LV= income protection 'improved' by Finance News Bulletin
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Published: 24/11/07
These will make products easier to understand and more attractive to customers and their financial advisers, it saidNew skin of LV='s enhanced products, which have before won awards for excellence, comprise attractive rates for teachers and dentistsMore than half of rule premiums for guaranteed combined life and critical illness have been cutLV='s head of go-between marketing strategy Justin Harper said: "These improvements show our continuing commitment to make our defense solutions even more attractive, easy to get to and simple
"Richard Eagling, editor of asset, life & pensions at Moneyfacts described LV= as "the head in the income protection market"The company won Best Income Protection Provider at the 2007 asset, Life & Pensions Moneyfacts awardsOverall LV= appeared on the select for five categories in
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Cabinet 'row' over pension rescue - Published:17/12/07
Campaigners have claimed that ministers are blocking plans to give more assist to workers who have lost their pensionsThe government actuary was asked to examine sources of funding which could boost the Financial Assistance SchemeThe Pensions act Group believes he has found enough money to give workers 90% of their lost pension, but says the prime priest will not agreeThe government said it was still to come for the final report and would respond "in due route"The Financial Assistance Scheme (FAS) was introduced to help an predictable 125,000 workers whose firms' pension schemes misshapen before the Pension Protection Fund (PPF) was established in 2005The administration has announced various changes to the way the FAS mechanism since it was first designed, but it remains considerably less generous than the PPFIt pays out 80% of a employee's "core pension", and is not indexed It does not pay anything until the worker is 65, in spite of of the scheme's pension ageCritical reports from the Parliamentary Ombudsman and the Public Affairs choose Committee have called on the government to get better its termsIn March, the government actuary, Sir Andrew Young, was asked to examine the best way to use the possessions left in failed company pension schemes with the aim of creation the FAS more generousHis final account was promised before the end of the year, and the government agreed to match any additional savings he identified, in adding to the £15bn it has already committedPensions Action Group campaigner Ros Altmann supposed she understood Sir Andrew has now found enough money to increase the FAS to PPF levelsShe believes the desk of State for Pensions Peter Hain wants to issue his findings this week but that he is being prevented from responsibility so by the prime minister and the chancellorShe called on the government to put an end to what she called the UK's "worst pension disgrace""After the instant rescue of Northern astound savers, at a potential cost of billions of pounds to the taxpayer, the continued delay in settling the pension wind-ups disgrace is totally inexcusable," she supposed"Sadly, it seems Gordon Brown and Alistair Darling are unable of doing so and this lack of integrity and compassion has led to a bitter row within cupboard"The Department for Work and Pensions (DWP) said ministers were still to come for a last version of Sir Andrew's report, which was expected "shortly""Andrew Young was asked to examine ways of by the remaining assets in FAS pensions schemes more effectively for the benefit of those who have lost their pensions," said a DWP oratorAnnuity reform Women 1 Women 2 Pension rights Divorce Work pensions Lump sums Pension Credit ice-covered pensions Shortfalls Overseas pension Small pensions duty and pensions Pension repair Made simpleState retirement fund With-profits Final salary Money purchase Annuities Serps State.
Read More: Cabinet 'Row' Over Pension Rescue >>Pensions 'not better than ISAs' - Published:12/12/07
Millions of Britons could be better or evenly well off investing in an Individual investments Account (ISA) rather than a pension, a account has saidThe account from website Everyinvestorcouk goes against many experts' view that pensions are best because aid enjoy duty reliefHowever, the report said that the fact that pension income was taxed in retirement negated the tax releaseBut critics branded the report "superficial" and optional that the case for ISAs over pensions was being played-upEveryinvestor compared the qualities of saving in an ISA with a personal retirement fund, where there were no contributions from an employerIt used the example of two basic rate tax payers each causal the after-tax relief equal of £200 per month, one into an ISA and the other into a personal pensionThey (Everyinvestor) have assumed the most excellent case for the ISA and worst for the retirement fund and this undermines the researchHowever, when the retirement fund fund was second-hand to buy an annuity - a retirement income for existence - it was roughly equivalent to what the ISA saver could make through keeping their money invested in an account paying 45% interestFor example, once a pension finance is second-hand to buy an annuity it becomes, in effect, the possessions of the annuity provider and not the saver"Given these figures it is no surprise that usual pension saving continues to refuse," said Chris Gilchrist, Everyinvestor spokesmanBut Tom McPhail, head of pensions investigate at Hargreaves Lansdown, described the Everyinvestor report as "superficial""They have assumed the most excellent case for the ISA and most horrible for the pension and this undermines the research," Mr McPhail said"ISAs give more short word flexibility but pensions give you a tax advantage even for essential rate.
Read More: Pensions 'Not Better Than Isas' >>Railway pension commission - Published:28/03/07
Employers and trade unions in the rail manufacturing have agreed to set up an independent commission to resolve its retirement fund problemsThe idea arose after rail unions voted previous this year to strike in protest over plans to make big increases in their members' retirement fund contributionsSince privatisation the industry's retirement fund scheme has become fragmented, with more than 100 separate sectionsLast year a regular valuation of the scheme exposed that two-thirds of the sections had deficitsAs a result, plans were put onward that in many cases would have compulsory members to make senior contributions or have a slower build up of pension entitlementIn some cases, pension contributions would have left up to more than 10%, and in one container 185%, of staff salariesThe unions received a "all right" vote in an industry-wide ballot for industrial action in May that would have led to the first national railway strike since the General hit of 1926At the time, the unions - the RMT, ASLEF, TSSA and CSEU - said the industry's retirement fund arrangements were in disaster and demanded that contribution increases scheduled for July should be haltedMichele Lewis, pensions officer of the TUC, supposed: "They have been asked to come up with some solutions that are a long term, sustainable, arrangement"John Armitt, leader executive of Network Rail, welcomed the thought on behalf of railway employers"This commission provides a genuine opportunity to make progress in tackling the issues concerned in providing affordable, good value pensions across the rail manufacturing," he said"We look forward to considering the Commission's findings, and to working with the deal unions, as we seek ways of securing long-term retirement fund provision for people in the manufacturing," Mr Armitt addedThe chair of the commission will be Jeannie Drake, a full-time official with the message Workers UnionShe sat for nearly three years on the administration's own Pensions charge, led by Lord Turner, which published its last report earlier this yearThe two other members are Bryn Davies, an actuary chosen by the unions, and Peter Thompson, an actuary nominated by the employerspension reform Women 1 Women 2 Pension rights Divorce Work pensions bump sums Pension Credit ice-covered pensions Shortfalls Overseas pension Small pensions Tax and pensions Pension repair Made simpleState pension With-profits Final salary Money buy.
Read More: Railway Pension Commission >>