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Needs must in targeted Budget

The Chancellor will stick to his guns and not try to bribe the electorate with a give-away Budget. There will be targeted tax cuts for those in most need. Families and pensioners will be the winners.

I expect to see some changes in respect of pensions and annuities. It is no secret that annuities are not an ideal solution to providing income in retirement. If it is not bad enough that you forfeit most of your accrued capital once you buy an annuity, this is made worse by the low annuity rates which come with a low-inflation, low-interest-rate environment.

Raising the age at which you must buy your annuity from 75 to 80 would be a help but I would like to see more than this. I hope to see the instigation of an industry consultation to discuss the ending of compulsory annuity purchase. It is imperative that individuals are given much more flexibility to decide how to generate their retirement income.


IFAs could face legal action on LTC need

IFAs could be sued for negligence if they do not tell elderly clients about the need for long-term care insurance, says IFA Care. Director of education and training Tish Hanifan, who is a barrister, says IFAs could be sued by families of clients who are diagnosed with a debilitating illness if they do not make […]

Stakeholder can give IFAs introduction

Scottish Equitable is urging IFAs to use stakeholder as a foot in the door to talk to company directors and executives about pension provision. It says it could give IFAs the opportunity to cross-sell executive pensions or SSASs. ScotEq is producing a director&#39s pack with marketing literature, a tax reference guide, sales aids, technical support […]

Will Chancellor lick stamp duty?

Autif would like to see Chancellor Gordon Brown relax stamp duty on share transactions within funds of funds. This type of savings vehicle is hit twice by the levy, which does not make any sense. Both the main fund and the funds it invests in are taxed the 0.5 per cent duty when purchases take […]

Give life offices more room to venture forth

The ABI has a shopping list it wants Chancellor Gordon Brown to deal with when he stands up to deliver his Budget. We hope to see the Chancellor announce a wide-ranging review of post-retirement income which would cover everything from annuities and drawdown to all other forms of pensioners&#39 savings. Everyone seems to agree there […]


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