Personal Accounts are ‘fatally flawed’

The LibDems say Personal Accounts are “fatally flawed” as long as mass means-testing remains part of the benefits system.LibDem Shadow Work and Pensions Secretary David Laws says that for many people the scheme will be inappropriate and unfair because of the continuation of means testing in its cut down form.He says some people on low […]

Euroclear buys out Emxco

Equity clearance house Euroclear has bought fund order routing business EmxCo in a deal that it says will enable it to offer automated fund settlement at half of EmxCo’s prices.

Brexit Commentary from Natixis Global Asset Management

By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]


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