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Clerical Medical slates pensions levy hike

Clerical Medical has warned that DSS plans to increase levies to run four separate pensions bodies could stretch the one per cent stakeholder cap to the limit.

The life office says this year&#39s increase is unavoidable but it remains concerned that significantly increased levies could put strains on the already slim margins for stakeholder.

The increased levy will be used to run the Pensions Schemes Registry, the Pensions Ombudsman and the Pensions Advisory Service and the Occupational Pensions Regulatory Authority.

The proposals were made in late January as part of a DSS draft document for discussion.

The life office fears further hikes when the bodies start to monitor stakeholder pensions after they are launched next year.

It is not arguing against the need for the four bodies but is concerned that if a 50 per cent hike is needed to prepare for stakeholder it could become much more in the next few years stretching the one per cent margin to the limit.

Clerical Medical head of corporate affairs Tony Bloomer says: “It&#39s the same old clash. When will the Government and those providing the infrastructure for stakeholder realise the one per cent margin is already thinly stretched?”


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Derbyshire announces bumper year

The Derbyshire building society is trumpeting 1999 as its best year ever in terms of growth, lending and share investments.The building society has 61 branches across ten counties in England, predominantly in the north of the country. The record growth saw lending grow to £586m up from £396m the previous year. The society says it […]

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Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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