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Duncan Smith attacks Chancellor for failure to act on pensions

Iain Duncan Smith has accused the Chancellor of being opposed to savings and pensions, branding stakeholder a failure and criticising the Government for not tackling annuity reform.
In a speech answering Gordon Brown&#39s budget speech, Iain Duncan Smith said that the Government&#39s flagship pension has failed to reach its target audience.
The Government said it was concerned about the move from defined benefit to defined contribution pension schemes in the Budget notes. But Duncan Smith criticised the Chancellor for not dealing with the issue in his Budget speech. The Tories also attacked the removal of advance corporation tax dividend credits in Brown&#39s first budget in power.
Duncan Smith said: “Stakeholder is a failure with only one in ten of its target audience taking it out.”
The Association of Private Client Investment Managers and Stockbrokers joined the attack criticising the Chancellor for not doing anything for savers.
Chief executive Angela Knight said the Chancellor had missed the opportunity to address stamp duty on shares, simplify capital gains tax and Isa rules and introduce measures to allow pensioners to invest their funds sensibly and effectively. She says all needed urgent reform to encourage investors to return to the market.


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