MD Pension Solutions urges brokers to react to Tory state retirement plans

In a keynote speech to the Conservative Party Conference in Manchester shadow chancellor George Osborne outlined plans to raise the state retirement age, up to 10 years earlier than planned by the current government. If elected, the Tories will look at raising the pension age for men to 66 from 2016 to cut debts and pay for linking pension rises to earnings. They have also not ruled out raising women's state pension age to 66 but say doing so by 2016 is "out of the question".

Bringing the move forward would result in many more people – especially those aged between 49 and 50 - having to work a year longer before qualifying for a state pension. MD Pension Solutions believes that regardless of which party wins the next election mortgage brokers can play an important role in ensuring that their clients get good quality retirement advice – bearing in mind it looks increasingly likely state pensions will not start when previously planned.

MD Pension Solutions recently launched specialising in personal pension transfers but is also experienced in annuities, SIPPS and regular contribution plans in addition to a raft of other offerings. It will also pay 1.5% of the transfer amount to the broker and 11% of the first year’s contributions on a regular plan.

The pensions specialist is fully FSA regulated and operates to the strictest of professional standards. The senior management have many years experience in the intermediary market and fully understand what is required in relation to service, commission and transparency. The FSA’s TCF ethos is fully embraced within all aspects of the proposition. Processes have been specifically designed to not only adhere to TCF guidelines but also to ensure they are at the very heart of company.

MD Pension Solutions’ client customer service charter highlights its commitment to offering every client an exceptional service irrespective of whether they actually transact business. Clients will only receive advice from qualified advisers – whose minimum standard qualification is full FPC, however, it is also in a position to offer advice from team members with full AFPC including G60.

Mark Clinton, director at MD Pension Solutions, commented: “Due to the increasing budget deficit benefits of all types will be under pressure, whoever wins the next election. State pensions will fall into this category and this announcement from the Conservatives may be just the first step. It is vital that consumers get advice to ensure they have a happy and prosperous retirement and the first step should be to review their existing pensions. Mortgage brokers can help facilitate this course of action by introducing their clients to a reputable pension’s advisory firm whilst reaping the benefits of a decent referral fee.”