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NAPF fights tax relief restrictions

The National Association of Pension Funds has set up a working party to lobby against the Government’s restriction to tax relief on pension contributions and is calling for the annual allowance to be reduced to between £45,000 and £75,000 instead.

Senior policy adviser David McCourt says the Budget move to taper relief for people earning over £130,000 will undermine pension saving generally, adding it is “likely to be the thin end of the wedge”.

McCourt instead proposes reducing the annual allowance from 2010/11 levels of £255,000 to a range falling between £45,000 and £75,000, depending on length of service.

He says this approach would be far simpler and would not increase admin for employers. He adds that the reduction would not affect the majority of individuals but would prevent harmful knock-on effects.

McCourt says the NAPF is preparing a response to the Treasury outlining how the changes are “harmful and misguided” and insists the association will “use all channels” to make the case against the restriction.



Paradigm confidence despite loss of £1.5m

Paradigm Partners has recorded a £1.5m loss in its latest fin-ancial results. The losses cover the period from Paradigm’s launch in 2006 to March 31, 2008. Its results for year ending March 2009 are overdue. As at March 2008, liabilities exceeded total assets by £1.4m and total debt was £1.75m. An auditor’s note from Deloitte […]


Sense of direction

Financial Services Skills Council head of careers and higher education Jenny Barber explains how new initiative Directions is aiming to give new finance industry recruits the knowledge they need to make informed career decisions


‘Indemnity drug is killing businesses’

Fortis Life UK managing director Martin Werth is calling for insurers to reduce the level of up-front commission paid to advisers, claiming it is like “heroin” for distributors. Werth says indemnity commission should come with a clawback warning and predicts that unless providers reduce the level of initial commission, IFAs will go out of business […]

Happy while you work

Well we’ve had scorching weather (yes even up here in Scotland!) and now the Euros 2016 are on – you can’t blame people for wishing life was just one big holiday.  With all these distractions it sometimes feels like work just gets in the way of having a good time! But sunny day skivers are […]


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