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Early access to pay for deposit on first home

The Government should consider allowing people early access to their pension savings to fund deposits for their first home, according to the work and pensions select committee.

The committee’s report into auto-enrolment, published last week, says evidence from New Zealand’s KiwiSaver scheme suggests the idea could make pensions more attractive and lead to lower opt-out rates.

Savers in New Zealand can withdraw money from their pensions, minus state contributions, to buy a first home or in times of financial hardship and in some cases are eligible for a first-home subsidy.

In December 2010, the Government consulted on allowing early access to pension funds but rejected the idea in April 2011 due to a lack of evidence of the affect it would have on private saving levels.

Milford and Dormer financial services manager Jonathan Hill says: “Politically, it is a great idea and people will like it but trying to make it work without undermining pensions is very hard.”


The Business of Giving Advice

The statement from the FSA on legacy commission gives clarity at high level but in the detail there is potential confusion. Legacy commission is one of the main determinants of business value so its preservation or transition to adviser-charging is important. For many firms, the issue is not about clinging to commission but about managing […]

What advisers are saying: business protection

Last week I was bold/stupid enough to suggest that as an industry we can be too eager to dive into the technical nitty gritty and gloss over some of the simple but important bits – understanding the stuff people like and want, then delivering said stuff in a way that floats their boat (marketing anyone?). […]


Budget 12: Gov’t to introduce £140 single-tier state pension

Chancellor George Osborne has given the green light to proposals to introduce a single-tier state pension worth around £140 a week for future retirees. In his Budget speech today, Osborne (pictured) paid tribute to Liberal Democrat pensions minister Steve Webb as he confirmed the Coalition will press ahead with the reforms. He said further details […]


Nic Cicutti: The struggle to find FSCS funding solution

When your head has been smashed hard against a brick wall for ages, the fact that the force of collision has lessened slightly can sometimes feel like an enormous relief. Yet somehow, I very much doubt that the vast majority of IFAs will feel that way about the announcement the Financial Services Compensation Scheme interim […]

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.


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