View more on these topics

Commitment to tackle the GPP problem will be tackled

Pension providers encouraged by Government stance.

Product providers have welcomed the Government’s commitment to tackling the problem of exempting group personal pension schemes from personal accounts in 2012.

Standard Life, Scottish Widows, Aegon and Legal & General are among providers that say they are reassured by the Department for Work and Pensions’ response to the White Paper consultation which states that the Government will support the continuation of high-quality existing pension arrangements.

Legal & General pensions policy director Adrian Boulding says he is “hugely encouraged” by the Government’s commitment to solving the problems of how to exempt existing GPP and other contract-based schemes from personal accounts in a manner which is compliant with the EU distance marketing directive.

The DWP says it has received two suggestions as to how to overcome the issues around existing contract-based schemes. The first suggestion is the Government should amend legislation to re-classify workplace personal pension arrangements as occupational pensions to enable employers to use auto-enrolment. The second is to pass an overriding domestic law that permits any employer to auto-enrol employees into a personal pension arrangement as part of general terms of employment, removing the need to obtain written consent from individual employees.

Standard Life head of pensions policy John Lawson says: “The second solution is not compliant with the DMD so the first solution should be implemented. We have got to have auto-enrolment for GPPs and other contract-based schemes and they have got to enrol new workers from 2009 onwards if they are to survive.”


Short memories

Whenever I have a few drinks with IFAs, I am always struck by their loss of memory – nowhere more so than in current discussions over the recent decision by the FSA to scrap the payment menu and initial disclosure document.The regulator’s stated reason is that there were concerns from the European Commission that they […]

Barclays’ challenge to IFAs is laughable

Thank you, Money Marketing, I never imagined that your paper would ever give me a good belly laugh but the headline in your June 14 edition certainly did. So Barclays think they are going to take business away from IFAs? Excuse me while I wipe away my tears of mirth. Hardly a day goes past […]

Barclays may drop logo due to Nazi concerns

Barclays is considering dropping the eagle from its corporate logo if its ABN Amro takeover goes ahead because of objections from the Dutch company that the animal has Nazi associations, according to reports.Press reports suggest ABN Amro is concerned about reactions to the symbol in the Netherlands, which was occupied by Nazi Germany during World […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


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