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Providers say chance for change has been missed

Product providers have given a lukewarm welcome to the Pensions Bill, published last week, saying it offers some level of simplification of the occupational pension environment but lacks detail and does nothing to increase saving.

They welcome the security that the new pension protection fund will give to final-salary scheme members and improvements to communication of pension and retirement information but say the improvements come in a piecemeal approach and an opportunity for fundamental change has been missed.

Friends Provident pensions technical manager Chris Bellers says: “This is another layer of complex legislation on top of existing complex legislation.”

Scottish Equitable pensions development director Stewart Ritchie says: “The bill proposes additional security but lacks employer incentives to encourage saving.”


Equitable settles redress claims

A group of Equitable Life policyholders who have been pre-paring to take their case for compensation to the Bristol High Court have reached a settlement. Law firm Clark Willmott partner Robert Morfee, who has been representing the policyholders, says the last four of its first batch of cases have settled out of court. He says […]

Vest advice

I understand that it is possible to pay a contribution into a stakeholder pension plan and then immediately take the benefits. I am aged 66. As a woman, I thought that the low annuity rates available to females would not make this particularly attractive but what do you think? You are correct that it is […]

PTI appoints Richard Garland to head assault on health care markets

Personal Touch Insurance has appointed Richard Garland to set up its new specialist healthcare “supermarket” for intermediaries. Garland will become PTI health care director, having 20 years experience in the financial services industry, including being national account manager at BUPA. PTI is working to develop a network of financial services “superstores” in every town to […]

No problems with electronic commission, says Solutions

IFA group Positive Solutions has criticised rival Bankhall over its claims that it cannot reconcile its advisers&#39 commission because of inaccurate electronic statements from product providers. Positive Solutions is also part of Adviser Forum, the group which is carrying out research into what it considers to be a serious problem with electronic commission statements from […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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