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‘Cut in growth rate bigger than expected’

Jupiter corporate bond manager John Hamilton says the Chancellor’s cut in the economy’s expected growth rate to 1.75 per cent – almost half that of his original estimate – is a bigger drop than expected but the market is likely to be reassured that his revised estimate is now more in line with the Bank of England’s forecasts.

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Standard rejects 3.5m sipp uturn costs

Standard Life has rejected newspaper reports suggesting the provider has wasted up to 3.5m due to the Chancellor’s recent uturn on sipp legislation, instead putting the figure at 0.5m.The report says the costs come from overhauling its systems, developing its sipp offering, marketing literature and a legal team focusing on the proposed new rules that […]

Cases cost Equitable 45m

Equitable Life has dropped its litigation against the remaining nine former directors in dispute with the mut- ual leaving policyholders to foot a 45m legal bill. The agreement means the society will reimburse around 10m in legal fees to the nine directors on top of the estimated 35m cost of the failed lawsuits against a […]

Timms says come up with NPSS alternative

Minister of state for pensions reform Stephen Timms say the Government will consider private sector alternatives to Adair Turner’s National Pension Savings Scheme if the prop- osals are competitive. In a speech to the life and pension industry at the ABI’s Saver Summit this week, Timms threw down the gauntlet to the industry to propose […]

Timms challenges industry to come up with alternative to Turner’s NPSS

Minister for Pensions Reform, Stephen Timms today challenged the pensions industry to work up the details of an industry-led alternative model to Turner’s National Pensions Savings Scheme.Speaking at the ABI Savers Summit in London Timms said that the Government welcomes the broad framework of the Pensions Commission’s proposals and options and that they are the […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]

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