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07/03/2007 - Davy rallies IFAs to Join Bee’s Petition

SimplyBiz Chairman Ken Davy has urged advisers to join Steve Bee’s Downing Street petition in an e-mail sent to Simply Biz Member Firms across the country.

Bee, Head of Pensions Strategy at Scottish Life, has launched an e-petition on the 10 Downing Street website to try and ensure that the new National Pensions Savings Scheme Act is scrapped unless it can first be guaranteed that every pound saved in the scheme will make savers at least one pound better-off than non-savers.

The Government is proposing a new National Pensions Savings Scheme (also known as Personal Accounts) into which millions of employees will be auto-enrolled from 2012 onwards.

Davy has advised “This new scheme will be put in place with the current system of means-tested benefits for pensioners left largely in place. The mass provision of means-tested benefits for retired people will make the NPSS unsuitable for millions of people in the workforce.

He continues, “Under the proposals in the Pensions Bill one in every three people are likely to be in receipt of means-tested support in retirement with each pound of pension savings only yielding sixty pence worth of value. That is essentially a tax of 40% on the least well off for saving.”

Like Steve, I believe these proposals would reinforce a serious social injustice and I urge all advisers to support his petition and encourage as others to do the same.”

Pensions Technical Manager Keeley Makin commented: “following the e-mail I have visited the e-petition website and am delighted to see the names of numerous Simply Biz advisers. From telephone calls and e-mails the support from our Member Firms for Steve Bee’s petition has been very encouraging”.

To add your signature to the petition type in the following address into your web browser http://petitions.pm.gov.uk/ProperPensions/ , the deadline to sign is 20th April 2007.

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07/03/2007 - Davy rallies IFAs to Join Bee’s Petition