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Pensions savers face poverty says Duncan Smith

Savers are not getting the advice they need when they buy a pension and life offices are losing money on every stakeholder pension they sell said Conservative leader Iain Duncan Smith in a speech today.

Entering the pensions fray for the first time, Duncan Smith said only 100,000 stakeholder policies have been sold to the target market of 2.5m people while the rest of the 800,000 policies sold have been bought by either the wealthy or those with existing pensions provision.

He said the country faces a choice between accepting the fact that a generation of future pensioners are heading for poverty in retirement or diverting more public and private resources to funding pensions.

Duncan Smith said: “This is one of the biggest social and economic changes in Britain today. Many people&#39s expectations of a prosperous retirement are being dashed. Unless something is done about it, millions more pensioners are going to spend their retirement dependent on means-tested benefits. That is not what they want and it is not what we want.”


Aegon opens IFA account in swoop for Wentworth Rose

Aegon UK has kicked off its new strategy of buying IFAs by taking a 50 per cent stake in retirement specialist IFA Wentworth Rose with an exclusive option on further shares.A new company – Aegon UK Distribution Holdings – has been set up to take stakes in IFAs. Aegon, which owns Scottish Equitable, says more […]

FSA aids investors on derivatives

Scrutinised derivatives will be available to retail investors in the UK for the first time under a new regulatory framework proposed by the FSA. Following consultation, the regulator will implement listing and conduct of business rules, which cover firms&#39 disclosure and risk warnings, for derivatives on August 1. The FSA believes there is potential for […]

New chairman for Ilag

The Investment and Life Assurance Group has announced its chairman for 2002-2003 will be Veronica France owner of the business Oak Consultancy. France takes over from outgoing chairman Bill Tonks of Nationwide Building Society. She has been a member of the trade body since the mid 1980s, chairman of its regulations committee in the early […]

Isa sales slide continues with 27% fall

Isa sales fell again in May, with business down by 27 per cent compared with May 2001, according to the Investment Management Association.Despite total sales of investment funds rising by 11 per cent last month to £897m from £807m in May 2001, IMA figures show that Isa sales fell sharply to £459m from £633m as […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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