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Chancellor moved goalposts, says Tories

Shadow secretary of state for work and pensions David Willetts says he is not surprised that Chancellor Gordon Brown&#39s estimate of the number of people affected by the lifetime allowance received scant support.
He says: “By using the 20:1 factor for valuing benefits against the lifetime allowance instead of a more variable figure, he was always going to be able to reduce the number of people affected.
“However, there is a much more important point in all this. The challenge is not to limit the amount people can put into their pension schemes but to encourage people to put more money in.
“That is why we are proposing to scrap the £1.4m limit on the strict condition that the same benefits in a pension scheme are available to the lowest paid as to the highest paid. Fat cats are ok, just as long as there are fat kittens.”


Tilney hedges and protects

Tilney Asset Management has established Opal Tailored notes, a capital-protected fund of hedge funds. This offshore fund is linked to the performance of the opal optimum strategy fund, a fund of hedge funds. Investors have two investment options. They can choose to protect 100 pr cent of their original capital and will also get 100 […]

Standard slashes direct salesforce

Standard Life has cut 360 jobs from its direct salesforce and is closing 10 branch closures as part of a radical restructuring programme. The jobs will go from its direct-sales division, reducing the number of staff across the UK from 630 to around 270. The number of direct branch locations will be reduced from 21 […]

HL puts Schroders&#39 US fund on sell list

Hargreaves Lansdown is set to place Schroders&#39 North American fund on its sell list after the group radically overhauled its process and management for the third time in 18 months. Schroders is handing management of the fund to Grant Cowley after its quantitative-based investment strategies unit failed to boost performance following its taking over of […]

&#39Author of its own misfortunes&#39

Excerpts from Treasury Financial Secretary Ruth Kelly&#39s statement to the House of Commons on Monday. “The Government sympathises with the plight of policyholders who have suffered much worry and distress over the past four years and who have seen significant reductions in their expected income in retirement….” “Lord Penrose&#39s central finding is that principally, the […]


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