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New annuity bill predicted

A Conservative MP will table a Private Member&#39s Bill aimed at reforming the annuity regime in the upcoming Parliamentary session, according to Shadow Work and Pensions Secretary David Willetts.

If a Tory MP is high enough in the order of private members&#39 business to have a realistic chance of tabling a bill, Willetts predicted there will be another bill similar to that sponsored by David Curry in the last session.

Curry tabled a bill calling for the abolition of the obligation to purchase an annuity by age 75. Under his proposal, everyone would have to buy an annuity at 65 but only to secure sufficient income to ensure they would not need state assistance in retirement.

The Annuity Reform Bill saw the Government defeated in two separate votes in the House. But the Government used up the entire allotted time for debate on the bill, effectively killing the legislation.

Retirement Income Reform Campaign director Dr Oonagh MacDonald says: “We very much hope there will be another Private Member&#39s Bill. All we can hope is there is a sympathetic MP near the top of the list.”


Enmeshed in a network

Whistle the tune from the Great Escape and then send in your letter of resignation.But the chances of you leaving a network without hassle are remote in a day and age where commercial interests override everything.In the mad dash to sweep up distribution for the post-CP121 environment, the need to tie in members seems more […]

Insight Investments – Insight Investments Foundation Income CAT Shares

Wednesday, 16 October 2002 Type: Oeic Aim: Income by investing in fixed interest securities Minimum investment: Lump sum £500, monthly £50 Investment split: 100% in fixed interest securities Isa link: Yes Pep transfers: Yes Charges: Annual 1% Commission: None Tel: 0845 8506050

FSA mortgage and general insurance regulation both set for Oct 2004

Following the adoption of the Insurance Mediation Directive by the European Parliament, Financial Secretary to the Treasury Ruth Kelly today confirmed that the regulation of mortgages and general insurance will come into force from October 2004. Kelly says: “I am happy to confirm that both mortgages and general insurance regulation will come into force simultaneously. […]

Driving forces

One of the key questions that the industry has to address today and in the future is what will drive IFA usage of ecommerce?There is now a choice of portals to aggregate provider information and, for some products, a complete end-to-end process exists. The momentum is such that for the core volume products – term […]


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