Pension guru Steve Bee has attacked the Government for criticising advisers while failing to provide the public with information about the simplified pension regime.Scottish Life’s head of pensions strategy says there is still no simple literature available from Government departments which clearly explains the opportunities offered by A-Day, especially in complex areas such as annuity purchase and income drawdown. Bee says this lack of clarity makes the Government’s criticism of advisers even more unjustifiable. In July, Treasury economic secretary Ed Balls told a closed meeting of industry officials and MPs that he was surprised to find so many advisers still existed on his return to the Treasury in May and questioned the standard of financial literacy among advisers. Bee says: “We hear the Government saying we do not need advisers any more but where are the documents available to the general public that do not require advisers to explain them? “Also, where is the evidence that we are living in a simplified regime?” The Revenue and Department for Work and Pensions were unavailable for comment.
Safe Home Income Plans has revealed research which claims that average equity release rates are lower than average standard variable rate for mainstream mortgages. Examining the annualised interest rates for the top ten equity release providers, Ship has calculated the average interest rate to be 6.14 per cent. In contrast, the average standard variable rate […]
Just 36 per cent of the Adviser Fund Index panellists believe that past performance is very important when making their AFI portfolio recommendations. However, the skill of the fund manager is extremely important, according to 79 per cent of panellists. The 14 panellists polled in the first AFI mid-season questionnaire were asked to assess the […]
Threesixty Services is running a series of seminars on protection issues, including pension term assurance and whether policies should be written under trust. The 11 seminars will run between September 19 and 29.
After HBOS was likened to the Chelsea FC of the mortgage market, Guy Anker questions whether its dominance is detrimental to borrowers and if any lenders are capable of putting up a challenge
While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.
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Standard Life Aberdeen has sold its insurance arm to Phoenix in a £3bn deal. In the first results since the merger of Standard Life and Aberdeen Asset Management, the firm has said it has decided to exit the insurance market. Phoenix will pay a total of £2.3bn in cash for the business. Standard Life Aberdeen […]
Acquisitions are continuing apace this year but will that trend continue or will the market slow?
Latest statistics show personal pensions, in particular, get a bad rap The recently published preliminary estimates from the Office for National Statistics’ Wealth and Assets Survey make for interesting reading with regards to how people view pension savings and how safe they are. The next round of this survey will be even more interesting in light […]