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MPs and civil servants can bust pension rules

Senior civil servants, MPs and judges can watch their final-salary pensions soar in line with pay under a clause buried in a schedule to the Finance Bill.

Members of civil service and Parliamentary occupational schemes have been handed a specific exclusion from rules capping pension increases at A-Day.

By selecting enhanced protection – a way of protecting pension rights in excess of the lifetime limit – members of the ruling elite are exempt from rules keeping pension increases in line with increases in the £1.5m fund limit.

IFAs have branded the scheme as shocking at a time when pensions are such a hot political topic, saying anyone else will be restricted as to how their pension fund can grow after A-Day.

Scottish Life head of pension strategy Steve Bee says: “I do not like anything that smacks of one rule for us, one rule for you. We should be aiming for a single regime that treats everybody the same. MPs and judges have probably got a better lobby than we have.”

Dennehy Weller managing director Brian Dennehy says: “The public at large will be shocked at these people taking special privileges at a time when people up and down the country have had their pensions destroyed through holes in the system.”

Mark Chilton has a track record of setting up mortgage firms and is now looking to start up again with Purely Mortgages and is intent on offering a fair deal without the hard sell


Minor to major

GMAC-RFC is offering a new non-conforming mortgage range in a bid to reaffirm its position as the number one lender in this sector. Head of marketing services Jeff Knight says: “We found that many non-conforming clients had minor adverse credit and we have designed a range that meets their needs in terms of rates and […]

Isis Asset Management – Isis Property Trust 2

Type: Closed-ended investment company Aim: Income and growth by investing in UK office, retail and industrial properties Minimum investment: Subject to negotiation with stockbroker Investment split: 43% retail, 34% industrial, 23% offices Place of registration: Guernsey Yield: 6.75% Charges: Annual 0.85% Commission: Subject to negotiation Tel: 0845 850 1515

House prices fall

Asking prices fell in the first week of June, according to Rightmove, with London and the South-East leading the slowdown. Average asking prices across the country fell by 0.4 per cent or £683 in the first full week of June (6th to 12th), having continued their strong surge for the first four weeks of the […]

Don&#39t make an ass of yourself

The Diary was treated to fairies, fauns and Shakespeare-style shenanigans last week at the Britannia Midsummer Night Party at London&#39s Barbican. MM reporters found themselves concentrating intently on conversations about mortgages in a bid to escape the advances of an amorous violin-playing jester and gold-painted half-man, half-goat satyr creatures. Shakespearean actors repeatedly offered reporters a […]


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