View more on these topics

Wells Street Journal: Mystery MP tries to escape ‘most generous pension scheme in the world’

George Osborne’s pension revolution has certainly been a hit with the public, so far at least. But it seems MPs are also keen to get in on the act and not leave all the Lamborghini-inspired fun to the unwashed masses.

One was so desperate to prove his commitment to reform they approached Wingate Financial Planning chartered financial planner Alistair Cunningham to ask about the best way to abandon one of the world’s most generous final salary pension schemes in favour of a new-fangled flexible pension. 

Luckily for the foolhardy MP, Cunningham persuaded him that an inflation-linked pension underwritten by future generations of taxpayers was a benefit worth keeping hold of.

Like any good adviser, Cunningham was steadfast in his refusal to reveal even the most minor personal details of his client. However, WSJ has a few theories as to the politician’s identity. Perhaps he is a Tory keen to prove how easy it will be to singlehandedly manage a pot of cash over 40 years of volatile investment markets. 

Or maybe it’s a Labour member planning to prove the Government’s folly by blowing the cash on a lifetime chocolate cottage they’ll have to sleep in when their real house gets repossessed.

Could the mystery member be the coalition’s own pensions minister Steve Webb mystery shopping the adviser community? WSJ likes to think Webb plans to leave the public sector to set up the kind of collective defined contribution scheme he’s so keen employers support. If so, he may have a long wait until signing up a second member.

Recommended

Jennifer Gilchrist

Taking better care of your clients

How can you convince people to keep coming back to you for advice? Making sure they realise the extra value you can offer is key, so it makes sense to look closely at the added-value services on offer in the protection market. Most providers include something extra in their plans — not just a claim payout. […]

2015: a divergence in economic policy?

As the US continues to confound growth expectations and the eurozone’s ‘will they, won’t they’ saga has finally concluded, what are the implications for global markets? James Dowey, Neptune’s chief economist, puts forward his outlook for 2015 and the key considerations for investors.

Johnson
2

Govt urged to default savers into deferred annuities

Influential think-tank the Centre for Policy Studies says the Government should launch a default retirement solution to stop people running down their savings too soon in the wake of the Budget reforms. Under the proposal, 55-year-olds’ pension pots would be defaulted into an inflation-linked pension, essentially an extension of auto-enrolment, known as “auto-protection”. Report author […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. It should not be san advice issue. Instead to bring MPs [nearer] to the common man/women’s world (as the TV series has shown they don’t) the scheme should be closed to new members and replaced with a money purchase scheme with the same rules as everyone else and the same should apply to judges and all others given special treatment.

Leave a comment

Close

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

Email: customerservices@moneymarketing.com