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Tories attack £5,000 Personal Accounts cap

The Tories have warned that setting a £5,000 limit on Personal Account contributions risks ‘backdoor nationalisation’ of occupational pension provision.
The Conservatives say the limit risks diverting funds from current occupational schemes as the £5,000 maximum cap is the equivalent to the yearly pot accrued by an individual earning £37,000 a year and making average contributions to a defined occupational scheme.
Shadow Work and Pensions Secretary Philip Hammond says a change to the limit of £3,000 a year proposed by Turner risks wrecking the current consensus over pensions that currently exists between the three main Parties.
Hammond says: “Personal Accounts were supposed to be targeted at those on average and lower incomes and any increase in their scope could lead to a backdoor nationalisation of occupational pension provision.”
Gordon Brown has already raided £100bn from pension funds since 1997 and last week introduced a new stealth tax to prevent pension funds being passed onto children. Now we have yet another attack on occupational pension saving.”


ABI says Consumers lose out through claims firms

Consumers get a better deal complaining direct rather than using claims management companies, according to research from the ABI.The FSA produced data yesterday showing the industry has now paid out £2.7bn in redress to over 1.8 million customers.The ABI says data shows individual complaining through a CMC typically receive around £1,400 once CMCs received their […]

Fidelity welcomes White Paper but warns crucial work is still to come

Fidelity has welcomed the Personal Accounts White Paper for recognising the potential impact on employer sponsored schemes and leaving open the availability of choice, but says much work remains.It says it is pleased the Government has heeded calls for the test of what constitutes a good employer scheme to be simple and certain to limit […]

ABI gives in to pressure on CI cover for cancers

The ABI has bowed to pre-ssure from Swiss Re and changed its statement of best practice on critical-illness insurance for two types of cancer.In light of medical evidence from Swiss Re which suggests that the two cancers may be malignant in some cases, the ABI has decided that the rare conditions will now be covered […]

A pain in the neck

An MM hack impressed Skandia with his organisational skills by managing to lose his Eurostar tickets on a pre-Christmas jolly to Paris.After getting everyone else involved in the hunt for them, he realised that he must have inadvertently swapped his lunch menu for the tickets.This resulted in a messy search through the canteen bins until […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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