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FSA rethinks pension guide

The FSA has updated its guidance to employers operating stakeholder or group per- sonal pensions in light of rec-ent legislative changes.

The guide explains to emp-loyers what they can do to help their staff understand the pension scheme they are offering. Employers which meet certain conditions set out in the guide are now able to promote their pension scheme to employees without authorisation from the FSA or otherwise breaching the Fin- ancial Services and Market Act 2000.

This follows an amendment to the Financial Promotion Order by Parliament.

Conditions for exemption include that employers must contribute to the scheme and receive no direct financial benefit from promoting it.

FSA director of retail policy Dan Waters says: “Employees could benefit from learning more about the pensions sch-emes offered by their employers. The guide explains in straightforward terms what employers can and cannot do when promoting their pension scheme to staff.”

An ABI spokesman says: “This useful guidance makes the obligations of employers clearer when promoting pension schemes to employees, which in turn should lead to better overall understanding and take-up of workplace schemes.”


Allianz Global Bric building in UK

Allianz Global Investors is planning to launch a UK version of its German emerging markets Bric fund. The German version invests in Brazil, Russia, India and China and has raised 57m since launch this year.

Law Soc blasts Hips

Home Information Packs have come under fire from the Law Society following the move by the Government to publish draft regulations this week. The Society is concerned the Government still has not set up appropriate certification arrangements to regulate and control the production of the reports and the people who produce them.

Purely Financial Group announces new strategic investor

Purely Financial Group which trades as Purely Mortgages announces that Triandra Limited has made an investment for 50 per cent of the enlarged share capital of the company. Triandra is ultimately owned by Investec Trust (Guernsey) as trustees for the Tchenguiz family trust. Consensus Business Group which manages investments on behalf of Investec is managed […]

Malta seeks new way for pensions

The difficulties of funding state pension schemes and the need to encourage people to save is a global phenomenon with no one size fits all answer, says Maltese prime minister Dr Lawrence Gonzi. Speaking at a seminar hos- ted by Aberdeen Asset Management in Malta last week, Gonzi said the country had consulted the World […]


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