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‘New A-Day needed is to iron out problems’

A second A-Day is needed to smooth out the problems and uncertainties A-Day created, says Aspen annuities director Billy Burrows.

Speaking at the Money Marketing Retirement Planning Summit in Nice last week, Burrows said: “A-Day has done nothing for the annuity product, drawdown has remained unchanged and Asps have been tacked on. There is a second A-Day to come.”

Syndaxi Financial Planning managing director Robert Reid called on IFAs to engage more proactively with the Government to bring about change.

He said: “We have to start taking ideas to them and we should not be waiting for them to sort it out.”

Burrows said: “The Government tends to listen to providers and as advisers we need to make our voices heard.”

Hargreaves Lansdown head of pensions research Tom McPhail said: “There are rare windows when the Government will listen to us. We might have to wait for a change of Government before we get the chance to talk to them and be listened to.”

Richard Jacobs Pension & Trustee Services director Richard Jacobs said: “The actual benefits available at retirement really are not too bad but there is a mess on the taxation side. The Government have got to change public feelings about pensions.”


Whittaker hands over reins of tri-star fund to Collins

Stephen Whittaker is to pass control of the UK equity portion of the New Star tri-star fund to Edward Collins.Collins will initially co-manage the equity portion in tandem with Whittaker before taking over sole control later this year.Collins has run the Dublin-based New Star UK dynamic fund since February 2006. The fund is ranked 20th […]

Broker Talkback

Should Hips be scrapped completely?Yes 87% No 13% Yes “They are no use to anybody, man or beast.”Paul Bovey, Nelson Dean Associates Yes “They are a complete waste of time and ruin the freedom of choice both for sellers and buyers.”Keith Lilley, Tower Financial Services No “In essence, they are a good idea that could […]

FSA web update may herald Icob rules on non-advice

The FSA has added a buying without advice section to its Money Made Clear website, warning that consumers may be unable to seek redress from the Financial Ombudsman Service if they buy the wrong insurance product.Lifesearch head of protection strategy Kevin Carr believes this could indicate that the FSA’s imminent Icob report will make concrete […]

Room with a view

The Government claims to be confident of meeting its revised August 1 start date for Hips although this will now apply only to properties with at least four bedrooms.

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


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