View more on these topics

Pensioners victorious in House of Lords

Pensioners who lost their savings when company schemes collapsed won a huge victory in the House of Lords last night.

The Government was embarrassingly defeat by 55 votes – 181 to 126 – when the Lords backed proposals for a “lifeboat fund” to top up compensation awarded to the 125,000 pensioners whose pensions were lost from 1997 to 2005.

This year’s budget saw the Government increase funding for its Financial Assistance Scheme from £2bn to £8bn to award affected pensioners 80 per cent of their core benefits. Although pensioners whose companies went bust after 2005 are eligible for 90 per cent under the Pensions Protection Fund.

But last night’s victory is encouraging for pensioners who lost their savings before 2005 to receive the same 90 per cent minimum protection as those eligible for the Pensions Protections Fund.

Standard Life head of pensions policy John Lawson says: “It is a positive move as it sends the message to the House of Commons that this is a big issue which needs to be sorted out but I think it will be defeated in the Commons because of the big labour majority. The amount of money needed would be enormous but these people have been treated abysmally and the FAS needs to get its act together.”

Recommended

Train of thought

One of the most common mistakes I come across when talking to adviser firms about their technology installations is the failure to properly provide for the cost of training when planning their project. Although software is often presented as being easy to use out of the box, just like any other consumer durable, the reality can be vastly different.

Veron joins Investec Africa fund as analyst

Investec Asset Management has announced the appointment of Julien Veron as research analyst for its Investec Africa Fund.The Fund has been in operation for three years and clients’ assets deployed now exceed £750m.Veron previously spent 10 years as a sell-side analyst at Credit Suisse and the four years prior as a credit analyst at Nedbank.Investec […]

Caris conundrum

Calling all wordsmiths (apart from us, that is). Peter Hargreaves has presented readers with a linguistic challenge.Hargreaves is offering £100 for the best alternative acronym for Caris – Customer Agreed Remuneration for Intermediary Services.Suggestions so far include Consumers Abandoned as Remuneration of Independents Swindled and Committee Abhor Remuneration for Independent Services.Hargreaves says even if you […]

Age 70 rule abolished from today

The abolition of the Age 70 rule comes into force today allowing Icob advisers to sell life policies maturing after the age of 70.The FSA Board voted to scrap the Age 70 rule, which restricts the sale of policies maturing beyond age 70 to Cob advisers, in April this year.The FSA considered extending the rule […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com