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Minister says firms competing under 1%

New pensions minister Ian McCartney says the debate on stakeholder is no

longer about 1 per cent but about how low charges can go.

In an exclusive article for Money Marketing, McCartney says stakeholder is

“exerting a powerful and positive influence”. He says the debate is

“focusing on how low providers can go, with schemes being set up with

charges significantly below 1 per cent”. He adds that the public needs the

right advice on pensions.

Influential analyst Ned Cazalet has predicted “stakeholder slaughter ” as

life companies struggle to cope with the poor profit profile which could

lead to “widespread destruction of policyholder and shareholder capital”.

McCartney says 94 per cent of employers are aware of their stakeholder

responsibilities although the Federation of Small Businesses is to arrange

an urgent meeting to ask for an extension to the deadline.

Informed Choice managing director Nick Bamford says: “You must charge at a

commercial level to provide a commercial service. To think that you have

low price together with quality service is dangerously naive. But the signs

are there that providers are already designing products to go below 1 per


McCartney article, p8



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Zurich in U-turn on gay cover

Zurich Life is to offer life insurance to gay men for the first time in apolicy U-turn that follows media criticism of its procedures. It changed its policy after it told an online survey by gay that it would not insure gay men. The survey led the ABIto call for life companies to reassess […]

Projection racket

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Independent view

Spending nearly three whole days surrounded by hundreds of IFAs andproduct providers on board a ship floating in the middle of nowhere doesnot sound like too much fun. However, I steeled myself for the task, packed my best bib and tucker andarrived at Southampton docks on a sunny Sunday afternoon in time for tea onthe […]


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