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Mercer calls for Government to own up on cost of stakeholder

Consultant William M Mercer has hit out at the stakeholder green paper warning that the inevitable result will be increased costs.

It says that more information is required on costs and wants the Government to come clean over where the additional financial burden will fall.

The consultant says that the cost of the pension will have to be met by either reducing state pensions, increasing the state pension age, raising taxes or increasing employer costs.

The consultancy is also calling for more information in three other areas.

It wants a clarification of the role of ISAs, how SERPS and contracting out will be affected in the short term and on the design of the schemes.

It also warns that stakeholder may be setting up two classes of schemes.


Burke Ford aims to fill health insurance gap in teachers&#39 pension scheme

Burke Ford Healthcare is launching an income protection plan that has been developed exclusively for employees in further and higher education.The Universities and Colleges Personal Income Protection Scheme aims to fill the gaps created by changes made last year to the teachers&#39 pension scheme.The changes to the scheme mean only those considered &#34permanently incapacitated to […]

Aon creates operations director post in new approach to customer services

Aon Consulting is promoting its Sheffield Office pensions director Mark Smith to the newly created position of operations director.He will be responsible for developing a team of senior operations and project managers who will focus on customer services. Aon chief executive Ron Amy says: &#34Mark has shown outstanding abilities in his present post and I […]

CGU with-profits bonuses follow downward trend

CGU Life have announced its annual bonuses and maturity payouts for with-profit life and pensions policies with the downward trend continuing.Customers with maturing CGU Life endowment policies are seeing returns equivalent to 9.6 and 13.9 per cent per annum over the last 10 and 25 years. Last year the 25 year policy had an annual […]

L&G&#39s Boulding says stakeholder to be as simple as Peps

The stakeholder pensions regime will be as simple as that for Peps according to Legal & General pensions strategy director Adrian Boulding.Boulding, speaking at the Insurance Institute of London this week, said: &#34The old complexities of age and salary related contribution limits, of carry back and carry forward of previous years entitlements have been swept […]


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