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Article: Why should IFAs subsidise the FSA pension scheme? (Letters to the Editor).(Letter to the Editor)
- Article from:
- Money Marketing
- Article date:
- July 3, 2003
CopyrightCOPYRIGHT 2003 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I recently read that our FSA fees are to include a new allowance to top up and subsidise the shortfall and under-funding in the PSA pension scheme.
I consider this an appalling use of my fees and vehemently oppose this proposal.
The ESA pension scheme, like many final-salary pension schemes, is short of money for four basic reasons -- the poor performance of the stock-market, lengthening mortality the high number of employees seeking and taking voluntary early retirement and Gordon Brown's tax on pension funds.
All four factors are totally beyond the control of most IFAs. Please do not get me wrong. I am not against ESA employees having a ...