View more on these topics

Tories want assurance on means test

The Tories say they will not vote for pension personal accounts unless the issues of means-testing and ensuring light-touch regulation are dealt with.

In an interview with the Financial Times this week, Shadow Work and Pensions Secretary Chris Grayling says the Government must counter the damage that means-testing could do to the scheme.

He says: “The reality is that unless the Government structures personal accounts in a way that eliminates the problem, there will be some people who save for retirement in the accounts who will not derive any benefit or only a marginal benefit from doing so.”

He says if large numbers of people opt out of personal accounts due to media attention on the means test “it will limp to the end of the runway in the same way that stakeholder pensions did and not take off and we will be back to where we started seven or eight years ago”.

A bill to introduce personal accounts was announced in the Queen’s Speech this week.

In an interview with Money Marketing at the Conservative conference in Blackpool, Grayling said a Conservative Government would be forced to make drastic changes to personal accounts due to the means test and it was up to the Government to propose a solution.


Which? slams direct sellers over marketing gimmicks

Which? has hit out at direct insurance providers that are using marketing gimmicks such as cashback deals or bonus loyalty points in an attempt to lure customers.Tesco announced last week that consumers who buy its level or decreasing term life insurance products will get 2,000 bonus Clubcard points, which can knock £20 off their Tesco […]

Canada Life says employers should offer group income protection in light of welfare reforms

Canada Life is urging employers to offer group income protection as an employee benefit in light of the Government’s welfare reform bill, due to be introduced this month. The reform will replace the existing incapacity benefit with employment support allowance, which could result in many people receiving lower benefits.Canada Life group legislation manager Howard Rayner […]

Dumble to leave Aegon after 30 years

Aegon director of risk and regulation Graham Dumble is leaving the firm after 30 years.Dumble joined Scottish Equitable in 1977 and was managing director of Aegon’s life and pensions business division from 1999 until October 2005.He moved to head its risk and regulation team, also responsible for industry affairs, legal and property, following a restructure […]

Connect Mortgage Group plans to double in size in 2008

Mortgage outsourcing company Connect Mortgage Group says it is looking to double in size over the next 12 months by acquiring struggling packagers and small networks.The firm says it has already more than doubled in size during 2007 and is on target to do £1.4bn in lending.It says that its target for 2008 is to […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm