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Beware of pension planning blight – Ritchie

Advisers are being warned to get up to speed with the effects of the pensions simplification proposals, or risk affecting the advice they give their clients now.

Scottish Equitable pensions development director Stewart Ritchie says the three month delay caused by Gordon Brown&#39s referral of aspects of the £1.4 million lifetime allowance to the National Audit Office, must be prevented from causing a planning blight.

He says the delay gives advisers only one tax year to advise their clients and take action on the reforms before A-day and has prepared three “Ritchie Papers” explaining the simplification proposals for advisers.

Ritchie says: “Advisers must not let the action embargo lead to a planning embargo. The urgent advice issues are not just about high earners. Anyone able to take their pension between now and A-day will have to consider whether they would be better to delay until after April 2005.”


Sesame hit by weak markets

Misys is blaming continued weakness in the long-term savings and investment markets after financial services sales fell by 16 per cent in the six months to November 30. Total revenue for its financial services businesses, including mega-network Sesame, Sesame Insurance Services and Assureweb, was £195m compared with £233m in the previous year. The businesses made […]

Halifax nets online boom

Halifax did a massive £14bn of intermediary mortgage business last year and it is now doing 90 per cent of the business electronically. Head of intermediary markets Jack Saxton believes this level of business shows the company&#39s commitment to technology is paying off. He says: “This is a phenomenal level of business to be doing […]

Advisers say Isa season will be a washout

Most IFAs believe this year&#39s Isa season will be a total washout, with more than two-thirds expecting the traditional pre-April sales surge to vanish over the coming years.Sixty-five per cent of respondents in a survey of 800 users of The Exchange believe there will not be a “noticeable” Isa season this year, dashing fund managers&#39 […]

Feeling the burn

Scottish Life International entertaining at a Burns night supper last week offered something not many others Burns nights can boast – potentially burning the guests. The Diary was alarmed to hear that guests tucking into a good solid feed of haggis, neeps and tatties had to suddenly flee their Scottish experience for the safety of […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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