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NI increase will kill savings warns Sofa

The 1 per cent hike to National Insurance from April will sound the death knell to any possibility of convincing people to save, Sofa has warned.

The professional body says that when combined with other factors such as plunging markets and lack of consumer confidence in financial services providers, the 1 per cent increase in taxes may dissuade consumers from saving at all.

Managing director Brian Lawless says: “We accept that this may be a temporary position, but are nonetheless very concerned that many people who are currently extremely savings shy will become even more so. Sofa is concerned that the ramification of this will not be obvious for many years, possibly until the person retires, so a potential time bomb is ticking.”


Jupiter warning on move to buy-to-let investment

Delaying re-entering the stockmarket or choosing buy to let as an alternative could be an expensive mistake, according to Jupiter chief executive Edward Bonham Carter.Jupiter is concerned that 25 per cent of its current investors plan to put their spare cash into property through a buy-to-let scheme or by reducing their current mortgage.Overall, 36 per […]

&#39Shutting down final-salary schemes doesn&#39t worry staff&#39

A tidal wave of companies closing final-salary schemes to new members will gather force as firms realise that staff retention is not affected, the Pensions Policy Institute conference was told last week.Legal & General pensions strategy director Adrian Boulding said employers would find that he savings made by closing defined-benefit schemes to new members would […]

Standard warns of 60% tax over lifetime limit

People aged 30 who earn £41,000 a year will hit the £1.4m lifetime pension contribution limit when they retire unless it is linked to earnings and not prices, Standard Life has warned.The company says linking the limit to prices means that 5 per cent of male earners will be hit with 60 per cent tax […]

Independent view

The single biggest problem facing IFAs today – what might that be? I imagine that many might think it is professional indemnity insurance.After all, it is difficult to get. Premiums are massively higher than they have been in previous years and excesses are such that IFAs are self-insuring and paying a premium. Only the biggest […]


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