View more on these topics

‘Chink of light’ in pension fight

Altmann calls Hutton move on state second pension a dawn of realisation

The Government is set to make concessions to people who lost occupational pensions in what could be a “dawn of realisation” that it has mishandled the situation, says former Downing Street pension adviser Ros Altmann.

Work and Pensions Secretary John Hutton told BBC Radio 4’s Today Programme that he is working on plans to restore the state second pension for people who opted out to join an employer’s scheme which subsequently went bust.

He said: “If you cannot recover or restore the occupa- tional pension, we might be able to restore their rights to the second state pension.”

Altmann says more details are needed to ensure that victims are allowed to return to to the position they would have been in for free – as happened to Robert Maxwell’s victims – rather than through a buyback scheme but that the Government’s announcement was encouraging.

Hutton said the Government is pursuing around 30 firms which have wound up their schemes despite being technically solvent, which Altmann says could help around 10,000 people.

She says her Pensions Action Group is still going ahead with its judicial review against the Government over maladministration although it is monitoring further developments.

The Department for Work and Pensions has two weeks to respond but Altmann says the group will offer the DWP extra time if it wants to mount a serious defence.

She says: “The Government’s announcement could be the first chink of light in our fight. At last, there seems to be a dawn of realisation on the part of the Government although we need to ensure that this will be offered.”


L&G looks to develop fund range

Legal & General Investment Management is looking at expanding its range of actively managed funds with the launch of strategic bond, high-alpha and hedge fund products. The news comes in the same week that L&G IM ditched its European equities team of four, headed by Alia Baig, and moved its underperforming 156m European fund to […]

Credit-check reference firms

Last weekend’s excellent Radio 4 programme Inside Money highlighted the inadequate level of help and protection given to people suffering from identity theft.

Nationwide 20m deal to sponsor England

Positive Solutions is looking to set up a fund platform by the end of March 2007. Positive Solutions advisers use all the major platforms but the firm says it aims to create its own proposition. Executive chairman David Harrison says a truly independent adviser cannot favour a single provider-owned proposition but does need access to […]

Aifa wants small firm focus for ombudsman

Aifa has called on the Financial Ombudsman Service to set up a separate small firms division to focus on the particular needs of IFAs. In its submission to the FOS funding consultation paper, Aifa says the FOS should mirror the FSA in setting up a small firms division to provide greater flexibility and a better […]

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 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm