The life and pension industry is calling on the Revenue and other Government departments to allay fears of delays to pension simplification by issuing an A-Day timetable.Winterthur Life says it is essential that the Revenue issues an agenda of its plans for the remaining three months as persistent rumours that there may be delays to some elements of the new pensions regime continue to circulate. Pensions strategy manager Mike Morrison says there may be a delay to the implementation of protected rights in Sipps following the Department for Work and Pensions’ announcement last month. Morrison says: “Any organisation must have some sort of prioritisation. We have only 10 weeks until April 6 and it would be useful if we could have some guidance as to what we can expect in the coming months rather than being told just to watch this space.” Details from the Revenue on how inheritance tax will apply to pensions are already two months late, with no communication yet about when the industry will receive guidance. Standard Life head of pensions policy John Lawson says the failure of HMRC to define “wholly and exclusively” for employee contributions, key terminology relating to how work-based pensions will run after A-Day, suggests that guidance is only available inter- nally. He says: “It seems that the Revenue is providing guidance on an ad hoc basis. It needs to be pushed on this.” A Treasury spokesman says: “We seek to guide the market as consistently as possible as we understand that the industry relies on us so they can release products but, as I understand it, there is no timetable available.” The DWP and HMRC were unable to comment.
Recommending critical-illness cover on the basis of price means that clients are missing out on some useful features and benefits, says CBK principal Peter Chadborn
Franklin Templeton growth fund manager Ken Cox is understood to be leaving the firm due to ill health. Cox has run the 144m fund since 2001 and returned 63 per cent in the three years to January 2005.
Mortgage Express has announced a restructure of its sales team. The four-strong senior team will now be split in two to create separate units for key account management and business development management.Claire Ridgewell and Tony Vivash will take on responsibility for managing business development in the South and the North respectively, while two new key […]
Multi-manager boutique Williams de Broe is predicting an increase in funds of funds that invest in exchange-traded funds as pressure increases on multi-managers to rein in costs.
By Mark Martin, head of UK Equities, Neptune With markets facing numerous challenges this year, Neptune’s Mark Martin, manager of the UK Mid Cap Fund, and assistant manager Holly Cassell explain how they look past short-term volatility to focus on maintaining a strong long-term performance record. Read more here Important Information – for investment professionals only. […]
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