Opposition parties have clashed over means-testing, with the Liberal Democrats claiming Conservative pension plans to reverse its spread will make the problem worse.LibDem Shadow Work and Pensions Secretary Steve Webb says a policy U-turn by the Conservatives will mean that a quarter of a million more people will be pushed into means-testing in contrast to the Tory pledge to reverse the spread of means-testing. In October 2003, the Conservatives pledged to relink the basic state pension with earnings while the means-tested top-up would be increased with prices. This would take one million pensioners away from means-testing. But in a recent reply to a question in Parliament from Webb, Conservative Shadow Work and Pensions Secretary David Willetts said he accepted that the pension credit should rise with earnings according to the current Government timescale. Webb says this means the Tories can no longer claim that they will reverse meanstesting. Instead, they can now only claim to slow the growth compared with Government projections that half a million more pensioners will be eligible for credit by the end of the next Parliament. Webb says: “Since this U-turn, they need to come clean and admit that means testing would grow under a Conservative Government.” A Conservative spokesman says: “It is like turning an oil tanker. The crucial thing is to get the process under way so the younger generation receive a clear message that it pays to save.”
Penny Green takes over as president of the Pensions Management Institute from July, replacing outgoing chief Roger Cobley.
An investment analyst is claiming that shareholder activism can stifle enterprise and damage returns for investors.
Gartmore Sicav United Kingdom Fund
Growth in the buy-to-let market will be slower over the coming years, according to Nationwide’s specialist lender UCB Home Loans.
In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]
There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]
Old Mutual Global Investors has appointed Freddie Woolfe head of responsible investment and stewardship, reporting into chief executive Richard Buxton. Woolfe joins from Newton Investment Management, where he was a responsible investment analyst primarily covering the healthcare and technology, media and telecommunications sectors. Previously he held roles at Hermes Equity Ownership Services and HSBC. Woolfe will […]