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GMB and Colonial push compulsory pensions proposal but it may be too late

The GMB is promoting its own version of a compulsory stakeholder pension in alliance with trade union-backed Unity Trust Bank and life office Colonial.

But the proposal&#39s launch may be badly timed as it coincides with press revelations that stakeholder as it currently stands may be scrapped and any consideration of compulsion abandonned.

Colonial has extensive experience of mandatory pensions in Australia and the proposal borrows strongly from that system.

The proposal advocates a pension contribution based on ability to pay rather than ability to learn, the introduction of a single individual pension account, Government funding for low earners and those that act as carers and for contributions to be set at a minimum of 5 per cent earnings increasing over ten years to 10 per cent.


Alliance of convenience aids SOBS&#39 Midshires campaign

A group of Birmingham Midshires savers and borrowers are endorsing the Save Our Building Societies campaign because the Halifax offer is not generous enough.George Talkington, an account holder, is forming a group asking for &#34fair shares for all&#34 composed of people who do not oppose the takeover on principle but will support SOBS as a […]

L&G cuts rates on &#39flagship&#39 mortgages

Legal & General is trying to remain competitive in the face of base rate cuts by reducing the variable rates charged on its flagship flexible mortgages.It is reducing the rate on its Flexible Reserve from 8.2 per cent to 7.95 per cent and its Flexi Let Variable from 8.95 per cent to 8.7 per cent.Managing […]


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