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Government reforms may lead to dumbing down in the work-place says Paternoster

Paternoster, the new life assurance company, endorsed the three key elements of the government’s white paper on the future of pensions policy, announced today, but warned that companies may increasingly opt out of defined benefit pensions and switch to purely defined contribution schemes.

Chief executive Mark Wood says: “There is a risk that employers who currently offer a more generous defined benefit scheme will see this additional 3 per cent contribution as the final straw, and may be tempted to switch to a defined contribution arrangement which costs them less, and provides a poorer payout to pensioners.”

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Leaked white paper reveals two admin alternatives for NPSS

The Government will be proposing two alternatives to the administration of NPSS according to leaked details from the white paper on pension reform.The leak to The Guardian this morning suggests that the administration of the national scheme could be organised through providers managing personal accounts.This would allow individuals to choose their own accounts from a […]

Mortgage View: Three’s a crowd

Much has been written of late about the alleged demise of the industry’s Holy Trinity: packagers, networks and clubs. So as an intermediary business which has a limited interface with all three, I think Hamptons has a relevant opinion.

Advisers accused of making IHT plans too complicated

Advisers are overcomplicating inheritance tax planning for clients to earn higher commission, claims a Brentwood IFA. Unizone principal Richard Prudence says media publicity on IHT planning is prompting advisers to recommend trusts more frequently than is necessary. He says IHT planning needs to go back to basics. Prudence says the media have given extensive coverage […]

Montpelier raises Millfield stake

Montpelier has grown its shareholding of Millfield from 10 per cent to 14.76 per cent, making it the second largest shareholder behind Amvescap with 21.5 per cent.

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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