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Pension credits will not work for all

A leading academic has challenged the Government&#39s assertion that pension credits means it will always pay to save.

University of Leicester Nuffield community care studies unit&#39s Ruth Hancock&#39s presentation to delegates at the ABI pension credit seminar showed how: “Pensioners who have saved will nearly always have higher incomes than those who have not,”

Hancock said the thinking behind pension credit was that S2P was no help to current pensioners. The minimum income guarantee is unfair on those with small discretionary pensions or savings and Mig rules may discourage voluntary savings or pension provision.

Hancock also highlighted a number of unanswered questions about pension credit. She asked how well the credit will reward savers, whether it will work as an incentive and how it will interact with the state second pension.

She also explained how those receiving housing and council tax benefit can still receive full benefit from the pension credit.

Hancock said: “It is important to say it &#39nearly&#39 always pays – because there will be some for whom it will not.”


Northern Rock – Balance – Fourth Edition

Monday, December 3, 2001.Type: High interest account and with-profits bond.HIGH INTEREST ACCOUNTMinimum-maximum investment: £5,000-£500,000.Interest rate: 7 per cent gross a year.Term: Until November 1, 2002.Offer period: Until further notice.Withdrawal penalties: None.WITH-PROFITS BONDAim: Growth and income by investing in Legal & General&#39swith-profits fund.Minimum investment: £5,000.Bonus rates: Growth option 6 per cent, income option 5.75 percent.Allocation rates: […]

Davies hints at radical change as he savages &#39toothless&#39 PIA

FSA chairman Howard Davies has rubbished the PIA&#39s record, labelling it costly, ineffective, intrusive, oppressive, toothless and inadequate while tipping radical change to polarisation.Providers say radical reform is now more likely contrary to expectations following the FSA&#39s open meeting in October when the head of polarisation review David Severn appeared to favour gap-filling over multi-ties.Davies, […]

FSA to plant more trees but unsure of worth

Decision trees will be brought in for other products as well as stakeholder but the FSA admits it may never know if they work, says FSA group manager Norman Digance.With the vast majority of stakeholder sales coming through the IFA channel, the FSA says it is difficult to know where trees have played a part.But […]

F&C clones with-prospects

FOREIGN & COLONIAL WITH PROSPECTS FUND Type: Oeic. Aim: Growth and income by investing in UK and overseas equities and fixed-interest investments. Minimum investment: Lump sum £2,500. Investment split: International equities 60 per cent, investment grade bonds 40 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual 1 per cent. […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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