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Tisa calls for DWP to allow auto-enrollment into GPPs now

Tisa has joined Standard Life in calling for the Government to allow auto-enrollment into group personal pensions before 2012.

The DWP confirmed last week that the European Commission has allowed auto-enrollment into these schemes from 2012, in line with reforms set out in the Pensions Bill, but not before.

But Tisa says the Government should define GPPs in a way consistent with the agreement achieved with the European Commission by making a small amendment in the current Pensions Bill. This would allow employers operating workplace pension schemes to choose auto-enrollment, leaving staff free to opt out if they choose.

Tisa says the extra four years of saving would increase the employee’s pension pot by as much as 25 per cent.

Director general Tony Vine-Lott says: “Nearly five million people are not taking advantage of working for a company that offers a workplace pension. This move could play a pivotal role in getting more people benefiting from saving now, rather than having to wait until 2012.”

Director of Portfolio & Retirement Planning Malcolm Small says: “The Government’s success with the European Commission means that there is now no good reason to delay the benefits of auto enrolment, one of their key pension reforms, until 2012.”


Yield results

The overall aim is to allow investors to compare fund yields on a like-for-like basis, helping them understand what yields show and how they are calculated and giving information about the dist-ributions they might receive from funds.

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Pointon York global economist Roger Nightingale says it is inevitable that the retirement age will have to rise to cope with the aging population.

HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]


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