The Tories say that Government threats of a U-turn on alternatively secured pensions are a ploy to bully IFAs into not selling the products and save Labour from having to scrap Asps.Speaking at a British Ban-kers’ Association and Cicero Consulting fringe event at the Conservative party conference in Bournemouth on Monday, Shadow Treasury Financial Secretary Mark Hoban said the Government had made “a huge mistake” over the issue. He said the Government had two years to think through the policy and knew from the outset that advisers would look to take advantage of A-Day legislation to benefit their client through offering an Asp. Hoban said Labour also knew it could not introduce a test act to say that you had to be a member of the Plymouth Brethren to access an Asp because of discrimination legislation so it should have easily foreseen the situation. The MP for Fareham said he would be raising questions with Treasury Economic Secretary Ed Balls when Parliament starts next week to get some more clarity for advisers and the industry on the subject. Hoban said this issue, along with last year’s residential property Sipp U-turn, had added to the unpredictability of the tax system, threatening stability and potentially acting as a barrier to UK competitiveness. He said the Tories supported the introduction of Asps and will continue to support them although the party wants to go further and scrap the obligation to buy an ann-uity at age 75 completely. Hoban said: “To threaten a U-turn now is a bit of a ploy because they are hoping that IFAs will not sell these products so they will not reach the position where they have to make a decision about scrapping Asps.”
The US equity arena has been the graveyard of many an aspiring fund manager. It is notoriously difficult to outperform the US equity market consistently – a fact to which many UK-based US equity managers can testify. The resulting shortage of supply often tempts US-based houses to come over to the UK to try and fill the gap.
McCarthy surprised many in the industry by seeming to morph into industry analyst Ned Cazalet while making a speech to pension industry leaders at Gleneagles. He called for urgent changes to the financial services distribution model, which he says is failing consumers, providers and advisers.
John Lewis Partnership is linking up with Friends Provident to sell term insurance direct to consumers over the phone and internet. Direct services company Greenbee was unveiled this week and will initially sell home, travel and events insurance but will be moving into the life sector next spring. This is the first major retail partner […]
Canada Life technical manager Peter Carter says three Finance Acts have failed to provide true simplification of the pension tax regime and many IFAs and consumers are still confused over its workings
By Ali Unwin, Chief Technology Officer & Fund Manager at Neptune Earnings season is noisy in the technology sector and a good quarter does not make a good investment. Numbers that come in marginally ahead or behind ‘market expectations’ are extrapolated to produce narratives showing the rise or fall of companies. Our job as technology […]
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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