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Crunch stopping Sipp sales surge after changes to protected rights

The anticipated spike in Sipp business due to the recent legislative changes to protected rights has not materialised because of the credit crisis.

Speaking at the Money Marketing Retirement Planning Invitational in London last week, IPS Partnership business development director Richard Mattison said that while there has been some increase in business following the rule change at the beginning of October, it has not led to the expected big increase.

“It has not panned out as expected. People are being cautious about moving money around at the mom-ent,” he said.

Also speaking at the event last week, Life Trust national accounts director Marcus Henderson said he believed that advisers needed to do more to educate clients on the implications of increased longevity.

While doctors talk of improvements and advancements in medicine, Henderson said that advisers must emphasise that while people are living longer, over a quarter of retirees ending up in long-term care.

He said that life expectancy in the UK is currently increasing every five hours and predicted that in the next 40 years, weekly care home fees will dramatically increase to around £8,000 from the current average levels of £600 a week.

He said it was unlikely the Government will be a prime provider of support for the elderly in the future and people must be prepared to be self-sufficient.


RBS to slash 3,000 jobs, reports say

Royal Bank of Scotland is reported to be axing up to 3,000 staff across its worldwide operations as the as global recession intensifies in the financial services sector.

Obama seeks £32bn in offshore-crackdown

US president-elect Barack Obama is reported to be planning a crack down on international tax havens including Jersey, Guernsey and the Isle of Man when he assumes office in January.

Sum failure for pension calculator

The ABI/FSA online pension calculator has not been running for two months and neither the FSA nor ABI can say when it will be operating again. ABI spokesman Jon French says the ABI is looking to fix the calculator as soon as possible but he is unable to give a specific timescale.

State of the markets: global growth

In conversation with journalist Alexis Xydias, Artemis Global Growth Fund manager Peter Saacke discusses the state of global markets and how he is positioning his fund. Peter gives his views on the growth potential of US, Europe and emerging markets, each of which is on a different stage of the road to recovery. And with a […]


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