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.View more on these topicsNews
L&G set for offshore division
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 […]
Sense of clarity
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.
Bill Mott U-turn at Credit Suisse
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 completes American special situations fund transition
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 […]
Three stocks due a Brexit boost
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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Investment insight: Are you clear how your ATR tool works?
The regulator says advisers need to know how tools work, but many lack confidence and knowledge
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VouchedFor: FCA directory could see more ‘bad’ advisers being picked
The proposed FCA directory that will include advisers’ details could see more people finding “bad advisers”, according to adviser review site VouchedFor. A LinkedIn article by VouchedFor chief executive Adam Price says this is because the regulator’s consultation paper pitching the directory suggested little around underlying adviser checks being substantively improved. In the article, Price says: […]
Cold-calling pension firm shut down
A pension company that invested in storage products with investors’ savings has been ordered into liquidation by the High Court. Kent-based Chartwell Trustee Pension Solutions was the sole trustee of the Pinnacle Pension Scheme. Chartwell amassed in excess of £4.8m of members’ pension funds following an apparent cold-calling telesales operation. Members were told to expect 8 […]