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Webb backs Napf on foundation pension

Pensions minister Steve Webb has slated the state pension system as “hopelessly inadequate” and hailed the National Association of Pension Funds’ idea of a foundation pension.

Speaking at a fringe event at the Liberal Democrat conference in Liverpool last week, Webb said it is essential that the Government simplifies the state pension and ensures the system is more efficient.

He said: “The key is getting what the state does right and in my view what the state does at the moment is hopelessly inadequate.
“What has got to be right in terms of direction of travel is there has got to be a single, ideally simple, state pension, where people know what they are going to get.”

Webb said the NAPF’s idea of a foundation pension is the right direction. The NAPF wants the Government to combine the basic state pension and the second state pension to create a simple state pension paying £8,000 a year. It says this would give pensioners £25 a week in additional income and lift two million people out of means-tested benefits.

NAPF chief executive Joanne Segars said: “Combining together the basic state pension, the second state pension and all the other stuff into the single simple state pension, which we have called the foundation pension, would give people a foundation on which to build other savings for retirement.

“We also want to see better lighter-touch regulation for employers who do run schemes. It is astonishing that over 800 pieces of legislation on pensions alone have been passed since 1995 – that is about one a week. And we need to make sure the tax system incentivises people to save into a pension.”


Liontrust appoints Mark Allpress as head of retail distribution

Liontrust has appointed Mark Allpress as head of retail distribution. Alpress joins on September 30 having previously worked at Old Mutual Asset Management where he was also head of retail distribution. Allpress was made redundant earlier this year. He was also sales director at BNY Mellon from January 2000 to August 2008. Liontrust recently announced […]

‘Certify schemes to cut the prospect of levelling down’

Legal & General wants the Government to rubber-stamp existing corporate pension schemes to reduce the likelihood of employers cutting their pension contributions in line with Nest. L&G pensions strategy director Adrian Boulding told delegates at the Personal Finance Society annual conference in Coventry last week that the Government is facing the prospect of employers levelling […]


FSCS to pay out on Lifemark claims

Advisers are facing another large Financial Services Compensation Scheme levy after the scheme decided that Keydata Lifemark investors are eligible for compensation. A statement from the FSCS today says: “Following our investigations to learn more about the way in which Keydata promoted the Lifemark-backed bonds, and the products themselves, investors will be pleased to know […]

Premier shuts Euro fund as range is restructured

Premier is restructuring its fund range, including eight name changes, a change of mandate and the closure of its European growth fund.The changes will be implemented on October 31 pending an EGM on October 15. The £3.8m Premier European growth fund is being closed and clients will have their assets merged into the £7.1m Premier […]


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