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Tories to consult IFAs on whether its pension will work

The Conservatives are looking to consult with IFAs and other financial services exp erts to see if the party&#39s proposed alternative pension policy is workable.

The Tories are establishing a committee led by Lord Blackwell, former head of ex-Prime Minister John Maj or&#39s 10 Downing Street Policy Unit, to consult the industry on the party&#39s proposals to allow people under the age of 30 to opt out of the basic state pension scheme.

Shadow Social Security Secretary David Willetts says that, for the policy to work, people would need to seek advice on whether it is in their best interests to opt out and this is why the Tories are eager to hear IFAs&#39 views.

The other members of the committee include ING Bar ings Charterhouse director of economics Richard Jeffrey, Institute of Directors head of the policy unit Ruth Lea and independent consultant and former NatWest executive Joanne Hindle.

Blackwell says issues such as the actuarial basis of the proposals, the macro-economic effect and the practicalities for the industry all need to be discussed.

Consultation will start immediately and a report is expected by February.

Lord Blackwell says: “We want to engage in a discussion with people involved in the industry. We will deal with the content and substance of the proposals.”

Willetts says: “The key to our proposals is simplicity and not reinventing the wheel. We are not trying to invent new pension vehicles. We think the best thing is for the industry to design pensions vehicles.”

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