View more on these topics

TUC stake plan offers five funds

The Trades Union Cong-ress&#39s stakeholder plan will offer the choice of two fund managers and five funds with free switching.

The plan, which was officially launched last week at the TUC annual conference in Glasgow, has been developed in partnership with Prudential and Standard Life Investments. It is one of the first stakeholder schemes to be announced by a major organisation.

The scheme has a 0.85 per cent annual charge. Minimum contribution is £10 a month.

Investors can choose to invest in three funds from the Pru – lifestyle, cash and tracker – or two funds run by Standard Life Investments – the ethical and UK aggressive equity growth funds.

The lifestyle fund serves as a default investment option and if an investor does not choose a specific fund, contributions are automatically credited to the fund.

A board of trustees will be established to ensure members&#39 interests are protected. The scheme will be aimed at TUC members but will be available to all workers.

The TUC will also be offering an Isa aimed at encouraging young people to save and will include the option to shift into stakeholder at a later date. Other benefits include income protection and life insurance options.

Prudential group chief executive Jonathan Bloomer says: “The portability of the scheme is one of the strong-est features. If people are unhappy with who is managing, they can simply switch the fund manager.”

TUC senior pensions officer Joanne Segars says: “The prime motivation is to offer everyone access to a decent pension scheme.”


Consolidated life

Life office mergers are increasing the workload for IFAs as they are left to mop up the mess of name changes and old policies.Takeovers and demutualisations have led to a drop in communication standards and an increase in client confusion, according to many IFAs. But the general feeling is that a narrowing marketplace could benefit […]

Petrol shortage leaves IFAs running on empty

IFA firms have suffered losses running into tens of thousands of pounds following the petrol crisis which swept the country last week.IFAs claim to have been hit hard by the fuel shortage, with clients unable to reach their offices and IFAs having to cancel home visits.Many firms predict they will never be able to recoup […]

Portillo slams IFAs&#39 burden

IFAs are over-regulated and overtaxed, according to Shadow Chancellor Michael Portillo.Speaking at the IFP annual conference , Portillo slammed what he described as a burden to the expansion of financial services in this country.He said the Opposition still has a number of disagreements with the Government over the Financial Services and Markets Act, which gives […]

Fund firms fight fee hike to pay for S&P&#39s free ratings for IFAs

Top fund managers are resisting moves by Standard & Poor&#39s to raise their fees as part of plans to offer fund research to IFAs free of charge.Schroder is one of a group of fund managers currently locked in negotiations with S&P. Schroder director of client services Robin Stoakley says: “Obviously, negotiations between any firm and […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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