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NU says strength comparisons are misleading Govt move to change wind-up priority

The Government says its decision to change the priority order on pension wind-ups will help to ensure that pension savers do not lose all their entitlements if their scheme goes bust.

Under pressure from backbenchers calling for compensation for 60,000 wind-up victims, the Government has said it will bring in laws to ensure that pension scheme assets are spread more fairly.

Existing rules can leave members of wound up schemes still of working age with very little while those who have already retired get their pension guaranteed in full.

Under the new rules, there will be less protection for pensions but non-pensioners will be given priority over the future year-on-year inflation increases to pensions.

Alexander Forbes Financial Services director Nigel Chambers says: “The losers will remain workers close to retirement who could still find their pension decimated in the weeks before retirement. It is simply not possible to shuffle an insufficient amount of money to satisfy the needs of every member of a bust scheme.”


Buy-to-let yields spring upwards, claims Paragon

Buy-to-let yields have stopped their downward slide of the last six months with a significant upturn in April, according to Paragon Mortgages. Its buy-to-let index claims that yields rose to 7.22 per cent from 7.12 per cent, which would represent a major shift for a single month. Paragon attributes the boost to landlords achieving higher […]

Standard boosts IFA marketing

Standard Life has launched an improved marketing programme to IFAs. The web-based system, which runs on a six-month cycle, is comprised of integrated campaigns available free to IFAs, with the aim of targeting customers already receptive to Standard&#39s services. Standard says the new service should slash its direct mailing costs by 86 per cent while […]

Burn retires at Mortgage Watchdog

Former Mortgage Code Compliance Board compliance officer Monty Burn – the self-styled fighter of the good fight – is retiring as chairman of broker Mortgage Watchdog. Burn says he has taken Mortgage Watchdog as far as he can on limited resources and believes it now needs to form an alliance with a mortgage packager, have […]

Group 300 focuses on personality traits to select advisers

IFA business Group 300 is developing its own set of psychometric tests and profiling software to recruit advisers. Group 300 has decided to move away from traditional methods of graduate recruiting and employ US analysts to look at the personality traits and capabilities that make the best advisers. Chief executive Chris Batten says its research […]


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