NEWS IN BRIEF

Fund groups will be able to offer standalone low-cost pension schemes under proposals in a private members bill laid before Parliament on 28 October. Conservative MP Malcolm Rifkind's savings and retirement account (Sara) proposals are aimed at creating a transparent pension arrangement that operates similarly to Isas and CTFs, allowing fund groups to use existing adminstration platforms. It would also allow pure fund houses to offer personal pensions and group personal pensions without having to have a life office attached to the product. The Sara is the industry's most recent attempt to c...