In years gone by, it was difficult to open a trade publication without looking at Mary Blair pushing the Fidelity line. At least she was pushing the Fidelity message and not Mary Blair.John Lawson and Ned Cazalet state the obvious week by week and one cannot help but think that this is for the greater glory and good of both. The recent spat between Lawson and Axa over the ability of an exempt approved pension trust to reallocate funds among members is a case in point. This so-called loophole in the ability of a company pension scheme to reallocate assets among members has always been there for big schemes and has been there for small schemes whether EPPs under a common trust or small SAFs since EPPs were made available to controlling directors. Some departments at Axa may leave something to be desired but the SSAS department is both competent and light years ahead of Standard Life. It ill behoves Lawson, therefore, to attack a well-established, experienced practitioner company. Lawson’s youthful photograph suggests to this OAP that he might not have the background experience of some of us, nor the nous to keep quiet. The collateral damage to clients from the prognostications could be immense. Is it too much to hope that both will suffer the fate of Mary Blair and vanish forever from our consciousness? I would be perfectly happy to see Mr Cazalet on Oxford Street with a placard saying “With-profits is doomed”. In the meantime, why do you give either the oxygen of publicity?
Carr & Associates