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Rooker sets 2.5m stake target

Pensions minister Jeff Rooker says the Government is aiming to see 2.5 million people take out a stakeholder pension within the next four years although it has no plans for compulsion.

The figure is half the target group of around five million people earning between £10,000 and £20,000 a year.

At a London conference organised by Legal & General and the Forum of Private Business, Rooker accused the pension industry of “walking along the other side of the road” from the target group.

But he said the Government was looking to private providers to make the ground fertile for stakeholder because it has marketing expertise.

Rooker emphasised that the flexibility of stakeholder means the target group is not the only market and he mentioned children and non-working spouses.

Rooker says: “If, after three or four years, half of the target group of five million do not have stakeholders, we would have to ask ourselves some questions.

“The industry has walked on the other side of the road from the target market by not offering personal pensions at a cost they could afford.

“It is Government policy to sub-contract to the private sector as it is much better than the Government at marketing and selling financial products. We are looking to the private sector to make pensions sexy for 20and 30-year-olds.”


product matters

As one of the biggest players in the market, it is worth taking note of Standard life (if only in the same way that it is hard to ignore a goat in your bathroom). Their product design and development will continue to be a benchmark for the retail pension market and a strong indicator of […]

Leeds & Holbeck Building Society – FTSE Linked Tessa Isa

Tuesday, 12th December 2000.Type: Capital protected Isa.Aim: Tax free growth linked to FTSE 100.Minimum-maximum investment: £100-£9,000.Investment choice: 100 per cent linked to FTSE 100.Term: Three years.Guarantee: Capital returned in full at end of term even if FTSE 100 falls.Return: Capital returned in full along with 27.5 per cent of original investment as long as FTSE […]

Training timetable

As I travel the country talking to IFAs about technology, there is one issue which always to seems to be at the top of any list of things that would make them make more use of the various new services being offered – training. During the last year, I believe we have seen a fundamental […]

IFA fined £40,000 by PIA

The PIA has fined Bucks-based Chequers Financial Services £40,000 for failing to observe high standards and fair dealing. In addition to the fine, the firm has been ordered to pay costs of £12,500 and reprimanded for compliance failure. The PIA took disciplinary actions because the firm failed to act with due skill, care and diligence, […]

Strong dollar can be a powerful driver of UK dividend growth in 2015

By Robin Geffen, fund manager and CEO 

This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar. 

In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.


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