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Review likely to cost independents £1.1bn

IFAs are likely to pick up a £1.1bn tab for the pension review, according to research by actuary Bacon & Woodrow. Life offices, policyholders and shareholders will pick up the remaining £9.9bn of the £11bn total bill.

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Rush of registrations in bid to beat PIA deadline

The PIA expects most member firms to beat the March 27 deadline for submitting individual registration forms. Latest figures show that some 30,000 forms have been returned out of an expected 87,000. About 4,000 forms are being returned a day. The PIA has warned that any firm which misses the deadline will face a £250 […]

Why IFAs need bonus details

Do annual bonus declarations on with-profits funds tell us a great deal about recent investment performance? Annual bonus rates this year are likely to remain unchanged or fall because yields on gilts and equities have fallen. This provides relief for actuaries as financial reserves are replenished. UK pension investments, including those supporting with-profits, will show […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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