The Pensions Regulator coll-ected only two-thirds of levies in the last tax year.Its business plan for the next year shows that 29 per cent of firms did not pay their levies, amounting to £54m last year, and they will be chased up this year. A spokesman says: “We had collected over 71 per cent of levies due during 2005/06 by March 31, 2006, leaving £54m to be collected in 2006/07. “There are many different reasons why firms did not meet the date. For some, it has to do with being clear about calculations. But the amount of levies collected since the cut-off has risen.” Firms must by law pay levies to TPR, which collects various levies on behalf of the Work and Pensions Secretary and the Pension Protection Fund. The estimated general levy due for this financial year is £31.6m and the estimated PPF admin levy is £13.1m. The PPF may take over collection of pension protection levies for risk and scheme-based pensions from the TPR, which is expected to be £575m in 2006/07.
Brian Pitt and Stuart Aitken have joined Kensington Group to investigate key strategic opportunities presented by the specialist lending sector.
Families are being warned to begin estate planning earlier after this year’s Budget restricted to the nil-rate band the amount that can be gifted into a trust free of inheritance tax. Fund manager Way Group says thousands of families risk falling into the IHT trap by starting estate planning too late in life. Its research […]
Neil Woodford’s 5.7bn Invesco Perpetual high-income fund has regained its position at the top of Principal Investment Management’s “white list” of UK equity income funds. The Invesco Perpetual fund pushed Rathbone income, managed by Carl Stick, down into second place following Principal’s half-yearly update of its white list published last week. Jupiter income fund is […]
An FSA report says promotions in the general insurance and sub-prime mortgage sectors are still not up to scratch and need to be improved but the number of investment promotions which fell below the regulatory standard has fallen from 52 per cent in 2004 to 32 per cent in 2006. The report evaluated nearly 1,000 […]
Carmignac Portfolio Patrimoine is more than a fund, it’s a philosophy. Over the past 25 years, through a combination of journeys taken, lessons learned and the people we’ve met, our story continues to unfold. Whether old friends or new acquaintances, we look forward to enjoying the next chapter of the Patrimoine adventure with you. Click […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]