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ABI urges fundamental pension reform

The ABI has urged the government to make lasting changes to the pensions landscape in the green paper, due to be unveiled tomorrow.

The association has developed five tests which the industry will use to judge the green paper based on: provision for the self-employed, flexibility, simplicity and choice, incentives, simplification of the tax regime and building awareness and understanding.

ABI director general Mary Francis says: “The government faces one of its biggest challenges – to encourage people to save more and to start saving earlier. To meet this challenge we need a trusted pensions framework.”


New private medical insurance consultation

The General Insurance Standards Council has launched a consultation on practice requirement for private medical insurance. The proposals, welcomed by the ABI, will see consumers provided will minimum levels of information in a format that will allow comparisons between providers and products.The consultation closes on February 12 2003, and the requirements will come into force […]

L&G accused of shunning IFA business as the axe is taken to EPP commission

Legal & General is to stop paying commission to IFAs on 10-year executive pension plans and has slashed rates by nearly half for 15-year business.Commission on new EPP business over 15 years will be cut to 80 per cent of Lautro rates from 140 per cent, which IFAs claim effectively shuts down new business through […]

New £1.4m lifetime tax threshold for all pensions

The Government is to impose a lifetime limit of £1.4m on pensions savings. According to proposals in today&#39s pensions Green Paper, there will also be an annual savings limit of £200,000.As part of the new unified pensions regime, any amount saved in excess of these limits would become subject to tax though the tax privilege […]

Simpler pension regime set to &#39liberate&#39 advisers

The Green Paper&#39s simplification of the pension regime will liberate IFAs to return to being pension salesmen, according to Standard Life.The timeframe for selling a pension will be reduced from between seven and eight hours to between three and four hours, which will allow IFAs to advise clients with monthly contributions as low as £75, […]


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