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LibDems claim Personal Accounts are ‘fatally flawed’

The LibDems say Personal Accounts are “fatally flawed” as long as mass means-testing remains part of the benefits system.
LibDem Shadow Work and Pensions Secretary David Laws says that for many people the scheme will be inappropriate and unfair because of the continuation of means testing in its cut down form.
He says some people on low incomes may keep as little as 15 pence for every pound they save because of means testing and calls for a citizens pension to act as a solid foundation for the scheme.
Laws says: “Personal Accounts will remain fatally flawed as long as mass means testing remains part of the benefits system.
Personal Accounts were meant to revolutionise pension savings for people on average and low incomes, but as the Government has failed to curb the growing tide of means tested benefits, it is clear that for many, Personal accounts will be both inappropriate and unfair.
If the Government want a genuine pensions consensus they must create a citizens’ pension set at a decent level for all, which acts as a solid foundation for private pensions saving.”


Animal tragic

A caricaturist at the Headline Money party impressed an MM hack so much with his sketches of fellow journos that she agreed to be a subject for one of his cartoons.But the rather unattractive picture he produced looked nothing like the hack – or so everyone said.Embarrassingly, the caricaturist had chosen to portray her as […]

Product matters: Pot luck

The Barclays guaranteed FTSE account issue N6 is the Steve Davis of the investment world – dull and unsexy but dependable and potentially quite successful.OK, I am showing my age with the analogy but Barclays does deserve credit for maintaining a consistent presence in the maturing Tessa-only Isa market via incarnations of this plan. It […]

Move to sell off £4bn closed annuity business

Zurich is looking to sell its closed book of annuity business.Bids for the business, valued at just under £4bn, were lodged with Zurich’s advisers at Lehman Brothers last week.Commentators say Prudential, Aegon and Aviva are the leading contenders for the business although all three have refused to comment while Synesis Life, also touted, was unavailable […]

Tories critical as NPSS ceiling lifted

The Conservatives have attacked plans to set the maximum annual saving in personal accounts at £5,000 rather than the £3,000 proposed by Lord Turner, saying it could lead to the “backdoor nationalisation of occupational pension provision”.

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


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