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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.”


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 […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]


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