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Rooney on the attack as Tories set annuity goal

The work and pensions select committee chairman has slammed the Conservatives for calling for an end to forced annuitisation and putting pressure on the Asp issue, describing their stance as a “charade”.

Speaking at the ABI Savers Summit last week, Labour MP Terry Rooney said the Tories did not end forced annuitisation when in power and it is an “easy path to go down” for an opposition party.

Rooney told delegates that ending forced annuitisation was a “seductive” argument but there are huge barriers with regard to inheritance tax and tax relief changes that would have to be made.

The Tories have tabled a number of private member bills to end forced annuitisation and have been committed to the change since 1998.

Tory Shadow Chancellor George Osborne told a Pima conference earlier this month a Tory Government would overhaul annuity rules.

Rooney said: “You have to chuckle about what the Tories are saying now, yet they knew about this issue for 18 years when they were in Government and could have done something, but did not.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “The pension landscape has changed so much in 10 years. The Tories introduced pension drawdown and I believe an end to forced annuitisation would have been next.”


Something in the City

The New Star UK property trust has bought the UK headquarters of rival Jupiter’s parent group Commerzbank. John Duffield-owned New Star paid £146m for the building on Gracechurch Street in the City of London. Duffield sold Jupiter to the German banking giant in 2000, making £200m, then success-fully sued the new owners for wrongful dismissal. […]

Ferguson won’t be rash on property as he holds on to cash

Scottish Widows Investment Partnership property fund manager Gerry Ferguson has a higher than normal cash weighting of 10 per cent, as he will not be rushed into buying poor-value assets.Ferguson, and Cazenove multi-manager diversity fund manager Mark Harries, speaking on Asset TV, agreed that the explosion in interest in property meant that too many fund […]

Nationwide in ‘new customers only’ U-turn

Nationwide has ended its policy of offering exactly the same deals to new and existing customers.In communications sent to brokers this morning, the lender, famous for its ‘new customers only’ ads, reveals it is changing its range from December 1 so offers on remortgaging, deal-switching and further advances are more expensive than those for house […]

‘PTA needs clearer explanation’ has accused providers and advisers of not explaining pension term assurance. Its research found that only 21 per cent of people with life cover would consider switching to a PTA policy.

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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