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‘Another waste of time that will be consigned to dustbin of history’

Leading IFA commentators are sceptical about whether the Government will imple-ment any of Turner’s planned sweeping changes to the pension system.

Informed Choice managing director Nick Bamford says the report will be consigned to the dustbin of history, similar to the fate of the Department for Work and Pensions-sponsored 2002 report by Alan Pickering.

Bamford says: “This will become yet another piece of consultation from the Government that will be long forgotten and ultimately a horrible waste of time.”

Hargreaves Lansdown head of pension research Tom McPhail says the current system could be modified to incorporate some of the suggestions and has the IT and admin infrastructure in place to do so.

He says there are far too many hurdles to overcome for the Government and, in particular, Chancellor Gordon Brown to accept the report and the complex admin burden that would be taken on as well as the inherent liability risk in signing people up to a non-advised centrally managed scheme will be a step too far for the Government.

McPhail says: “I would question whether the report would ever get off the ground. I think we can do a lot within the existing structure and I suggest that none of it will happen at all.”


Getting down to brass tax

Axing higher-rate tax relief would allow the basic state pension to be raised

Report puts 60,000 jobs on the line

The number of financial advisers could plummet by a third and 50,000 jobs would be lost at life offices if the Turner report’s National Pension Savings Scheme is introduced. The plan would see 10,000 brokers and support staff on the scrapheap, warns consultancy Deloitte & Touche, due to the reduced role of advice in the […]

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The Diary learns that Whitechurch is taking its compliance and security measures seriously. Its main office is in the same building as a coroner’s court and when there is a case involving the police shooting someone and arresting another guy, things go a little barmy. Managing director Ian McIver says staff have had to go […]


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