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White Paper is set to free protected rights

Suffolk Life sales and mark-eting director John Moret believes the Government’s White Paper on pensions could finally lift the restrictions on protected rights.

The White Paper, which says there will be a Government review of pension regulation, says restrictions on changes to accrued rights will be reassessed, potentially allowing protected rights to be held within a Sipp.

The review forms part of the Department for Work and Pensions’ simplification programme of pension rules, to be published this year.

The DWP amended regulations so that from A-Day, an arrangement such as a Sipp could be held within a wrapper of an appropriate scheme without invalidating the scheme’s contracting-out certificate.

But the market expressed disappointment at the failure to allow Sipps to hold protected rights.

Moret says: “This could provide a further boost to Sipp- type propositions as an aggregation/consolidation vehicle.

“The proposed consultation on the reform or removal of restrictions on investment of protected rights is to be welcomed. This paves the way for protected rights to be allowed into a Sipp. I cannot think what else the review could mean to do other than this.”

A DWP spokesman says: “The Government will be looking at ways to remove, merge or simplify many of the layers of legal requirements introduced in the 1995 Pensions Act.”


Moves to double broker business by 2008

Woolwich plans to double its business through intermediaries by 2008 following an internal review. The Barclays-owned firm has reviewed its business model after Barclays chief executive John Varley admitted that its performance in the mortgage market had not been good enough this year. Woolwich says it wants to increase its volume of intermediary business from […]

Standard win demutualisation vote by a landslide

Standard Life policyholders have voted overwhelmingly for demutualisation, securing 98 per cent of member votes for the resolution.Of all the votes cast, 1,545,314 voted yes while 32,474, only 2 per cent, voted no. This marks the end of Standard Life’s 81 year-old history as a mutual.The resolution was verified at the special general meeting held […]

‘Failure to address public-sector inequality’

The Government cannot claim to have introduced fair and sustainable pension reform without addressing the inequalities of public-sector pensions, say Opposition parties. Tory Shadow Work and Pensions Secretary Philip Hammond told Parliament that the Government must reopen the public-sector debate as a future Tory Government will not be bound by legislation that leaves the issue […]

UK leads the way in liability driven pensions

The UK is one of the four European countries leading the way in using liability-driven investment strategies for pension schemes according to a new survey.Research conducted by JP Morgan Asset Management across Europe has found that a fifth – 19 per cent – of pension schemes are currently using a LDI strategy. A further 29 […]

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


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