The Department for Work and Pensions has dropped plans for a web-based pension service for people who cannot afford advice because it admits it does not know what future pen- sion provision will look like.The Retirement Planning web service, costing the taxpayer £11m, was intended to provide advice on planning and saving for retirement for people on low to medium incomes. The first element of the service, the provision of online state pension forecasts, was delivered in 2004 and the remainder was due this year. But the DWP says it has suspended the plans due to the radical reforms made in the Pensions White Paper. It says delivering accurate online information about state pensions would become increasingly difficult given the uncertainty about the exact shape of future pension provision. A spokesman says that the project was also deemed too expensive as it would have cost a further £14m to maintain and update between now and 2010.
Legal & General is recruiting a chief executive to set up and run a new offshore division based in Dublin, Money Marketing understands. The firm has made no secret in the past of its aim to eventually enter the offshore arena but has never committed to a timescale for entry or released any further details […]
With both the Law Commission and the Scottish Law Commission taking an interest in the effect of non-disclosure on claims, it’s likely that we will see a step change in the way non-disclosure is dealt with.
Credit Suisse investment guru Bill Mott has agreed to stay on as strategic director at the group two weeks after announcing his retirement.Mott was due to retire at Christmas but the sudden departure of Errol Francis, who has run the flagship income, monthly income and alpha funds for the past year to become number two […]
Fidelity American special situations fund manager Bob Haber has completed his three month transition of the fund by reducing the number of stocks from 200 to 54.Haber has also increased the fund’s large cap bias although it still has a bigger weighting to companies smaller than the S&P 500, and has made the portfolio more […]
By Mark Martin & Holly Cassell, Neptune Mark Martin and Holly Cassell highlight three high-conviction holdings in the Neptune UK Mid Cap Fund that they believe are well positioned to benefit from Brexit. Read more Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide […]
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A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]
The FCA has issued a warning over ‘commoditised’ defined benefit pension transfers running the risk of unsuitable advice. In a letter sent to advisers holding pension transfer permissions, the regulator reminds planners that a “key area” of its focus is on pension transfers, and that it will later this year be contacting all firms to […]
Problems look set to arise for pension schemes operating relief at source