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PMI gives Revenue proposals cautious welcome

The Pensions Management Institute has given a broad welcome to
the Inland Revenue&#39s pension simplification proposals but says it is
concerned at the decision not to link the lifetime limit and annual
allowances to wage but price inflation.

PMI external affairs committee Nigel Body says: “The PMI welcomes
a number of the proposal released by the Inland Revenue but those
affecting high earners are more of a mixed bag. The reduction of the
recovery charge to 25 per cent from 33 per cent and the removal of
the prospect of retrospective taxation are to be welcomed.

“But the decision not to link the lifetime limit to national average
earnings will increasingly encroach on middle income earners rather
than catch a minority of high earners.”


Aifa&#39s view

2003 was a year of good news and bad news. Good news! The FSA is halving the number of consultation papers it publishes next year. Bad news! The Treasury select committee is holding an enquiry so we will not notice the difference. Good news! IFAs still account for a tiny proportion of complaints, especially complaints […]

Back office to the future

2003, despite the brave faces, has been an exceedingly difficult year. At the bottom of the whole problem is the fact that the traditional products supplied by life companies have become commoditised and loved even less than their historic approval factor. Endowment mortgages, one of the staples of the industry, are no longer saleable. With-profits […]

Axa PPP targets self-employed

Axa PPP Healthcare has designed a private medical insurance plan for the self-employed. Independent health cover offers the usual range of inpatient day patient and outpatient benefits plus additional benefits that self-employed people may find useful, such as personal business assistance and a legal advice line. The plan has three levels of cover &#45 gold, […]

CML dinner is a drum do

The Council of Mortgage Lenders certainly knows how to drum up support. The Diary hears that chief executives of all the major UK lenders joined in the latest corporate bonding event with a will at the CML&#39s annual dinner. Chief execs were handed a length of piping and a drumstick and asked to join in […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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