The Government has missed the deadline to respond to the legal challenge launched by the Pensions Action Group over its part in the occupational pensions scandal.A response had been required within three weeks of the publication in August of the public administration select committee inquiry into the Government’s rejection of the Parliamentary Ombudsman’s report. But the Government has requested more time while it “takes instruction at the highest level”. People who lost some or all of their occupational pensions say the Government assured them that their pensions were safe, protected by law or even “guaranteed”. The committee’s report vindicated much of this criticism, describing the Government’s maladministration of occupational pension schemes as “at best naive, at worse misleading.” It also dismissed the Government’s defence that the pension leaflets included caveats pointing out that the information was not exhaustive and advice may be required. It said by not mentioning the limitations of the minimum funding requirement, which “goes to the heart” of legal pension protection at the time, it failed to highlight major risks. Head of the PAG and former pension adviser to the Government Ros Altmann says the further delay is “shameful”. She says pension campaigners have refused to grant the delay and will ask the courts to speed up the process. She says: “Some of the people affected are very ill and one person has just been diagnosed with cancer. Another delay is shameful.”
Three intrepid cyclists from Invesco Perpetual should now be about mid way through the seven-day Octopus Super Challenge Cycle-a-thon which started from Esparon in Southern France last Sunday.All being well, income and high-income fund guru Neil Woodford and colleagues Nick Hamilton and Stephen Anness aim to complete the gruelling 1,165km ride back to London next […]
With the Pensions White Paper consultation finally drawing to a close this week it has been very difficult to get many pensions stalwarts to talk about anything else.
Investors in student halls of residence can put their property in a Sipp but HM Revenue and Customs has laid down strict criteria to avoid exploitation. Following the Chancellor’s last-minute decision to ban residential property in Sipps, the Finance Act 2006 included an exemption for “a hall of residence for students”. The exemption caused some […]
A strange development occurred in the oil market last week. With prices easing as fears of further disruption in the Gulf of Mexico receded and with a potentially major new find in that region, the price of Texas crude was actually lower than at the same time last year. This was the first time this had happened for more than two and a half years.
Simon Edelsten, manager of the Artemis Global Select Fund, examines the long-term trends that they have exploited since the fund’s launch five years ago. Looking ahead, he explains the stock-specific opportunities the team are finding. Click here for full article
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Claims management companies must be more specific on separate permissions and competency when they under the remit of the FCA, according to HM Treasury. Under rules proposed in the Treasury’s latest consultation paper, claims management companies will operate under six sectors – housing disrepair, industrial injuries disablement benefit, personal industry, financial products and services, criminal […]
Knowing what assets each operator will accept and with what conditions is becoming increasingly difficult The recent well-publicised events concerning Sipp operator asset acceptance have focused the mind of a number of advisers. We have been fielding enquiries about our own Sipp and the asset classes we as a Sipp operator would consider. But this […]
Investment trust sales may come under pressure due to new EU rules, experts have warned. The potential benefits of gearing on investment trusts risk being overlooked as new cost reporting rules make them look more expensive compared with open-ended funds. Traditionally, closed-ended funds have looked attractive based on lower costs compared with other structures, as […]