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Pension numbers

The Government’s claim that the new personal pension accounts will represent £2 for every £1 saved deal for investors is under intense scrutiny.

Opposition parties say the Government should be bound by the regulations applying to the industry – regulated projections – warning there is a risk of the mother of all misselling scandals.

Much centres on means-testing, which the Tories say could take a bigger bite out of some people’s savings than the two for one offer implies.

Meanwhile the Department for Work and Pensions is locking horns with the Pensions Policy Institute over the numbers affected by means-testing under the scheme. The PPI says up to half will be means-tested by 2050 but the DWP puts the figure at around 30 per cent.

All this, say Government critics, is made worse by auto-enrolment and the whole scheme could be undermined.

With a launch date of 2012, there is still time for the numbers to be checked out by an independent body so that the new scheme does not launch on the back of false promises.


Japanese mandate moves

Skandia Investment Management has appointed AllianceBernstein to run its Japan mandate within its actively managed and cautious ranges.AllianceBernstein replaces Sparx which have been taken off the mandate following the departure of Kahori Ando who ran the fund for SIML.SIML fund manager Ryan Hughes says: “The trigger behind this move was Ando’s decision to leave the […]

Aifa draws line on responsibilities

Aifa warns there must be a clear line between provider and adviser responsibilities, with providers not intruding into the client-adviser relationship, creating competitive distortion or threatening independence of advisers through distributor selection.

Impromptu party goes like a charm

Retirement Plus managing director Duncan Young had no trouble finishing off his household’s surplus food and drink after the festive season.He got a call from his 18-year-old daughter on Saturday afternoon asking if she could bring a few friends back. “How many?” was the not unreasonable question. “About 50”, came the reply. Young gamely (or […]


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