Work and Pensions Secretary David Blunkett says automatic enrolment will form part of the Government’s plans for future pension provision.In a speech to the Fabian Society, Blunkett dismissed press speculation that the European distance marketing directive will affect the implementation of the policy which has received support from all three political parties as well as Pension Commission chairman Adair Turner. Blunkett said the DWP would be issuing guidelines on how to use opt-out techniques for workplace pension schemes. He was speaking at the launch of a pamphlet entitled, The Politics of Pension Reform, written by Labour MP John Denham and Fabian Society research director Richard Brooks with contributions from Scottish Widows, the CBI, TUC, PPI and NAPF. He also said the DWP is to publish a new report focusing on women’s pensions before the Turner report’s recommendations, building on work by a range of organisations and looking at the complexities involved in future policy. Blunkett was careful not to rule out any policy but warned of the “enormous superficial attractions” masking the cost of a citizen’s pension and questioned whether such a policy would be fair or equitable. He also reiterated Government concerns about the differences between people who start work at 16 or 18 and graduates who start working life much later but expect to retire at the same age. Blunkett said: “The distance marketing directive does not interfere with auto enrolment and nor does consumer or privacy law. We decided to issue these guidelines following discussions with industry and employers who said they were unsure if they could use opt-out in workplace personal pension schemes under the law as it stands.” Hargreaves Lansdown head of pensions research Tom McPhail says: “The fact that Blunkett is publishing his report on pension reform in advance of the Turner commission report suggests he is looking to marginalise Turner’s conclusions and move the debate to his own agenda. The commitment to auto-enrolment looks like another small step down the road to compulsory employer contributions.
The eight-strong investment team at Collins Stewart Tullett resigned last week and are rumoured to be starting their own investment trust business. The team did well for Collins Stewart between 1998 and 2000 but were hit by the firm’s involvement in the split capital crisis.
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Axa Investment Managers has appointed Keith Robinson and Stephanie Walsh as fund management analysts. Robinson spent three years at Isis and Walsh spent four years at Morley FM.
Mortgage Advice Bureau signs up Enfield-based estate agency chain Lanes to its branch network. The new sign-up adds five new branches to the network, to which MAB will provide an advisory service.MAB has also brought five consultants and two administrators to the chain. It now has about 250 outlets across the UK. MAB chief executive […]
In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]
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