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Altmann makes last ditch appeal to Labour MPs

Pensions consultant Ros Altmann is urging Labour MPs to vote with their consciences today for the cross party amendments to the Pensions Bill that offer more help to the victims of occupational scheme collapses.

Altmann says Labour MPs need to recognise the urgency of approving these proposals to ensure a fair and final resolution to the “scandal of pension scheme wind-ups”.

She insists if the vote was conducted as a secret ballot there is no doubt the amendments would be adopted.

Altmann says the Young Review, published yesterday, endorses the amendments calling for a halt the annuitisation of every scheme affected, making better use of existing scheme assets, finding unclaimed assets for a lifeboat fund, making an emergency loan for the lifeboat fund and transferring administration of the failed schemes to the Pension Protection Fund.

She says: “I just hope Labour MPs see sense tomorrow and force through a quick end to this shameful episode, to end the suffering that is going on every day.

In the last month, two of the victims that I know have died. Waiting more months or years for a PPF solution will mean more die before they get justice. Now is the time – MPs have a chance to really make a difference to these people. I hope they are brave enough to stand up for decency and honesty. It would be very sad if party politics prevented MPs from doing the right thing tomorrow.”


Commercial mortgage online packager launches

Financial packager is launching a dedicated commercial mortgage subsidiary, site will aim specifically at providing brokers, IFAs and intermediaries with the best commercial mortgage package for their clients’ circumstances, accessed through a vast commercial mortgage lending panel. Brokers should be able to source the largest range of commercial mortgages in the market from […]

Fears voiced over scheme return e-filing

A survey reveals that over eight out of 10 pension trustee administrators are concerned about their readiness for the onset of online scheme returns.Technology company Altus, which commissioned the research, found that 80.7 per cent of administrators have some or significant fears about e-filing becoming mandatory on October 16.From that date, scheme administrators must file […]

Eagle warns on promotions

Labour MP Angela Eagle began her new role as Exchequer secretary by attacking the standards of financial promotions.Responding to concerns by Labour backbencher Sarah McCarthy over celebrity endorsements of financial products, Eagle said: “It is important the industry adheres more effectively to the voluntary codes . If there is no sign of improvement, we will […]

General Electric quits US sub-prime

General Electric has left the US sub-prime mortgage market, selling subsidiary WMC Mortgage Securities. Staff numbers have fallen from 1,200 to 700 this year. US mortgage lender Alliance Bancorp has gone bankrupt after the sub-prime downturn.

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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