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erranta

Insurance Industry Up The Swannee! 50,000 Jobs At Risk!

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Insurance VI's tell the government what will happen if they mess around with their cushy income!

The Association of British Insurers (ABI) said it supported the idea of automatic enrolment into pension schemes.

"But we don't need to create a new, expensive and risky state quango; we should use the expertise and infrastructure of our existing private sector to put this vision into effect," Stephen Haddrill, Director General of the ABI, said in a statement.

Translation

Squeal, squeal but we wont be able to charge our excessive 'up front' commission charges (which reduce your 'initial' couple of decades pension pot to nothing) and incremental yearly charges (for sending out a summary)

(I am sure there are many people on hpc who can expand on the above for others - if they so wish)

The life and pensions market generates around 87 billion pounds of sales a year, of which nearly half is pensions. Around 20 billion pounds of group pensions, the area most at risk from the Commission's proposals, are sold annually.

The life and pensions industry would expect to lose up to 30 percent of its revenue, putting up to 50,000 jobs at risk," Mark FitzPatrick, head of the insurance practice at Deloitte, said.

The badly veiled threat from 'big business' for upsetting their apple cart!

http://today.reuters.co.uk/news/newsArticl...NS-INSURERS.xml

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Maybe if they had been keeping their eye on the ball and not either stealing the nations pensions or ineffectively running their funds then this situation wouldnt have arisen.

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I'm with the ABI on this one... the last thing I want is teh blinkin govt. holding my pension pot. They'll fsk it right up and i'll die a pauper!

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I'm with the ABI on this one... the last thing I want is teh blinkin govt. holding my pension pot. They'll fsk it right up and i'll die a pauper!

Agreed. Thats why broadly I'm in favour of SIPPs.

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I'm with the ABI on this one... the last thing I want is teh blinkin govt. holding my pension pot. They'll fsk it right up and i'll die a pauper!

Insurance Industry - screw you while you save!

Screw you when it's time to cash in your 'hard earned' pot!

Annuity rates are based on long term gilt rates and therefore influenced by interest rates. With interest rates at their current level, annuity rates are currently at their lowest ever level.

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I'm with the ABI on this one... the last thing I want is teh blinkin govt. holding my pension pot. They'll fsk it right up and i'll die a pauper!

Alas, are private insurers THAT much better? My mum lost her pension in the Equitable Life debacle. She's in her early 50's, what is she supposed to do to make up the shortfall now?

UM

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Insurance VI's tell the government what will happen if they mess around with their cushy income!

Translation

Squeal, squeal but we wont be able to charge our excessive 'up front' commission charges (which reduce your 'initial' couple of decades pension pot to nothing) and incremental yearly charges (for sending out a summary)

(I am sure there are many people on hpc who can expand on the above for others - if they so wish)

The badly veiled threat from 'big business' for upsetting their apple cart!

http://today.reuters.co.uk/news/newsArticl...NS-INSURERS.xml

I really don't want these guys handling my money. Is it going to be ringfenced? before you know it ANOTHER GREAT IDEA is just going to become another private company subsidy (or was that always the idea)... and I have to pay for that as well? don't I pay enough tax???

They're right though. We don't need another government quango. What I would like is an independant not for profit company whose board had representation on my behalf (but then thats just cause it works in Australia).

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Insurance Industry - screw you while you save!

Screw you when it's time to cash in your 'hard earned' pot!

Oh come on Erranta this is old stuff.

No pension providers have charged up-front commissions for years. Average AMC is 1%. If the performance is sh*t you can move your money to one of 100's of other providers without penalty.

You can enter drawdown at 55 and generate your income from your investments. There is no "screwing" at retirement. Everybody gets 25% of the fund tax-free if they want the rest provides the income.

SIPPs (which have been around for over 15 years btw) let you pick and choose any fund manager/insurance company/OEIC/UT/IT etc.

This type of ignorance terrifies me and particularly today with the issue of the Turner Commission report.

No wonder the rich are getting richer (they maximise their pension contributions EVERY year) and the ill-informed aren't making any provision at all because of this sort of folkloric financial view. Sad.

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  • 334 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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