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IFAs find flaws in Tory MP&#39s Bill bidding to reform annuity law

Conservative MP David Curry this week published details of his Private Member&#39s Bill calling for Government annuity reform which he will present to the House of Commons in January.

However, IFAs have questioned the timing of the Bill, claiming it is pointless to fight a campaign for change from the backbenches, especially after the Government has already announced it is releasing a consultation paper on annuities, which is expected in January.

The Pensions Annuities (Amendment) Bill is similar in its proposals to Dr Oonagh McDonald&#39s Retirement Income Reform Campaign.

Under the plan, people would be forced to secure a minimum income annuity at a set level at age 65. They would then be given greater freedom to invest the remainder of their pension pot. Differences in annuity rates between males and females would be equalised.

Curry says: “My Bill aims to make a real difference by introducing affordable reform which will benefit middle-income pensioners. This Bill is about providing current and future pensioners with choice and flexibility while still ensuring a guaranteed income for life.”

The Annuity Bureau director Ronnie Lymburn says: “There are a few holes in these proposals. It looks to me like it is restricting choice. Chances of success – not a lot really but it will raise awareness.”

Britannic Retirement Solutions corporate development director Bob Bullivant says: “I cannot see why he is going forward with the Bill. I think the Government has got this right in looking at the ramifications of reform.”


Abbey delighted with Treasury decision

Abbey National says it is delighted that the Treasury has listened to feedback from lenders as well as consumer bodies in deciding to extend regulation to mortgage advice. Managing director (retail banking) Andrew Pople says the move means lenders will not be put in the “uncomfortable position” of being responsible for the guidance provided by […]


Is DBS justified in raising its fees to cover the cost of N2?“Yes, with the extra regulatory costs, the money has to come from somewhere. As a firm, we have to sit down and make a decision about what is the best move for us.”Rick Patmore, Ford Loft Financial Services“No. Not by the level it […]

Unification could allow more leeway for product innovation

Greater innovation in product design could follow the decision to bring general insurance and mortgage advice under the umbrella of the FSA.While a unified regulator will remove the hurdle of multiple regulation, commentators say it will also result in restricted distribution as many brokers exit the market.They also predict an increased cost to consumers from […]

Pink Home Loans – Exclusive 2 Year Fixed Rate Self Cert

Monday, December 17, 2001.Type: Fixed rate self-certification mortgage.Fixed term: Until January 31, 2004.Fixed rate: 6.49 per cent.Minimum loan: £25,001.Maximum loan: Loans of up to 75 per cent of valuation subject to amaximum of £500,000, 76-85 per cent subject to a maximum of£400,000. First-time buyers up to 85 per cent of valuation subject to amaximum of […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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