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Webb slams Government over failure to provide accurate pension wind-up figures

Liberal Democrat work and pensions spokesman Steve Webb has slammed the Government for failing to produce accurate figures to assess the scale of the problem of pension scheme wind-ups.

Speaking at the Opposition half day debate on pensions Webb used estimates from independent consultant Ros Altmann and the Pensions Action Group that indicate there are around 60,000 victims of pension wind-ups and that compensating them would cost around £100m a year until the Pension Protection Fund kicks in.

Work and Pensions Secretary Andrew Smith conceded the figure for the number of pensioners and workers affected &#39seemed to be on the right scale.&#39

Webb says: “There are estimates. We are not arguing about a blank cheque here. We know the broad order of magnitude. It is not impossible. So are we in principal willing to sign up to the Early Day Motion 200? These workers need more than just sympathy.”


FSA releases long-awaited Menu

The FSA has today released the long-awaited Menu for pricing financial services products. Under the FSA&#39s new proposals, advisers will give all consumers buying retail investment products, such as pensions, life assurance and unit trusts, a guide entitled “A guide to the cost of our services” at the start of any advice-giving situation with a […]

Cazalet says Standard Life is a one-off case

Standard Life&#39s recent experiences meeting the FSA&#39s new realistic solvency regime will be exceptional in the life sector, with other players only needing to finetune, according to independent insurance analyst Ned Cazalet. In a report on life company financial strength and new business, Cazalet says other firms are likely to be involved in only “tweaking […]

Growing season for Axa IM

Axa Investment Managers&#39 new retail chief Simon Ellis says the group&#39s recent fund launches mark the start of a concerted effort to bring to market products and services to suit IFAs&#39 needs. Ellis, who recently became head of UK retail and multi-manager after leaving Henderson Global Investors, says the corporate bond fund and two multi-manager […]

Menu to be branded Key Facts

The Menu will carry the Key Facts logo and is entitled &#39Key Facts: A Guide to the Cost of Our Services&#39, the FSA has revealed. Advisers will be obliged to hand it out to consumers at the beginning of the process alongside the Initial Disclosure Document explaining what time of advice they are permitted to […]


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