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Turner report changes are set for 2010

The Government says 2010 will see the next major change to the pension landscape after A-Day with the implementation of the findings of the Turner Report.

In a newspaper interview last week, pensions minister Stephen Timms said a consultation document on proposed reforms will be published next spring, just months after the publication of the Turner Report in November.

Initial legislation is then expected by the end of the year with the subject to be inclu- ded in the 2006 Queen’s Speech. A draft bill could then be in place by 2007, for royal assent in 2010, the target Timms has set for bringing in the changes. He said: “2010 is when the state pension age starts to rise for women and I hope changes are in place by then.”

Cicero Consulting director Iain Anderson says he expects the changes to be on the same scale as those brought in by A-day. He says in the run-up to next April, advisers should keep in mind the fact that a further set of changes is due just four years later, especially those advisers dealing with workplace advice.

Scottish Life head of pensions strategy Steve Bee says Timms’ comments indicate at least a further five years of pension turmoil. He says: “Given that we are just about to come to the end of a prolonged per- iod of uncertainty and change for pensions in the UK, with retrospective changes to the tax legislation on pensions coming into force next year, I wonder if it would be good time for us to have a bit of a breather?”


Millfield sells stake in Lifetime for 9m

Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, meaning NU now owns 97 per cent of the platform.A deferred payment of up to an extra 6m could also be paid over the next four and a half years depending the achievement of certain targets.Millfield says the […]

Bankruptcies at record high

Personal bankruptcies have hit record levels, according to Department of Trade and Industry figures, In the three months to June, 15,394 individuals declared bankruptcy, an increase of 12 per cent on the previous three months and up by 37 per cent on the same period last year.

19% Sales rise for Skandia

Skandia has posted 19 per cent growth in sales in the first six months of this year with a business total of 301m. This brings its assets under management to a new high of 23bn. The company achieved 43 per cent growth last year.

Park Row picks L&G for panel

Legal & General has been appointed to Park Row’s mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.


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