View more on these topics

MetLife calls for early access pension plan

MetLife has called on the Treasury to launch a Isa-style pension account which allows savers early access to their pension pot.

The provider says the launch of a “mini-pension” to supplement automatic enrolment would improve incentives to save. Savers could contribute up to £5,000 a year into the scheme, with tax relief at 40 per cent, and access up to 25 per cent of their fund every five years.

MetLife product marketing director Peter Carter says the plan could be funded by cutting the current annual allowance of £50,000 and limiting tax-relief for top-rate taxpayers to 40 per cent. He says: “Our proposal complements the Government’s drive to improve savings and financial planning. Allowing limited access to savings will enable people to get into the habit of saving for retirement.”

Wingate Financial Planning director Alistair Cunningham says: “Any concept that is designed to increase saving among people on low to middle incomes is encouraging. But the reality is that those on low incomes who are living hand to mouth just cannot save, no matter how good a deal you put in front of them.”



What will the client of tomorrow look like?

The Personal Finance Society is attempting to shed some light on what the future holds for the industry with the launch of Tomorrow’s Client, a one day conference designed to look past the RDR and examine the demand for financial advice after December 31, 2012. PFS president Eddie Grant says: “It is really about getting […]


Treasury boost for with-profits annuities

Savers with guaranteed with-profits annuities have received a boost after the Treasury increased the amount of income that will count towards the minimum income requirement for flexible drawdown. Rules outlined by the Government in December mean that investors must be able to demonstrate they have secure pension income of £20,000 to qualify for flexible drawdown. […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. So let’s see — the “mini-pension” is paid for by reducing the attractiveness of a standard pension, already at a pretty low ebb, even further. And then, adding insult to injury, capping the usefulness of the “New! and Exciting! mini-pension” itself. This will encourage savings how, exactly? Bonkers. Utterly mad. Futile. Pointless. Worthless.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm