The Tories have warned the Government that their position on pension reform is “consensus with limits” and urgent work is required to address their concerns.At a Scottish Widows and Age Concern fringe event, Shadow pensions minister Nigel Waterson Waterson said: “We are in consensus mode for the right reasons. But it is consensus with limits, we are not going to sign up to a system which we think will not work, will not be fair and will not deliver improvements.” He said there are major philosophical differences between the Tories and the Government over the role of the state through means-testing and public sector pensions. Waterson said the Government’s refusal to revisit public sector pensions risked creating “two nations” of workers and would undermine private sector attempts at reforms. He said the issue of advice on personal accounts is unresolved and he is concerned about some responses to the DWP consultation on dealing with suitability problems. The Tories will be pressing the Government on levelling down, how extra jobs will be created for people working longer and worries over who will deliver the infrastructure for personal accounts.
IFAs must break away from the more traditional focus on spreading pension arrangements and consolidate their clients’ pension pots before vesting funds, says Hargreaves Lansdown head of pensions research Tom McPhail. He told delegates at the round table that a wrinkle in A-Day rules makes it imposs- ible for clients with more than one pension […]
The FSA says reading its guidance will save firms time and effort when preparing for regulatory changes.
Former Invesco Perpetual chief executive Mike Webb is making a comeback after a two-year break from the industry to join Hermes Pension Management. Webb, who headed distribution at Invesco after stints with GT and Prolific, returns in a similar role at Hermes. Hargreaves Lansdown head of research Mark Dampier says: “Mike Webb knows the retail […]
‘Consumers with lower levels of financial literacy had difficulties with KFI’
by Debra Corey, group reward director Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]