Pension guru Steve Bee has warned the Treasury that scrapping Asps would make A-Day rules fall foul of anti-age discrimination legislation.Last week, the Treasury told Money Marketing it would be forced to scrap Asps if advisers continue to “wilfully abuse” them to help their clients avoid inheritance tax. But Scottish Life head of pensions strategy Bee says forced annuitisation at 75 would be considered ageist under the European Directive on Age Discrimination, which comes into force in October. He says: “People of 76 should have the same opt- ions as people of 74. Any- thing else would be considered ageist and somebody would challenge this in a European court.” Bee says the Asp rules were put in place in part to ensure the A-Day changes complied with new EU rules. He says removing them would force the Government to revise A-Day rules before October. However, a spokesman for the Treasury says: “The new simplified pension regime, including provision for annuitisation, is fully compliant with UK and European law on age discrimination.”
The UK could follow the US, with rising rates slowing the market right down
Financial services marketing company Teamspirit has launched a public relations company. Teamspirit PR aims to gain coverage for its financial services clients not just in the money pages but also in the consumer press, TV, radio and online.
Woolwich has moved to calm broker fears by announcing it is planning to upgrade its retention scheme to include regulated mortgages. It is also considering plans to pay full proc fees on retained business rather than the current rate of 0.2 per cent. The lender currently pays retention fees only on mortgages sold before M-Day […]
The pension industry is warning the Treasury that trying to axe Asps could be a dicey move, says James SalmonAn inside source at the Treasury accuses tax advisers of “wilfully seeking to abuse” Asps, which were set up as a special concession for a select group of people with a religious objection to annuitisation and […]
Jacob de Tusch-Lec, manager of the Global Income Fund, analyses a sell-off so “vicious” that the ‘hot’ stocks are underperforming emerging markets. What does it mean for the portfolio – now and in the months to come?
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