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‘Citizen’s pension to take 10 million out of testing’

A simple, fair citizen’s pension would remove 10 million future pensioners from means-testing, says the National Association of Pension Funds.

It claims it would reduce poverty by providing a simple state pension system on which to build additional savings and would be fairer to women, carers and others who miss out in the current system.

The NAPF says Mori research shows four out of five people support the idea of equal payments for men and women, even where women have taken work breaks or worked part-time on low salaries.

Chief executive Christine Farnish says: “The principle of a simple, adequate, first-tier state pension, available to all, has become the basis for a growing consensus among opinion-formers in the pension, polit- ical and academic arenas. People want a simpler, fairer system, which does not penalise women who have taken work breaks and which does not subject millions of pensions to means-testing.”

Pension Transfer Solutions managing director Carl Melvin says: “The state pension is so complex that most people do not have a clue how it works so this new regime should be looked at closely.”


A passage to India

Assessing the market suitability of the fund, Michael Philips proprietor Michael Both says: “If the case for investing in China is good, India’s prospects on several measures may be better. It is a giant democracy able to undercut most of the world, with a well-educated, export-minded population.” On the positive side, Both feels there is […]

Product providers back campaign for protection

Protection product providers need to get together for an impartial campaign to promote the need for protection in UK society, according to a group of industry experts. A Money Marketing protection round table last week found overwhelming support for a consolidated campaign but the logistics of competitors coming together will be difficult to overcome. Association […]

‘Biggest climbdown in legal history’ costs Equitable Life 30m

Equitable Life has dropped its 700m High Court claim against its former auditor Ernst & Young and faces a 30m legal bill. In what E&Y barrister Mark Hapgood called “the biggest climbdown in English legal history”, Equitable dropped its claim – originally for 2.6bn – after the evidence of former directors blew the society’s case […]

ScotEq Intl setting up property portfolio with four fund firms

Scottish Equitable International is setting up a property portfolio with four fund firms and is offering 6 per cent commission on the scheme. New Star property unit trust, M&G property fund, Brandeaux and Norwich Union property trust have signed up to Scottish Equitable International’s portfolio which will give IFAs the opportunity to pick an investment […]

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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