View more on these topics

New chief Smith takes over at critical time for pensions

Pension experts are hoping the appointment of a new Work and Pensions Secretary will not derail the process to simplify pensions.

The Pickering and Inland Revenue reviews are both due to report in the next month along with the Sandler review so former chief secretary to the Treasury Andrew Smith is joining the DWP at a critical time.

His appointment comes only a few weeks after Alistair Darling revealed plans to develop a new range of price-capped pension products. At the Treasury, Smith is understood to have been involved in introducing partial concurrency for stakeholder, which some in the industry say does not bode well for simplification.

Given his background at the Treasury, some fear that Smith&#39s allegiance still lies with his old department which may prove an obstacle to getting real pension reform.

Others are optimistic that Smith will bring the two departments closer together to make the most of the opportunity to simplify pensions radically.

Norwich Union director of pensions development Jerry Barnfield says: “I hope Andrew Smith gets up to speed quickly with the issues because there is so much happening at the moment but anything which brings joined-up thinking between the Treasury and the DWP is good news.”

Scottish Equitable pensions development director Stewart Ritchie says: “You have to remember where Smith has come from and if we are to believe reports of cross-representation between the DWP and the Treasury, he should be pretty well briefed.”

Recommended

A saving strategy

Running alongside the continuing debate on depolarisation and how to make specific advice more accessible is a wider and potentially more significant concern about raising general awareness of personal finance issues. It is in this domain, in particular, that renewed interest has arisen both in the workplace and in school.The workplace has traditionally been a […]

Zurich bids to topple NU from mutual slot

Zurich Financial Services is on a drive to tie with building societies and knock Norwich Union from its position as the most popular life office partner for mutuals.Last month, Zurich formed a tied relationship with Market Harborough, its first agreement in the sector, which will see the society sell Threadneedle Isas and Oeics and Zurich&#39s […]

FSA logo to be &#39badge of legitimacy&#39

IFAs will be able to use the FSA&#39s insignia in their marketing literature as a way of demonstrating their authorised status if proposals in its latest consultation paper are implemented.Consultation paper 138, Disclosure of Status under the Financial Services and Markets Act 2000 and Use of the FSA Logo, proposes to determine how authorised firms […]

Euro Star

New Star has introduced the European leaders fund, an Oeic that invests in Europe excluding the UK.The fund was originally an institutional fund from World Invest, a company taken over by New Star. It was transferred across to the retail business because New Star&#39s existing European growth fund focuses only on small and mid-caps, leaving […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com