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Green Paper will not review pension credit

The pension credit and the interface between state and private pensions will not be reviewed in the pensions Green Paper, Downing Street economic adviser Derek Scott has told Money Marketing.

Scott, the Prime Minister&#39s personal economic adviser, says the Government has no appetite for a rethink on the pension credit which is due to be introduced next autumn.

But pension policy adviser Dr Ros Altmann has branded the Government&#39s current position as dishonest, saying the credit needs to go or people will misbuy retirement products with the state&#39s blessing.

Providers and IFAs have called for the Government to bring the issue of pension credit under review, arguing that it makes it impossible to advise many people on low incomes whether to save into a pension, but industry sources fear it is unlikely the Government wants to undermine a flagship policy that has not yet even come into force.

Scott says: “Tony Blair is personally aware of and interested in pension issues. But it is not likely that there is the mood in the Government for a change on pensions credit at this time.”

Altmann says: “There are certain parts of the Government that cannot admit that what has been done needs to be changed. People in power are not telling the truth. It is absolutely not true to say that with pension credit it pays to save. The pension credit will have to change and it would be better to say now that it won&#39t be here for ever.”

Scottish Life head of communications Alasdair Buchanan says: “If they are going to leave the pension credit in place, the Government needs to make it clear that,for many, saving in a stakeholder pension is not a sensible thing to do.”


FSA acts against accountants

The FSA has taken action in the High Court against two accountancy firms it believes have been running unlawful investment schemes which have taken more than £11.6m from UK investors.The regulator has been granted interim injunctions against Dobb White & Co and Morris White & Co, and the two partners of both firms, Mr Shinder […]

2000 AD EIS brings comic to life

2000 AD Films is an enterprise investment scheme that aims to translate characters from the sci-fi comic 2000 AD to the cinema screen. This EIS aims to raise between £250,000 and £2.5m to help finance a film which will follow in the footsteps of the 1995 production Judge Dredd which starred Sylvester Stallone. The company […]

Isis tops up baronsmead

Isis Equity Partners is seeking a £14m top-up investment for its baronsmead venture capital trust (VCT), allowing it to make between 10 and 20 additional investments.This generalist VCT was established in 1995 and aims for long-term capital growth by investing in a portfolio of around 50 companies. Some of these will be listed on the […]

Zurich appoints Unum chairman as chief executive

Zurich Financial Services has announced the appointment of Lawrence Churchill as its new UK chief executive, replacing Ray Greenshields who resigned last month.Churchill has stepped down as chairman and managing director of UnumProvident to take up the post at Zurich. He is being replaced by UnumProvident&#39s operations director Susan Ring in his role at the […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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