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Personal accounts set to fail

Punter Southall Financial Management claims personal accounts are likely to fail.

The firm interviewed HR directors, finance directors and pension managers from 300 firms across a range of industries. It found 80 per cent intend to keep their existing scheme, with just 2 per cent planning to offer personal accounts. Such a low take-up would cut economies of scale and push fees as high as 1 per cent.

But Personal Accounts Delivery Authority chief executive Tim Jones says: “We do not expect huge numbers of companies with existing provision to use us across their workforce – we are designed to complement existing provision. A major part of our customer base will come from employers without existing provision. We envisage the scheme will deliver a good quality pension with a low annual management charge and help millions save for retirement.”


Unemployment continues to soar

The number of unemployed people in Britain has hit 2.2m, according to the Office for National Statistics (ONS).In the first three months of the year the British unemployment rate climbed to 7.1%, up 0.8 percentage points from the fourth quarter of last year and a rise of 1.8 percentage points on the same quarter in […]

Sesame offers training to sell GI

Sesame is setting up a training programme to help adviser firms diversify their income stream by enabling support staff to write general insurance business.


Barclays has more questions to answer

Barclays will have to think again if it believes its extremely limited mea culpa over the advice given around investing in Aviva’s global balanced income fund has put an end to the matter.

State of the markets: global growth

In conversation with journalist Alexis Xydias, Artemis Global Growth Fund manager Peter Saacke discusses the state of global markets and how he is positioning his fund. Peter gives his views on the growth potential of US, Europe and emerging markets, each of which is on a different stage of the road to recovery. And with a […]


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