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Stakeholder cap may go says Darling

Social Security Secretary Alastair Darling has indicatated the Government is prepared to relent on its proposed one per cent stakeholder charging cap.

Darling said there was still room for change at a meeting of the Insurance Society of Edinburgh held last week.

He answered questions on the proposed one per cent charge, following a speech on stakeholder, telling the audience that one per cent it is not cast in stone and there is room for negotiation.

The Treasury announced in June that it was proposing the one per cent rmaximum annual management charge.

But the Liberal Democrats pensions spokesman Steve Webb believes the Government will have to be more flexible.

The move comes as the Conservative Party has stepped up the heat on Government financial services policy by announcing a &#34savings revolution&#34 and promising reform of &#34the Government&#39s botched Isa scheme&#34.

It also wants to cut tax on savings and set up an insurance scheme to fund long-term care for the elderly.

Insurance Society of Edinburgh president Penny Cooper who chaired the meeting says: &#34Most of the questions centred around the 1 per cent charge. He made it very clear that it was still negotiable.&#34

A DSS spokesman says: &#34It is not cast in stone. It is a consultation process and we will listen to what people say.&#34


Met probes commercial endowments

The FSA is helping the Metropolitan Police with an investigation intocommercial end- owment mortgage misselling.The regulator has confirmed for the first time it is co-operating with theMet&#39s fraud squad which is investigating allegations of investment productmisselling of endowments on commercial financing deals.Both say the investigation is into specific allegations and is not part ofa widespread […]

Government publishes final piece in stakeholder jigsaw

The Government put in to place the final pieces of its stakeholder jigsaw yesterday with the publication of its fifth pensions consultation paper.The paper outlines the new rules which will permit parallel holding of personal pensions, money purchase occupational schemes as well as stakeholder pensions.The plans will allow individuals to save up to £3,600 a […]

Paymaster wins contract to administer Seeboard&#39s outsourced pension scheme

Hogg Robinson subsidiary Paymaster has won the contract to administer the pension scheme of regional utilities supplier Seeboard.The southern based electrical and gas company has awarded Paymaster a five year outsourcing contract to administer its final salary scheme for its current members and pensioners.The scheme has 2,700 active members, 1,800 deferred members and 6,000 pensioners.Paymaster […]

&#39High street banks offer poor value for money&#39

Leading high-street banks are being accused of offering products which are“appalling value for money”.Which?, the magazine for the Consumers&#39 Association, analysed mortgage,investment and insurance products offered by eight leading high-streetplayers and found they were all guilty of cross-selling poor- valueproducts across the range.The report, which featured Abbey National, Barclays, First Direct, HSBC,Lloyds TSB, NatWest, Royal […]

Qatar cover image - thumbnail

White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.


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