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Bee says A-Day opportunities will only be enjoyed by ‘chubby cats’

A-Day represents a massive opportunity for advisers but they should forget about winning new business from young people on low in- comes, says Scottish Life head of pensions Steve Bee.

Speaking to a room packed with IFAs at the Institute of Financial Planning conference last week, Bee said advisers should concentrate on the 10 to 12 million people currently in occupational pensions.

But he warned advisers not to expect a fresh wave of clients after A-Day as he said the legislation would fail to encourage the millions of people without pensions to save.

He said the new opport- unities afforded by A-Day, such as the ability to place residential property into Sipps and the new concurr-ency rules, would only be enj- oyed by so-called “chubby cats”, high earners with a good pension in place already.

He said: “A-Day is great for advisers if they work on people who already have pensions and ignore those without a pension. Its too difficult to advise these people as A-Day is good for the chubby cats but its not good for young people with no savings that the Govern- ment should really be thinking about.”


Invesco VCT to offer 25m in new shares

The Invesco Perpetual Aim VCT will offer 25m in new ordinary shares in January 2006. The trust launched in June 2004 and was the most successful by a new entrant into the VCT market, raising 25.1m through an offer for subscription.

A little too hard to stomach

Positive Solutions’ charis-matic chief executive David Harrison really does insist on an open forum with his IFA partners. At the annual confer-ence last week, Harrison felt it necessary to share with the 1,000-plus audience that a recent spell of medication had tampered with his digestive system. Seems the reason for taking them in the first […]

India to the fore

India’s rapid economic growth looks set to continue, making it an attractive prospect for the investor

Free switching on Liverpool Vic bond

Liverpool Victoria is launching an investment bond that allows free switches between three new with-profits funds – cautious, balanced and growth. The All-In-1 investment bond is available for sums between 10,000 and 500,000 and carries an option of a five-year capital preservation guarantee.

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


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