View more on these topics

Pension rights

Why should people who have sacrificed to save for a comfortable retirement be penalised by having their basic state pension reduced or removed as suggested by Lorna Bourke (Money Marketing, December 18)?

We all know that the state pension is a pay-as-you-go scheme and our contributions do not buy us into a fund. However, whenever we have had the temerity to suggest that NICs are simply another form of income tax, we have been reminded that NICs are different because they buy the right to benefits, including pensions.

Granted, some benefits are means-tested but the amount of pension we receive is dependent upon how much we have paid in contributions. Indeed, we are invited to pay Class 3 voluntary contributions to "help protect your right to retirement pension".

Ms Bourke&#39s suggestion would mean that those who had paid most in would receive least. Hardly an example of the fairness we are currently hearing so much about.

I hope that no Government would be allowed to get away with such a preposterous act.

John Mitchell

IFA, Wilmslow, Cheshire


The issue over the closure of Fimbra

A news article noted the Fimbra AGM and that Brian Cochrane and others had called for a poll (Money Marketing, December 18) but without giving any indication of the issues at stake. As such, I feel that you did most IFAs a disservice. It is now over three years since the PIA was established and […]

Review likely to cost independents £1.1bn

IFAs are likely to pick up a £1.1bn tab for the pension review, according to research by actuary Bacon & Woodrow. Life offices, policyholders and shareholders will pick up the remaining £9.9bn of the £11bn total bill.


News and expert analysis straight to your inbox

Sign up


    Leave a comment