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Govt hopes for Sandler-style plans are slammed

The Government is pinning its hopes on Sandler-style pensions distributed through high-street banks and State-sponsored phone and web advice services to increase pension provision among low and middle earners.

But IFAs and providers have slammed the proposals, saying pensions will not be sold as long as there is a rigid commission cap on Sandler&#39s suite of products, which is likely to subsume existing stakeholder pensions.

The Government hopes people will be more likely to take out pensions once they get statutory money-purchase illustrations, which come in next April. The DWP is also proposing to establish public access to advice through a revamped tree-walking website and phone advice centre.

Pensions minister Andrew Smith told Parliament this week: “To broaden access to advice, we will work with the industry to develop mass-market advice in high-street banks and will consult on options for a possible requirement on emp-loyers who do not provide pensions to offer advice free of charge through the workplace.”

Scottish Equitable pensions development director Stewart Ritchie says: “The 1 per cent charge cap is the real issue – there is nothing in the speech about making it easier to distribute pensions. One of the prime reasons for the poor take-up of stakeholder is that there is no margin for advice.”

Informed Choice managing director Nick Bamford says: “I am not impressed with the idea of the Government getting involved in giving advice through a website.”


Leeds & Holbeck launches new discounted mortgages

Leeds & Holbeck Building Society has launched a new discounted loan for movers and first-time buyers. For first-time buyers it is offering a one per cent discount for two years off its standard variable rate, currently 5.75 per cent, giving a pay rate of 4.75 per cent on loan to values up to 95 per […]

IFAs have least policy lapses

IFAs have topped the FSA&#39s persistency tables for the seventh year running, proving yet again that they provide more suitable advice than direct-selling rivals.According to the FSA&#39s data for 2001, clients advised by IFAs had fewer policy lapses across almost all areas of life and pension products, with the exception of single-premium pension plans.The FSA […]

Who will follow in Howard&#39s way?

It looks like it is not only IFAs who had a tough year in 2002. Unlike Sir Howard Davies, however, they don&#39t have the option of bowing out of the industry for a job in academia.It may come as a surprise to IFAs that the FSA chairman and chief executive, long believed to be a […]

Cazenove merges three funds to create global fund

Cazenove Investment Managementt has merged its Japanese, North American and Pacific funds to create the global opportunities fund.This Oeic aims for capital growth by investing in a portfolio of between 60 and 80 global stocks, excluding the UK. Cazenove believes UK investors are more likely to seek exposure to their domestic market through a UK […]


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