View more on these topics

NAPF calls for Brown&#39s support


The National Association of Pension Funds is calling on Chancellor of the Exchequer Gordon Brown to reaffirm his support for occupational pensions schemes in this month&#39s budget.


The NAPF says a high-profile demonstration of support is vital to stop the decline in the coverage and quality of occupational schemes.


It wants Gordon Brown to make a clear statement over the Government&#39s long term pension policy.


It believes that outlining the Government&#39s aims and intentions over pension taxation is essential to rebuild confidence among employers offering occupational schemes.


The association is demanding the Chancellor sets up a long term tax and regulatory framework which is beneficial to the achievement of the Government&#39s long term goal of increased pension provision.


It wants a set of basic principles including a single tax regime and a savings hierarchy which recognises the importance of pension schemes above other forms of savings such as Isas.


Other measures on its wishlist include concurrent membership of stakeholder and all other forms of pension, a one stage introduction of the state second pension removing the current complexity of the planned two phase introduction and a simplification of defined benefit scheme rules.


NAPF director general Ann Robinson says : “Employers providing pensions need reassurance that the Government&#39s actions will in future match its rhetoric.The tax and regulatory environment has become less attractive over the last few years and the first task must be to arrest a decline in coverage and quality of schemes.


“If the Chancellor does not do anything in the budget he will go down in history as missing a great opportunity to get the UK pensions regime on a long term course.”

Recommended

1999 “best ever” for Derbyshire

The Derbyshire building society is trumpeting 1999 as its best year ever in terms of growth, lending and share investments.The building society has 61 branches across ten counties in England, predominantly in the north of the country. The record growth saw lending grow to £586m up from £396m the previous year. The society says it […]

IF plans IFA marketing push

Halifax&#39s telephone and internet bank Intelligent Finance is starting a £30m marketing campaign targeting intermediaries.The new venture was launched last week and aims to use a number of customer communication channels including IFAs and web-enabled mobile phones to give customers access to personal banking services and mortgages.Intelligent Finance or “IF” says it needs to start […]

Standard Life enters fixed rate mortgage market

Standard Life Bank is entering the fixed rate mortgage market in a bid to broaden its appeal and capture more market share.The new mortgage, called the freestyle-fixed, is fixed for three or five years at 7.25 per cent. The launch follows the roaring success of the Standard Life Bank flexible freestyle mortgage.The mortgage bank is […]

Clerical Medical slates pensions levy hike

Clerical Medical has warned that DSS plans to increase levies to run four separate pensions bodies could stretch the one per cent stakeholder cap to the limit.The life office says this year&#39s increase is unavoidable but it remains concerned that significantly increased levies could put strains on the already slim margins for stakeholder.The increased levy […]

Guide

Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment