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.”
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.
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’s rapid economic growth looks set to continue, making it an attractive prospect for the investor
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.
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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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]