Could NEST & RDR combine to save the IFAs?

August 30, 2010 Tom Murray

Illustrate Plus Pensions Retail Distribution Review Life and Pensions Retail Distribution Review (RDR)

The government are under attack from the financial advice sector for two initiatives, both of which are reckoned to be damaging to the long term financial interest of the mass market. Firstly, soft compulsion is going to be used to enforce pension savings on the lower paid while secondly the Retail Distribution Review’s fee only regulations will remove the mass market from access to financial advice. So we have a truckload of new investors being unloaded into the middle of the investment jungle and the removal of their access to a man with a map.
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NEST’s contradictions leave taxpayers exposed

August 19, 2010 Tom Murray

Pensions Life and Pensions Coalition regulation NEST

The Coalition is currently reviewing the approach to pension reform kicked off by the previous government, in particular the personal accounts (NEST) programme. However, there is no sign that anyone directly in power is looking at the fundamental principles involved or how the flaw in the concept is going to undermine any chance of success.
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Inflexible systems restrict Insurers.

August 17, 2010 Tom Murray

Steve Webb Illustrate Plus Pensions Annuity Life and Pensions

The concept of treating customers fairly took a hammering last week as three major Insurers announced that they were unable to allow customers to continue in an unsecured pension until the age of 77, in line with the George Osborne’s June budget changes.
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A quick fix won’t defuse pension time bomb

August 11, 2010 Tom Murray

Steve Webb Pensions retirement age Life and Pensions SRA

The rush of governments to deal with the pension time bomb by taking actions such as raising the pension retirement age is understandable in the current scenario, but given time to reflect industry experts are starting to see the unintended consequences which make such a simplistic approach self-defeating.
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Solvency II: Calm before the storm

August 04, 2010 Tom Murray

White Papers Pensions Solvency 2 Life and Pensions regulation

The storm clouds are gathering quietly, darkening the horizon. And still we relax in the sun and let our cares drift away. But while we’re all unwinding at the beach, the earth moves on its inexorable course. Come September, when we get back to the office, the storm will be about to break.
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Kiwis show how to deliver using auto enrolment

July 27, 2010 Tom Murray

Pensions Life and Pensions KiwiSaver Ageing population Autoenrolment

Returning to last week’s subject of compulsory pension savings versus auto-enrolment, there is one great example of how a country can increase savings without having to resort to full compulsion.
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Soft compulsion won’t overcome hard objections to pensions.

July 20, 2010 Tom Murray

Illustrations Illustrate Plus Pensions Canada Life and Pensions

Here’s a question. What country has the best enrolment into pension schemes where they are not compulsory? The UK? The USA? Think again. It’s Canada with 73% enrolment, joint first with the Asia-Pacific region. The USA comes in at 47%, continental Europe at 45%, and the Latin America region hits 43%. The UK, frequently quoted as having the best pension savings culture trails in at 40%.[1]
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Exaxe joins ACORD Illustrations Working Group

July 12, 2010 Tom Murray

Pensions Vendor Selection Press releases IT Systems TX 111

Exaxe has accepted an invitation to join the ACORD Illustrations Working Group which is currently creating an implementation guide for TX 111, the Illustrations transaction. Tim O'Donnell will become the Exaxe representative on the working group.
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Cheers! Here’s to a secure old age.

July 07, 2010 Tom Murray

Pensions EU Green Paper EU Life and Pensions regulation

Diageo win the prize. The giant drinks firm, famous for its Guinness brand have come up with an ingenious way to top-up the deficit in its pension scheme. They’ve given the pension fund 2 million barrels of maturing whiskey from its Scottish distilleries.
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NEST review should mean radical changes

June 28, 2010 Tom Murray

Steve Webb White Papers Pensions Life and Pensions Coalition

The announcement today of a review of how best to support the introduction of auto-enrolment into workplace pensions by coalition Minister of Pensions Steve Webb gives a clear indication that the approach to personal accounts is about to be radically changed.
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