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Last post needs first-class advice

Royal Mail’s announcement that it intends to close its final-salary scheme further highlights the dramatic decline of defined benefit schemes in the UK.

Companies which have long since closed their finalsalary schemes to new members are watering down benefits and closing schemes to future accrual.

Few people would disagree that the disappearance of these gold-plated schemes is largely dictated by harsh economic reality.

But there are cases where the employer is citing “harsh economic reality” as an excuse for leaving staff in the lurch.

Legal & General’s response to The Pension Regulator’s consultation on the abandonment of DB schemes calls on the regulator to get much tougher on employers. It also suggests the Government should issue longevity to at least ease some of the pain by reducing deficits. If some good DB schemes can be saved, they should be.

But Scottish Life head of pensions strategy Steve Bee says the “staggering” shift from DB schemes to DC schemes also represents a massive opportunity for advisers as big corporate schemes are broken into individually managed schemes. IFAs need to take action here as this is a case of a need for good advice.


Left out in the cold

Worst attempt to get coverage on the back of the recent snowy conditions has to go to those normally reliable folk at Wriglesworth.The lender could still do business despite the cold snap that saw many people up and down the country confined to their homes last week. Wow.The release even featured news of a snowball […]

S African insurers blamed for CI smear campaign

A South African ombudsman has accused rival insurers of conducting a smear campaign against Discovery Life by spreading rumours that it has received hundreds of complaints about its critical-illness product.The Ombudsman for Long-Term Insurance in South Africa says rivals have been claiming that Discovery Life has been swamped by complaints relating to severity-based payouts.Deputy ombudsman […]

Specialist lenders may merge after Portman takeover

Nationwide has indicated it will merge its specialist lending subsidiary with Portman’s once its takeover of the Portman is complete in September.Portman’s The Mortgage Works and Nationwide’s UCB Homeloans will remain as separate brands after the takeover but they will operate as a single lender at TMW’s Bournemouth headquarters. The division is to be run […]

Thinc lending breaks through 4bn barrier

Thinc Group’s mortgage lending topped the 4bn level last year.The firm puts the growth down to its whole of market approach and its advisers’ proactive stance with clients.Thinc says it has seen rapid growth in the last 18 months by investing in events such as its buy-to-let roadshows, specialist seminars and national development meetings.High-net-worth business […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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