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Standard wants protection cover for NPSS

Standard Life has suggested auto-enrolling people into a life insurance policy as they enter the NPSS to address the “criminal” lack of protection for many low-paid employees.

Speaking at a fringe event at the Labour Party conference in Manchester last week, chief executive Trevor Matthews said a similar scheme worked in Australia when pension compulsion was introduced, with a contribution added for protection cover.

Matthews said the protection industry in the UK was fiercely competitive, producing better value than anywhere else in the world, and there was no reason why such a scheme would not work here.

He said the Government and the industry need to come up with new ideas to tackle the low level of protection coverage, which he blames on the demise of the Man from the Pru-type direct salesforces.

Matthews defended his firm against Treasury select committee chairman John McFall, who attacked the amount of recycled money entering Standard Life’s self-invested personal pension after A-Day.

He said the industry had to take responsibility for its actions but in this case, the consumer was being offered new opportunities and flexibility and so the business should not be seen as traditional churning.

Matthews said: “It is absolutely criminal that there is not better protection coverage for lower-paid people in this country.”


Interest rates held at 4.75 per cent

The Bank of England has decided to hold interest rates at 4.75 per cent for the second month in a row.It follows the decision in August to raise the base rate by 0.25 per cent from the 4.5 per cent figure which had stood for a year.Abbey chief economist Barry Naisbitt says: “It is widely […]

Network Data triples profits

Network Data has more than tripled profits for the first half of this year to £880,000 from £268,000 in the same period last year.

Pole position

The Lansons Public Affairs party at the Labour conference almost provided Treasury Chief Secretary Stephen Timms (left) with a sore head but, strangely for an encounter with Lansons, it had nothing to do with too many glasses of champagne. As Timms was leaving, he was so busy saying his goodbyes to the great and good […]

Zurich launches discretionary discounted gift trust

Zurich’s investment arm Sterling has launched a new trust giving investors more choice and flexibility on inheritance tax planning.The group says the Sterling Discretionary Discounted Gift Trust (DDGT) has been introduced in response to recent changes in the taxation of some trusts.Changes to the beneficiary can be made at any time during the trust period, […]


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