Employers which want to make major changes to their occupational pension schemes will have to give scheme members a consul- tation period of at least 60 days under new regulations from the Department for Work and PensionsThe rules have been published under the Pensions Act 2004 which will be implemented on A-Day in April this year.The changes initially affect companies with over 150 employees. Smaller firms with up to 50 staff will be covered by the regulations from April 2008. The TUC has welcomed the move, although general secretary Brendan Barber considers that the regulations do not go far enough. Pensions reform minister Stephen Timms hopes the move will encourage pension scheme members to play a more active role in decisions. The DWP has set out details to ensure carers are taking steps to boost their pensions and also measures aimed at improving pension rights for staff changing jobs. Timms says it is important that carers are aware of their entitlements and take steps to ensure maximum benefit before A-Day. He says: “These regulations will mean that employees will now have a full voice about any major changes to their pension scheme. “Members need to understand their scheme and the effect that changes will have on the scheme and their future pensions.”
The Alliance of Mortgage Packagers and Distributors has today announced its formal launch, after its members broke from the Professional Mortgage Packagers Alliance.The AMPD, which has 12 members, will shortly announce the launch of a range of products from its lender panel covering the prime, self certified, buy to let and sub prime markets.AMPD spokesman […]
The IMA has published six fund processing principles including encouraging electronic messaging for communication between fund managers and client-side financial institutions.
All is not well with IFA Defence Union chief Evan Owen’s fishy double act, Splish and Splash. The duo (pictured below), rescued a few weeks ago from a school pond, are being terrorised by two new additions to the FSA basher’s fishtank, Fluffy and Fishy. Although they do not sound very frightening, the ferocity of […]
Franklin Templeton growth fund manager Ken Cox is understood to be leaving the firm due to ill health. Cox has run the 144m fund since 2001 and returned 63 per cent in the three years to January.
In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
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With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]