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Darling faces critics at ABI seminar

Secretary of State for the Department for Work and Pensions Alistair Darling faced criticism from senior industry figures at an ABI seminar in London last week over his plans for pension credits.

Speaking ahead of a Parliamentary announcement that day, Darling said the Bill bringing in the pension income top-ups was likely to be passed in the summer.

Darling was unable to give a likely timetable for when the credits will be worked into stakeholder decision trees. In the current format, the trees limit mentions of the credit to a few paragraphs.

This means stakeholder decision trees will have been in operation for over a year without including the pension credit – a critical factor for those in the stakeholder target audience deciding whether to save through a stakeholder or to spend their cash.

Questioned by Scottish Life chairman Tom Ross on whether allowing pensioners with modest savings to keep 60p in the pound of their private provision was generous enough, Darling said: “We can argue about just how much the reward will be, but I doubt anyone would want to go back to the old system where they did not benefit from their savings. The pension credit means it will always pay to save.”

On the issue of who would advise the five million pensioners expected to benefit from the credit, Darling said: “The conception is straightforward enough – it will bring income to a certain floor and for every pound over this they will be rewarded. If you explain the workings behind it, it is likely their eyes will glaze over.”


Immanis aids advisers with referrals service

Software developer Imm-anis is offering its Cris cli-ent-referrer service to IFAs as changes to the regulation of advice given by sol-icitors and accountants are introduced with N2.The service is an electronic online referral tool that allows professionals such as solicitors and acc-ountants to refer clients to IFAs and monitor the adv-ice process for their own […]

Close offering property fund with 10% yield

Close Property Investment is introducing a new property partnership product, offering investors a yield of 10 per cent.The Fareham Fund Limited Partnership will invest in a new innovation centre in the Solent business corridor between Portsmouth and Southampton.The innovation centre will offer funding, accounting and marketing assistance for small firms as well as busi-ness premises. […]

Aegon direct-sales firm to be supermart

Aegon will be launching its new investment company selling direct to consumers as a fund supermarket.It is not yet known how many fund managers will be on the platform but Aegon hopes it will rival the likes of Ample.Aegon is in negotiations with managers about the proposition which is due to launch in the first […]

Thomas in attack on PIA over regulation

FSA head of regulatory events Lindsay Thomas has hit out at the PIA, criticising its emphasis on making IFAs write everything down to prove they are compliant.In the Money Marketing IFA UK Conference&#39s centrepiece debate, Thomas said the FSA and industry must agree on what regulation is trying to achieve.He said: “Requiring everyone to write […]

Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

• The BJP’s strengthening ambition in its pro-reform, pro-investment agenda


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