Compulsion fails to win over public
Article Abstract:
The compulsory second-tier private pension has received an ill-response across a large majority of the UK population. Several peoples juries were set up around the country in order to obtain and hear what people had to say about the Green Paper proposed by the government. The results seemed to reveal an overall strong demand for a state pension; however, if a private pension was the way forward then the government should help to regulate them. The main concern which arose was from the increase in the average age of the population in the 21st century. Most agreed that the state pension as it is will not be sufficient to live off in the next century, but a private pension for those on low incomes may not be a solution to the situation. It is unlikely that these people could afford to put money aside on a regular basis, a compulsory second pension would not therefore help either. The way forward appears to be to encourage people from an early age to contemplate a pension. This should be done via education from IFA's and the media. It was also concluded that the pension for a single retired person should be reduced by GB 170-190 per week, and more tax and National Insurance should be payable to help boost the basic state pension.
Comment:
UK: Compulsory second-tier private pension receives ill-response across large majority of population
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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OFT wins support for benchmarking
Article Abstract:
The UK mortgage lending industry has been called upon to embrace benchmarked mortgages by the Office of Fair Trading's (OFT) Director General, John Bridgeman. In an effort to enable potential mortgage buyers to contrast loans, Mr Bridgeman believes that products should have the same set of fundamental features. Such moves could result in 1,200 mortgage products becoming available - 500 less than at present - together with the end of mandatory contents and home insurance. Mr Bridgeman, who was addressing a seminar of the Council of Mortgage Lenders earlier in June 1998, believes that benchmarking would emphasise low-cost delivery and therefore enhance industry efficiency.
Comment:
UK: Mortgage lending industry is called upon to embrace benchmarked mortgages by Office of Fair Trading's Director Gen
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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NU wins backing for long-term care solution
Article Abstract:
Elderly people needing residential care may be able to avoid selling their homes to raise funds if a partnership plan between the private and state sector for long term care goes ahead. The Royal Commission on Long Term Care is currently considering proposals from around 1,000 parties, including insurers and charities, to absolve individuals with assets above GB 16,000 from the first four years of costs. Currently, people over this limit need to pay for all their care.
Comment:
UK: Long Term Care commision plans to absolve individuals w/ assets above GBP16,000 from 4 years of costs
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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Comment about this article or add new information about this topic:
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