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Fair funding for crashed pensions

It doesn&#39t matter what sort of Cabinet infighting led the Government to decide to help fund the pensions of those facing poverty because of scheme wind-ups. Those affected are now being looked after to some degree although £400m is not a lot of money and the Government is looking to companies and providers to cough up more. But with what justification?

It is asking a disparate group of people, say, shareholders in Marks & Spencer and the policyholders of Norwich Union, to provide cash. But why not an Amsterdam Asian equity specialist, a Boston custodian bank or a global benefits consultancy?All are arguably part of the UK pension industry.

This is a problem caused by Government regulatory failure and flawed Government advice on occupational schemes. So it is taxpayers who should pay up – spreading the burden at least as fairly as the UK&#39s tax system. Yet we fear that calls for other funding from supposedly involved parties may end up as an excuse for underfunding.


Mark Chilton on Mortgages

When you next find yourself browsing the bookshelves at the airport before jetting off to enjoy the last spoils of the pre-FSA regime, let me suggest an excellent piece of poolside reading – The Da Vinci Code. This book weaves a fascinating tale from the challenging idea that Jesus had a child with Mary Magdalene, […]

Julian Gibbs

I believe Scott McGlashan is the best Japanese fund manager of all. JO Hambro has hired him to run its new Japan Oeic and, like the other JO Hambro fund managers, he has a share in the equity and the performance fee as well as investing his own money in the fund. He has over […]

Independent view

I recently had an intensive conversation about depolarisation with one of my IFA colleagues. My argument was that with the advent of depolarisation and the introduction of multi-ties, there will be a blurring of the distinction between an independent financial adviser and what used to be a tied agent. I argued that the tied agent […]

Threesixty signing up for Sigma fund range

IFA services provider Threesixty is adopting Standard Life&#39s Sigma investment fund range for its 120 firms. The deal follows similar tie-ups with Bradford & Bingley and Co-operative Bank Financial Services. The Sigma range gives access to 75 funds, with 57 run across 12 external fund managers and the remainder managed by Standard Life Investments. Funds […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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