View more on these topics

Tory MP makes fourth bid for annuity reform

The latest bid to end compulsory annuity purchase started last week with the first reading of a private member&#39s bill from Conservative MP Adrian Flook.

The bill is the fourth attempt to change the law on annuities in as many years following attempts by Tory MPs Sir John Butterfill, David Currie and Edward Garnier.

The latest move has cross-party support, with former welfare reform minister Frank Field and Liberal Democrat work and pensions spokesman Steve Webb both backing the Bill, together with the proposers of the three previous bills and Conservative MP Andrew Lansley.

The bill, which has the support of pressure group the Retirement Income Reform Campaign, will get its second reading on March 26.

Flook intends to base his Bill on Garnier&#39s bill, – a refinement of Currie&#39s Bill – requiring individuals to buy an annuity sufficient to keep them off state benefits.

Like Garnier and Currie&#39s bills, Flook wants the abolition of underwriting annuities on the grounds of gender which in the past has been supported by of a number of backbench Labour MPs, including Jeremy Corbyn.

Flook says: “I want to take the debate away from Whitehall and the Treasury and put it in the public domain to democratise it.

“We have to accept that this will not affect a huge amount of people but there is a principle here. This is about putting the emphasis back on to choice for the individual.”

Retirement Income Reform Campaign director Dr Oonagh McDonald says: “This is the fourth Bill we have supported on annuity reform since 2000. Surely the Government must listen to the ever-growing demands for reform.”


WP policyholders will get windfalls, says Cizdyn

Standard Life&#39s with-profits policyholders will get substantial windfalls in the likely event that it demutualises, according to insurance analyst Roman Cizdyn. Unlike Ned Cazalet, who says there will be no windfall bonanza, Commerzbank analyst Cizdyn believes policyholders &#45 especially those in Standard&#39s with-profits fund &#45 will see substantial windfalls from any demutualisation. But he does […]

Skipton Building Society – Flexible 10 Year Fixed Rate Mortgage

Type: Flexible fixed-rate mortgage with discount Discounted term: Until March 31, 2005 Discount:0.25% Payable rate: 5.99% Fixed term: Until March 31, 2014 Fixed rate: 6.24% Minimum loan: £5,000 Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% […]

Chelsea chooses GMAC-RFC for sub-prime offerings

The Chelsea Building Society is now have sub-prime mortgage offerings for customers falling outside its lending criteria. It is using &#39non-conforming&#39 products from GMAC-RFC.The firm says the decision to introduce customers to GMAC-RFC was taken after lengthy research of the non-conforming lending market, following a number of approaches from different lenders.It says the agreement with […]

Direct Life aiming for principal status as it starts network

Direct Life and Pension Services is to seek principal status from the FSA as it starts a mortgage and insurance network. Sales and marketing director Richard Verdin says the new venture, Enable, will offer all the regular network services including a mortgage club and free mortgage sourcing, plus access to products from leading UK insurers, […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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 thought leadership.

    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