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McAteer wants to end 21bn ‘waste’ with compulsion

The 21bn cost of pension tax relief in 2004/05 prov- ides a compelling argument for compulsion, claims consumer watchdog Which?

Statistics from the Pensions Policy Institute show that the 21bn pension tax relief represents 1.8 per cent of GDP.

Which? principal policy adviser Mick McAteer says this is an unforgivable waste of money and huge sums could be saved by introducing compulsion with the Government able to cut tax relief substantially. This would be positioned alongside a centrally administered pension scheme.

McAteer says: “Spending this amount of money to encourage people to save is irresponsible. This is compelling evidence that compulsion will save a huge amount of money.”

The PPI report also reveals that over five million people do not qualify for state pensions. PPI spokesman Chris Curry says the figures undermine the widespread assumption that the basic state pension is universal. He says: “It is disturbing to see how many people do not qualify for state pensions. It is also clear that there is a long way to go before take-up of pension credit reaches the number of people who are entitled to it.”

By May, only 44 per cent of people entitled to pension credit had claimed it.


50,000 life and pensions jobs at risk from Turner Report

Up to 50,000 jobs in the life and pensions sector are at risk from the Turner report’s recommendations says consultancy Deloitte and Touche.According to its research the life and pensions industry could lose 30 per cent of its revenue as a result of the changes. Deloitte also says the implementation of the National Pensions Saving […]

Commercial First and TBMC enter strategic relationship

Commercial First enters a formal strategic relationship with The Business Mortgage Company for product development and marketing strategies.Under the terms of the working arrangement both parties have agreed to establish service level agreements and to work closely on joint marketing and distribution.Commercial First will be committing dedicated underwriting resources, whilst TBMC have agreed to work […]

Frenzy and enemies

Pointon York Sipp Solutions managing director Christine Hallett believes the media mania over Sipp misselling is misguided and fails to recognise the business basics

Leeds Building Society launches 1 year fixed rate bond

Leeds Building Society has launched a one year fixed rate bond paying 4.8 per cent until 1 February 2007.The product, with a minimum investment of 5,000, also offers a monthly interest option. Unusually for this type of product, access is available on up to 50 per cent of the amount invested without notice or penalty, […]

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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