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Advisers say Asps are the best incentive

Advisers believe that scrapping alternatively secured pensions would further undermine consumer confidence and remove the most innovative development in pensions in the last 50 years.

Skandia recently asked advisers to email the firm with their views on Asps.

It has had a wide range of opinions which show the depth of feeling in the IFA sector about the Government’s threats to spoil or scrap Asps in the preBudget report.

John Scott & Partners wealth adviser John Hutton says: “The Government should herald Asps as the most innovative development for pensions in the last 50 years. It is the best incentive for taking out a pension. Instead, the Government will be shown to be ignorant, negative and clueless if Asp is changed or goes altogether.”

Institute of Financial Planning Birmingham Brands chairman Andy Jervis says: “To offer the Asp route as an alternative to annuities and then to withdraw it again will do untold damage to the public’s attitude to pensions.”

The Independent Asset Management Company’s Royden Davies says: “IHT will be mitigated or avoided with or without Asps.”

Skandia head of marketing life and pensions Billy Mackay says: “Many people in the industry are committed to joining together to find a solution that is suitable and sustainable for all.”


Location, location

Where you are based determines the success and type of business you write. Or does it, asks Gregor Watt

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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