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Government defeated on annuity bill for second time

The Government has been defeated at the Committee Stage of Conservative MP David Curry&#39s private member annuity reform bill with the Labour chairman of the committee voting against the Government.

The Pensions Annuity (Amendment) Bill calls for the annuity regime to be reformed, scrapping the obligation on the consumer to purchase an annuity with their entire pension pot by the age of 75.

Voting on an amendment Treasury Economic Secretary Ruth Kelly narrowly lost by one vote as Labour MP George Stevenson cast his ballot against the minister.

It is still unlikely to be successful as the Government will likely use the full force of its majority to defeat the Bill at the Report Stage, but to be defeated twice over an opposition led Private Member&#39s Bill will still be seen as a major embarrassment for the Government.


L&G warns about lost pension contributions

Up to £40bn of pensions tax relief a year is going to waste because people are not making the most of their personal pension allowances, according to Legal & General. It says there are 52 million people eligible to pay in to personal pensions or stakeholder but many are not aware of the contribution limits. […]

Prudential pays out £2.8bn in bonuses

Prudential is paying out almost £3bn in bonuses to its with-profits policyholders despite cutting rates by around 10 per cent.Pru is adding £2.8bn to its with-profits policies through terminal and reversionary bonuses after sales of its Pru bond hit almost £2bn through IFAs last year.This is despite bonuses being cut due to poor stockmarket performance. […]

DWP outlines new MFR reforms

The Department for Work and Pensions has announced the next step in the reform of the minimum funding requirements. Changes include extending the time limit schemes have to make up deficits and introducing stricter conditions when a scheme is wound-up voluntarily. Annual recertification for schemes that pass the MFR test is to be scrapped and […]

Durlacher adds up blue chips

Stockbroker firm Durlacher has established the blue chip plus fund, an Oeic that aims to enhance returns by selling options.The fund aims for capital growth by investing in a portfolio of between 30 and 40 UK blue chip companies, which will reflect the performance of the FTSE 100 index. The fund will aim to boost […]


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