Helen Pow

Helen Pow has left Money Marketing

Relief squeeze hits wide range of staff

The Government’s proposals to restrict tax relief on pensions are inflexible and will hit ordinary workers not just high-earners, warns Mercer. Under its consultation, the Treasury has called for suggestions on how to limit tax avoidance, particularly with regard to bigger than expected salary increases and enhanced benefits on redundancy and early retirement. Mercer says […]

Lower annual allowance is advisers’ choice over relief cut

The majority of advisers and clients would prefer to keep pension tax relief at the marginal rate and have a lower annual allowance than see the Government introduce a £40,000 annual allowance but cap relief at 40 per cent. AJ Bell surveyed 300 advisers and 580 clients and found capping contributions at £35,000 with tax […]

ABI talks with Government over DB ban

The Association of British Insurers says it is in talks with the Government to clarify why it is proposing a ban on the majority of transfers from defined-benefit to defined-contribution pension schemes from April 2012. Earlier this month, Money Marketing revealed that the Government is to stop the bulk of people from transferring out of […]

Aegon hires Aberdeen’s Bell for asset management role

Aegon Asset Management has appointed Andrew Bell as head of European product and marketing. Reporting to European head of distribution Martin Harris, Bell, who is a member of the Chartered Institute for Securities and Investment, will be responsible for Aegon’s European product development and marketing proposition. Bell joins the firm from Aberdeen Asset Management where […]

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Govt cracking down with tough line on Omo

The Government is planning to overhaul the open market option process, potentially through new regulation, and has issued a stern warning to the pension industry to clean up its act. This week’s Money Marketing reveals that Treasury financial secretary Mark Hoban has given the industry until the end of this week to explain why so […]

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FSA fines SocGen £1.57m

The FSA has fined the London branch of Société Générale £1.57m for failing to provide it with accurate transaction reports. The regulator says the fine reflects the seriousness of SocGen’s failure to submit accurate reports for approximately 80 per cent of its reportable transactions, across all of its asset classes, for a period of over […]

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Ex-Life Trust chief looks to buy up firms

Former Life Trust chief executive Andy Briscoe has secured private equity backing and is looking at a broad spectrum of financial services companies as potential acquisition targets. Briscoe would not expand on the types of businesses he is looking to acquire and refused to comment on whether he is in talks with any firms. He […]

GI sale could leave Aviva vulnerable

Aviva’s life business would be more vulnerable to a takeover and exposed to the risks of Solvency II if the group chooses to sell off its general insurance arm, according to Fitch Ratings. Last week, Aviva rejected a £5bn bid for its GI business from RSA, claiming the price was too low, although influential shareholders […]

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Pension firms struggling to deliver annuity change by April

Suffolk Life marketing director John Moret says pension providers will struggle to update their systems to implement permanent changes to annuity legislation by the April 2011 deadline. The June Budget scrapped the requirement to annuitise or enter alternatively secured pension at 75, pushing it back immediately to 77 as an interim measure. The Government is […]

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Advisers say transfer ban will be disaster

Advisers have hit out at Government plans to stop the majority of people from transferring out of final-salary pensions into defined-contribution schemes from April 2012. Money Marketing last week revealed the Department for Work and Pensions’ proposals to end transfers, included in a consultation setting out the draft legislation for the abolition of contracting out. […]

Ascentric launches Qrops on platform

Ascentric has launched the MC Trustees Qrops on its platform. The firm says it is the first Qrops to be launched on a UK wrap platform. The MCT Malta Private Retirement Scheme is aimed at customers with UK pension rights who have not been resident in the UK for five complete tax years or are […]

Private providers can’t fill Nest gap warns ABI

The Association of British Insurers says it is unlikely that providers could fill the gap if the National Employment Savings Trust does not go ahead, even if auto-enrolment parameters were restricted. Money Marketing revealed earlier this month that the Government has been holding talks with providers over the feasibility of an industry-led replacement for Nest. […]