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Pan-European pensions get the go ahead

Pan-European occupational pension schemes are set to become a reality after European leaders reached a political agreement.

The Directive will set out a prudential framework for cross border pension schemes. Onerous restrictions on equity asset allocation that where once mooted do not form part of the final agreement.

The ABI welcomed the move and said it compliments the UK’s pensions regulations.

The Spanish Presidency had made reaching agreement on the Directive, which has been in discussion since the 1980s, a priority.


Revenue files secret pension plan

The Inland Revenue has filed its closely guarded report on simplifying the pension tax regime to ministers and now awaits publication this month.The review has been kept under wraps since it was announced by the Treasury in March 2001. It is believed to contain radical proposals on pension complexity.Without close co-operation with the Revenue, it […]

CA calling for lower-tier advice network

The Consumers&#39 Association has this week issued details of its campaign to extend the availability of financial advice to consumers, which would see those with complex needs being referred to an IFA.As reported in last week&#39s Money Marketing, the consumer champion is calling for the creation of a National Finance Advice Network which would operate […]

Clerical Medical boosts allocation for bond

Clerical Medical is offering increased allocations on its investment bond and “bond fee” version of its distribution bond.The offer will apply to all new investments and top-ups to existing bonds until further notice.The move increases the allocation on the investment bond to 101 per cent from 100 per cent. For distribution bonds, the allocation increases […]

Scottish Mutual chief executive steps down

Scottish Mutual chief executive Graham Pottinger is leaving the Abbey National group at the end of June. His departure follows a restructuring of the Abbey’s long term savings businesses. The businesses are being brought in to one division which will be headed up by Mac Millington who was formerly managing director of its business to […]


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