The Government has issued a consultation paper that would allow savers to self-invest protected rights funds.
Consumers must currently invest protected rights, pension funds built up from National Insurance rebates when contracting-out of the state second pension, in insured funds, bank deposits or mutual funds such as OEICs. However, providers such as Suffolk Life have got round the issue as they hold a life company within their groups. The proposed changes would come into force next October and allow people complete freedom to invest directly, such as in shares and commercial property. Andrew Tully, marketing technical manager at Standard Life, says: "Much of the money currently locked up in p...
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