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‘Set aside politics to give NPSS 20 years’

The pension debate needs to be depoliticised if Lord Tuner’s NPSS is to survive long enough to improve pension saving, warned ABI director general Stephen Haddrill.

Speaking during a panel debate at the IEA conference, Haddrill said if the NPSS is to last 20 years, party politics must be set aside and the policy backed by consensus.

Legal & General pensions strategy director Adrian Boulding said it is likely to take 20 years for the NPSS to reach break-even and he questioned the likelihood of this happening .

Impact Plus director (insurance & investments) Ian Ackerley said the average duration for a pension policy is seven to eight years. As a result, it is unlikely that NPSS will last long enough to pull itself out of its long period of deficit.

Consensus that the NPSS will remain in the red for 20 years is based on Lord Turner’s assumptions that set-up costs will weigh in at 90 a head, with 25 admin costs per person a year and 0.3 per cent annual charges for savers.

Haddrill said: “We have to depoliticise the pension debate. Quite simply, whatever version of NPSS we end up with, it has to last for at least 20 years.”


Action group bid in Sesame file fight

A former Sesame member is looking to set up an ex-members’ action group after the network refused him access to his client files to help him fight a complaint. Hartlepool-based Independent Financial Services principal Jim Gillespie is calling on former and retired members to band together and pressure Sesame into allowing them to access their […]

Skandia seeks top 10 ideas for funds

Skandia Investment Management is set to launch a global best ideas fund this summer, which the group says will aim to take the 10 best ideas from 10 of the world’s top fund managers and put them into a single fund.

Tantrums over TCF

A few weeks ago, I suggested that paranoia is a key personality trait among IFAs. My comments stung quite a few of you into emailing me on the subject, with some of the responses weirder than the role played by Gene Hackman in the 1970s’ film The Conversation, where he appears as a surveillance expert who refuses to buy a phone and will not tell his girlfriend his real age or what he does for a living.

FTSE back below 6,000 as concerns rise over dollar

The FTSE 100 suffered its worst one-day drop in three years on Friday, losing 2.2 per cent to fall by nearly 130 points to 5,912. The decline mirrored falls in the US, Europe and Far East following uncertainty over US interest rates, a weak dollar and concerns over commodity prices. The losses have been exacerbated […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


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