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Split state pension plan to reward carers

Club Vita longevity consultant Steve Baxter says the Government should consider rewarding people who raise children or care for the elderly with a split state pension system.

Baxter co-authored a recent report outlining policy options to cope with rising life expectancy. It proposes a state benefit system with a basic “universal” payment supported by a modest “reward” top-up which recogni-ses economic activity. He says the basic element should be set at a low rate, potentially below £140.

He says: “The reward element would encourage people to do things that society would think are productive and useful, including caring for the elderly, child-rearing and any other things that people should receive credit for.”

Baxter denies that a split state pension would introduce too much complexity.

He says: “I think we have got to strike a balance here. We want a system that is as simple as possible but that is also fit for purpose and reflects the needs of the individual. The confusion lies in the multitude of historic benefits that are out there.”


Pensions Regulator appoints Bill Galvin as chief executive

The Pensions Regulator has confirmed the appointment of Bill Galvin as its permanent chief executive. Galvin has been acting chief executive at the regulator since May 2010, following the departure of Tony Hobman to the Consumer Financial Education Body. Galvin says: “Workplace pensions are hugely important to the dignity in retirement of many millions of […]


UK inflation rises to 3.7 per cent

The UK consumer prices index has risen to 3.7 per cent in December, its highest rate in eight months, according to the Office for National Statistics. The rate is up from 3.3 per cent in November 2010, while the retail prices index rose from 4.7 per cent to 4.8 per cent. The hike comes amid […]


FSCS bill exposes regulatory inefficiency

Two weeks ago, towards the end of my column, I referred to the legal challenge taking place against the Financial Services Compensation Scheme’s decision to classify Keydata Investment Services as an investment intermediary. I argued that despite the high risk of losing, Aifa should have backed the challenge on principle. As we saw last week, […]


FSA fines Barclays £7.7m for advice failings

The FSA has fined Barclays £7.7m for failures relating to the sale of the Aviva global balanced income fund and the global cautious income fund, which were first exposed by Money Marketing in April 2009. The FSA says Barclays is facing a further compensation bill of up to £42m on top of the £17m it […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


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