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DSS making final plans for new pension division

The Department of Social Security is close to finalising the

responsibilities of its new pension division.

The division will deal with all matters concerning pensions and

pensioners. It will include all aspects of policy development and delivery

of services, including stakeholder plans.

It is one of three divisions which will broadly cover pensions,

working-age people and children&#39s services. The aim is also to increase the

DSS&#39 ability to deliver services and assistance electronically.

The plans were announced by Social Security Secretary Alistair Darling in

Marchand the DSS says the division will be up and running later this year.

Industry sources believe the new division results from the scandals over

Serps and widows&#39 pensions in the mid-Nineties.

Darling says the intention is to make the division more accountable to


A DSS spokesman says: “We want to focus on delivering services to people

rather than having our people sitt-ing in offices shuffling paper around.”

Scottish Equitable group public affairs manager Scott White says: “One of

the big problems that has happened over the last few years is the ongoing

war between the DSS and the Treasury. This may be in response to that.”


Assureweb and Skandia open supermart

DBS-owned Assureweb and Skandia are teaming up to launch an onlineMultiFund supermarket for IFAs.It is due to go live early next month and will offer IFAs online access toover 160 funds from 20 leading fund management companies.The line-up includes big names such as Aberdeen, Gartmore, Fidelity,Henderson, Jupiter, Perpetual, Newton, Schroder and Threadneedle.Skandia and Assureweb say […]

Independence day for investors in the US

As the technology revolution changes UK financial services, the American experience may help IFAs in predicting the future. The US is at least five years ahead of the UK investment scene and history suggests we have more than a tendency to follow US trends.The American public are more financially aware than ever and streets ahead […]

Gene geniuses give new twist to biotech story

The mapping of the human genome may have given the biotechnology industrythe impetus to become the next top-performing fund sector.Given the strong performances over the last quarter, biotechnology andhealth are being recommended by some as the next areas to watch.Developments of the magnitude of the human genome project have the abilityto affect the performance of […]

Jupiter number one with IFAs survey reports

Jupiter controlled the largest chunk of IFA sales with 8.5 per cent of the market share in 1999 according to the UK Fund Industry Review. Coming second was Invesco with 6.7 per cent and M&G at 6.4 per cent. These results are a reflection of the high esteem Jupiter is held in by IFAs. Even […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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