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Doubled over by Brown and Turner

A year of feverish activity in pensions ended with a bang with Lord Turner and Chancellor Gordon Brown serving up a double helping that was definitely not to the taste of the industry.

Brown dropped his Sipp bombshell just four months before A-Day. Stripping away the tax advantages on residential property in Sipps has left many insurers lamenting the waste of money spent on systems and marketing.

One of the prime Sipp players, Standard Life, was filling the City pages rather than the personal finance sections after confirming its demutualisation vote will go ahead in the summer of 2006.

The Pensions Commissions report ruled out advice from the proposed National Pension Savings Scheme, leaving insurers and advisers fighting back, challenging Turners Swedish-styled 0.3. per cent annual management charge.

Leading up to A-Day, the need to protect tax-free cash has seen all manner of spats between the great and the good over when to and not to use a section 32 while NU and L&G avoided the fray by closing theirs early.

Zurich faced another pension probe over selling higher-charge policies when stakeholder could have been more suitable and the popularity of the latter, despite various commission wars between the likes of NU and Clerical, failed to improve.


BBB announces EGM

Berkeley Berry Birch has announced an EGM for January 9 to put forward capital reorganisation proposals to give the firm a market capitalisation of 4.6m.The directors believe the move will create an appropriate level of authorised but unissued share capital to cover any equity fundraising.BBB also says as soon as it is in a position […]

Brown feared Revenue liability on Sipps

Chancellor Gordon Brown did not ban residential property in Sipps outright as he was worried about the poss- ibility of the Revenue being sued, says Sipp administrator Hornbuckle Mitchell. Hornbuckle managing director Mark Stubbs says the Chancellor was concerned about the Revenue’s position after it publicly stated that Sipp investors could buy off-plan residential prop- […]

Forward thinking

Six months after depolarisation, apathy has struck the market. Many IFA firms have found ways around the rules to maintain their existing status and have not made proactive steps to improve their business structure to reflect the needs of clients better.

Mixed message

In the first article of a series, Sesame head of propositions and commercial development Alastair Conway puts his view that IFAs need to rethink just what clients want

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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