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Blight years

The pensions minister James Purnell has suggested that as much as 50 per cent of the money due to be invested in new pension personal accounts will come from existing schemes.

This is bad news for the industry but is it bad news for the Government? Why should they care? Here is why.

A failure to police the boundary properly between existing schemes and the new accounts throws every business calculation done by providers and advisers out of kilter.

The risk is there will be massive blight as decisions which should not be put off are put off with the system of voluntary persuasion – a system that probably could have got many more people saving if it had been given a chance. This reform is still far away and a resurgent Opposition might even scrap it but this breeds uncertainty. Forcing the pension industry to take business on existing terms while factoring in the risk of losing business at a later date is unfair.


Money Partners relaunches website

Money Partners has enhanced and relaunched its public-facing websites.The redesign includes a newly formatted media centre and separate sites for customers and prospective employees. Intermediaries have their own site linking to Money Partners’ broker extranet, MoneyPort.IT director Richard Davis says: “Having significantly upgraded MoneyPort in 2006, and following very positive feedback from our broker-user surveys, […]

Basinghall picks Charcol and Savills to sell loans

Savills and John Charcol will be the dual broker distribution arm for new lender Basinghall Finance, which launches next week.The lender, backed by European bank WestLB, will focus initially on buy to let followed by large-loan prime deals.Unlike new players such as Edeus, the proposition will not be based on technology as it is thought […]

Aegon warns FSA on non-confirmed guidance plans

Aegon has warned the FSA not to allow non-confirmed industry guidance to be seen as a lower standard than confirmed guidance under its plans to supplement principles.Responding to the FSA’s discussion paper on the subject, Aegon head of business regulation Steven Cameron says it must be made clear that there is an equal role for […]

Clerical highlights £46bn concurrency opportunities

New concurrency rules mean up to £46bn extra tax relief can now be claimed by occupational scheme members, says Clerical Medical.It says the new rules introduced on A-Day mean that everyone can invest up to 100 per cent of their taxable earnings in pension plans and claim tax relief up to £215,000.Clerical estimates that, based […]


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