View more on these topics

Ritchie warns of pitfalls in Turner plans

Pension guru Stewart Ritchie is outlining his plan for UK pension reform and warning IFAs of potential pitfalls in the Turner report.

In his Ritchie Report, the Scottish Equitable pensions development director sets out his six-point plan for reform. He warns that the consequences of possible Turner proposals could include UK plc becoming less competitive globally if compulsion is recommended. He also suggests that employer contributions channelled through a state-operated clearing house could result in admin chaos and system disruption.

He says measures to increase saving for pensions must include the encouragement of workplace pensions, entry to S2P for the self-employed, reduced scope of means-testing for future pensioners, simplification of state and private pensions, widespread financial education and a gradual rise in state pension age.

Ritchie says: “There are great expectations for Turner’s second report but ultimately the Government will decide which proposals to adopt. This is a unique opportunity to turn pension saving around for future generations but the Government must learn from the mistakes both in the UK and other countries. If we try to adopt off-the-shelf solutions from another country we may live to regret it.”

Recommended

Empty promise

Standard Life corporate affairs team – shame on you. The MM news team recently received some very useful information from Standard, allegedly. Accompanying the covering letter from Standard, advising the hacks that they had received their card of press contacts, was in fact, an empty envelope. What a waste of postage. We could do with […]

Hutton emphasises important role of advisers

John Hutton has called for IFAs to contribute to the consultation and discussion on pension reform post-Turner, emphasising the important role played by advisers.Speaking at an Institute for Public Policy Research and Scottish Widows event at University College London the Work and Pensions Secretary said the Government is seeking the opinions of all stakeholders in […]

Capita plans package deal

Capita will use its acquisi- tion of Quay software to offer a combined administration outsourcing and back-office package to big IFAs and other distributors. Money Marketing revealed in September that Capita was set to buy Quay as a way of inc-reasing its presence in the financial services market. Capita managing director Steve Parkinson says the […]

F&C manager rejects commodity concerns

F&C growth and income fund manager Ted Scott is dismissing fears that the commodities market is a bubble set to burst. He says high demand has been driven principally by China and commentators arguing that the commodities market has peaked have overlooked the increase in China’s population and focused too closely on the country’s economic […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com