A war of words has erupted between campaigner Dr Ros Altmann and Work and Pensions Secretary John Hutton over the Government’s rejection of the Parliamentary Omb udsman’s report into pensions.Altmann has branded the Financial Assistance Scheme as “political spin” while Hutton has defended the FAS in an open letter to a national newspaper, saying it offers a major contribution to people hardest hit by pension losses. Altmann rejects Hutton’s claims that the the FAS will pay 80 per cent of accrued rights at the point of leaving the scheme for some pensioners. She says it represents 50 to 60 per cent of many people’s expected pension. Pensions Action Group campaigner Altmann is co-hosting a briefing session for MPs this week with Labour MPs Julie Morgan and Alun Michael and LibDem MP Jenny Willott. It will outline social and constitutional issues over the rejection of the watchdog’s findings on Government maladministration. Altmann says: “Will Hutton just get away with this or is there some pressure we can bring to bear out the truth? The FAS is political spin. It is almost a cruel hoax to fool MPs into believing something great is being done when, in practice, people are not getting the money that the Government promised them was safe.”
The home information pack regime has been left in disarray after a dramatic U-turn this week which has seen home condition reports axed. The Department for Communities and Local Government says HCRs will not be compulsory when Hips are launched next June. The move has raised question marks over whether the scheme will be watered […]
Andrea Tryphonides looks at life for Standard after the floatation
Schroder recovery fund manager Ben Whitmore is joining Jupiter to run its UK special situations fund. He replaces Paul Sheehan who will continue to manage Jupiters Primadona investment trust. Schroders UK analyst Kevin Murphy and pan-European analyst Nick Kirrage jointly replace Whitmore.
An Association of British Insurers’ survey on pension personal accounts has found 60 per cent fear for the safety of their savings under a centrally administered NPSS compared with 47 per cent for an industry model. Eighty per cent want some choice over who administers their account.
With volatility set to continue, Peter Saacke, manager of the Artemis Global Growth Fund, thinks stock-specific opportunities are on the rise.
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