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The final insult on pension compensation

Ros Altmann was quoted in The Times recently as saying: “Inaccurate and woolly statements by Government agencies incorrectly led members to believe pension contributions were safe in their final salary schemes. The Government must compensate victims of this maladministration in full to right this terrible wrong;” If contributions were not safe in final-salary schemes, why were insurance companies and IFAs punished so severely for advising clients to leave such schemes?

If the Government is forced to compensate members of final-salary schemes, then surely they should compensate insurance companies and IFAs as well. Of course, this will never happen.

Will there be a client who has been compensated by an IFA and reinstated into his final-salary scheme, who then loses out because his employer goes bust, who then looks for compensation from the Government because the guaranteed benefits of the final-salary scheme turn out not to be guaranteed after all?

George Farnan,

Comer and Farnan, Sunderland


Rents rise in seven regions

The Paragon Mortgages September buy-to-let index reveals rents increased in seven UK regions. Rental incomes in both the North West and East Anglia rose by over 3 per cent to £7,009 and £8,854 respectively. Overall, rents were almost unchanged nationally, standing in August at £9.524 compared with £9,598 in July. Property values have also risen […]

C&G launch two fixed-rate bonds

Cheltenham & Gloucester is launching two fixed-rate bonds from September 27. Customers will be able to invest from £500 in a one year fixed rate bond paying 5 per cent per year gross / AER until November 30 2005. The second option is for a two year fixed rate bond paying 5.25 per cent per […]

Wesleyan widens business to IFAs

Wesleyan Assurance is entering the broader IFA market offering its with-profits and unit-linked investment products to a select group of IFAs. The move will see the life office, which has traditionally distributed its products direct or through its own medical specialist IFA business, sell its funds through up to 10 national IFAs. The accounts will […]

OECD calls for UK rethink on means&#39 testing

The Government&#39s policies on means-tested benefits will damage incentives to work and save, according to the OECD. In a report entitled, Ageing & Employment Policies in the UK, the OECD says the Government&#39s policies on means&#39 testing have to change to avoid the risk of “a pronounced slowdown in economic growth”. The OECD says the […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]


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