View more on these topics

Francis calls for lifetime maximum pension deal

The Government should take drastic action if it wants to encourage greater pension savings by replacing annual contribution limits with a lifetime maximum, according to ABI director general Mary Francis.

Speaking at a fringe meeting at the Labour Party&#39s ann-ual conference in Blackpool last week, Francis said the Government is too fixated with the idea that some people may attempt to manipulate the pension system and as a result it is not doing enough to make pensions work for ordinary people.

Francis told the meeting, which was also attended by Work and Pensions Secretary Andrew Smith, that the move could cut out a lot of the pension complexity.

Francis said: “I think it is an attractive idea and I think it is a simple idea which, if combined with ironing out some of the other complexities in the tax system, would be very attractive both for employees and employers in helping everyone to understand the system they were working in.

“I do not underestimate some of the difficulties. I know the Inland Revenue hates the idea of rules that some people may be able to bend to their advantage.

“One has to understand that for the Government it is a big step but it is a big problem.”

Richard Jacobs Pensions & Trustee Services director Richard Jacobs says: “Something has got to be done because pensions are in an absolute shambles at the moment. The idea of an annual contribution limit sounds an excellent solution but I cannot see the Government allowing it.

“Everything they have been doing over the last decade has been trying to limit the amount of money that can be saved a year.”


Wild thing of the pension industry

Picture the scene. It is September 6, 1970, Fehmarn Island, North Germany. The helicopter arrives bearing Jimi Hendrix, fresh from playing to 250,000 long-haired stoners at the Isle of Wight, and jumping up to meet him is stage manager for today&#39s gig, David Butcher.Butcher is now chief executive of Invesco Pensions.The Diary understands that, at […]

Barking up the wrong tree?

Pull the other one, Sir Howard. The chief regulator says decision trees are designed for use by advisers with clients. IFAs now know they were wrong to oppose trees all along. Rather than a desperate attempt to cut IFAs out of pensions, they were meant to make life easier.A suspicious mind might say the trees […]

Focus of Government pensions Green Paper revealed

The Government&#39s Green Paper on pension reform will focus on three key areas according to Baroness Hollis of Heigham, a Department for Work and Pensions minister in the Lords.The paper will look at workers who can afford to save for their retirement but are not currently doing so, those saving but who would benefit from […]

Medicare cover from £1 a week

Companies can give staff the employee benefit f healthcare for £1 a week under a scheme launched by Medicash this week.Medicash Reward covers all staff from 16 to 65 with benefits including cash payments for dental and optical treatment, on the birth or adoption of a child, for nights spent as an inpatient and consultants […]

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm