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New contracting-out regime proposed by Pickering

Pickering’s report says current contracting out rules are too complex and a contributory factor to the switch to defined contribution schemes.

The report focuses on complexity around Guaranteed Minimum Pensions which it says makes it difficult for people to understand their overall pensions rights.

Pickering proposes:

  • The choice of vehicle and form of benefit bought with protected rights should be liberalised.
  • There should be no requirement to provide Limited Price Indexation.
  • Removal of date restrictions when contracted-out rights are payable.

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Windfalls on way to NatMut members

GE Life says qualifying members of National Mutual will receive windfall benefits by the end of the month.The move will complete the demutualisation of NatMut, which transferred its business to GE Life in April.Individual members will receive a £500 cheque while scheme members will be recompensed by additional policy benefits.Qualifying members will have to have […]

Jones quits as Deutsche presses for decision on his future

Deutsche Asset Management UK retail business managing director Neil Jones has suddenly res-igned after being pressed to make a decision on his future.Jones, who had been with Deutsche Asset Man-agement for five years, left the company last Thursday after handing in his resignation the previous day to chief executive officer Paul Berriman.Berriman had requested that […]

CA welcomes Sandler&#39s call for reform

CA welcomes Sandler&#39s call for reform of finance industry but calls on FSA and Government to act Consumers&#39 Association (CA) has today welcomed the Sandler review, which nails the industry line that it serves the consumer interest. The report offers a blueprint for the industry, focusing on consumer needs.Sandler has confirmed CA&#39s assessment of poor […]

&#39Market miracle&#39 needed to help bond investors?

I was interested to read the article “Bond investors need a &#39market miracle&#39” (MM, June 20). Clearly, all investors are rightly sensitive as a result of the huge drop in world stockmarkets but I would make the following observations:•Eurolife does not give financial advice. In addition, we go to great lengths to explain all aspects […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]

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