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Providers fear Govt pension statement will confuse public

Pension providers are voicing concerns that the Government&#39s Combined

Pension Statement may confuse the public about their pension entitlement.

They fear the statement, which provides pension planholders with estimates

for their retirement income by combining details of private pensions and

state benefits, could lead to people expecting more income than they will


Each provider is expected to provide customers with details of what they

can exp ect in retirement but firms are concerned that there will be a lot

of duplication over the amount of state benefits for those who have plans

with more than one provider.

There is concern that life offices will use only one projection rate while

the FSA requires three rates to be calculated to take account of varying

investment performance.

Life offices say that pro viding comparisons will be difficult, claiming

it is hard to provide projections for occupational schemes and

problematical to show other benefits on a like for like basis such as

indexation and wid ows benefits.

CGU head of pensions strategy Jerry Barnfield says: “The only way

providers can give accurate up to date information about state benefits is

by having access to DSS data.”


Transfer figures show £10k boost in stake switch

The true cost of the pension transfer crisis is emerging, with lifeoffices admitting that policyholders could benefit by between £4,000 and£10,000 from transferring to stakeholder-style policies.Figures calculated for Money Marketing reveal that thousands of peoplewith high early transfer value pension plans could be better off if theytransfer to a plan with a 1 per cent […]

Darlington fixes bond rate

Darlington Building Society is offering a fixed-rate investment bond whichguarantees rates for one year.Individuals can invest £2,000-£40,000 or up to £80,000 for joint accounts.The interest rates inc rease depending on the size of the investment. Ifmore than £25,000 is invested, Darlington offers a one-year fixed rate of7.1 per cent. For smaller investments, the interest begins […]

Mortgage Power picks champion

This year&#39s third annual awards of London mortgage broking network TheMortgage Power highlighted high-achieving advisers.The event aims to pay tribute to quality advice and examine the future ofmortgage broking. Speakers included Council of Mortgage Lenders seniorpolicy adviser Kate Main, on the future of the mortgage market, and MoneyMarketing editor John Lappin, who spoke on the […]

Independent View

The last-minute rush to subscribe for an Isa has come and gone andhopefully we can all breathe a little more easily and plan our workaccordingly.Despite their complexities, Isas have been a success. This has beenfuelled partly by the desire of investors to get into technology funds.But there is no doubt that Isas are complicated. It […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]


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