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Govt pushes charge cap back to April 2015

Pensions minister Steve Webb has announced that a charge cap on auto-enrolment pensions will be implemented a year later than the April 2014 date originally planned by the DWP.

Speaking at a CBI conference this morning Webb said more time was needed to consider how best to implement a charge cap. He is reported to have confirmed that active member discounts will also not be outlawed by April 2014. A ban on historic commission on auto-enrolment schemes is also believed to have been pushed back to 2015.

Aegon managing director of workplace solutions Angela Seymour Jackson says: “Making a success of auto-enrolment is the top priority. The decision to defer introducing any price restrictions until April 2015 supports this. It will allow employers and providers to get on with enrolling many thousands of employees into workplace schemes, often for the first time. Rushing new scheme conditions through at this critical stage would have disrupted many employers’ plans to use good existing schemes. The Pensions Minister’s decision will avoid employees losing out on valuable contributions while employers made alternative arrangements.

“Aegon has already committed to participate in an industry-wide audit of existing schemes managed by an Independent Board. This will ensure all members – new and old – can have confidence they are receiving value for money from pensions.”


Ex-HBOS mortgage chief appointed Govt housing adviser

The Government has appointed former HBOS head of intermediary business Grenville Turner as an adviser on housing policy. Communities secretary Eric Pickles hired Turner, who left HBOS in February 2006 after 30 years with the bank and is currently Countrywide Group chief executive, as non-executive director to the Department for Communities and Local Government on […]


Brian Tora: Which way for emerging markets and commodities?

One of the problems of being in the investment game is what I can only describe as information overload. When I was an investment manager, working for one of the big independent houses, I felt buried under all the brokers’ circulars and economic reports that rained down on people like me with the intention, I […]


Standard Life testing self-direct platform for advisers

Standard Life is testing a self-serve platform which it says will see advisers retain a relationship with the client. The platform will use Standard’s wrap technology to offer an execution-only platform targeted at low-value clients who cannot afford a full advised service. Advisers would receive an introducer fee for referring business to the platform, though […]


Webb declares no ‘screeching’ charge cap U-turn but admits timing challenge

Pensions minister Steve Webb says there will be no “screeching U-turns” over the Government’s pension charge cap plans but admits its original timetable may have been unrealistic. Speaking at a Headlinemoney dinner last night in London, Webb told journalists the Government was clear a market intervention was needed to ensure auto enrolment reforms delivered value […]

Trusts and Taxations

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