LV= launches fixed-term annuity By Money Marketing  08-Feb-2010 12:20 PM
Product with flexibility to challenge Living Time.

L&G enhances corporate platform By Money Marketing  03-Feb-2010 05:00 PM
The WorkSave platform, which currently offers employees a group Sipp and from March a group regular contribution Isa, will be adding the EFRBS for high-net worth employees.

Standard Life sees Sipp inflows fall 28% By Money Marketing  03-Feb-2010 09:00 AM
The firm cites lower average market levels over the year as impacting incoming transfer values, which it says continue to represent the majority of new business.

Friends Provident scraps MVRs By Money Marketing  29-Jan-2010 05:00 PM
In its with-profits announcement today, Friends says it reviewed its MVRs actively over 2009 to reflect changing investment conditions and has now decided to remove the charge from all policies except pensions which have a guaranteed regular bonus of 4 per cent.

FSCS announces new chief executive By Fund Strategy  29-Jan-2010 12:00 PM
Neale, who is the former director general of HM Treasury for budget tax and welfare, takes up the post in May succeeding Loretta Minghella who led the organisation for five years.

SSAS clients face tax shock By Money Marketing  28-Jan-2010 12:30 PM
Ssas clients with unallocated funds could be hit with a 20 per cent tax charge if they allocate more than £20,000 to their pension in the next year under the Government’s anti-forestalling measures, or 30 per cent thereafter.

Standard is slammed with £2.4m fine for fund failings By Money Marketing  28-Jan-2010 12:00 PM
Standard Life has been fined £2.45m by the FSA for inappropriately marketing its pension sterling fund to risk-averse investors and failing to adequately investigate complaints.

Axa exits enhanced annuities due to Solvency II fears By Money Marketing  28-Jan-2010 12:00 PM
Axa is pulling out of the enhanced annuity market, claiming that Solvency II will red- uce the attractiveness of annuities for product providers and customers.

Skandia launches with-profits analysis tool By Money Marketing  28-Jan-2010 09:00 AM
The With-Profits Analyser gives advisers an overview of each with-profits fund on the market, with data from Cazalet Consulting, including the asset allocation and annual gross returns of underlying assets.

PBR stealth tax will hit DB savers By Money Marketing  28-Jan-2010 09:00 AM
Currently, the amount accrued to a pension in any given year is multiplied by 10 to determine whether it exceeds the annual allowance, which at present is £245,000, and tax is payable.

Aegon works on wrap launch By Fund Strategy  27-Jan-2010 05:00 PM
Australian-based GBST rebranded its technology arm Infocomp to operate under the firm’s global name in August last year and the provider currently powers the Novia and Macquarie wraps in Britain.

Lawrence Churchill named Nest chair By Money Marketing  26-Jan-2010 05:00 PM
Churchill will assume the role of chair designate from February 1st and take on the full responsibilities of chair of the Nest Corporation on July 5th, when it is established. He will receive £97,500 annual remuneration.

Standard Life holds with-profits bonuses and cuts MVRs By Money Marketing  26-Jan-2010 12:00 PM
But the firm has cut most of its market value reductions.

£8bn to exit with-profit market by 2012, says Skandia By Money Marketing  25-Jan-2010 12:00 PM
Research by the investment firm has concluded that hundreds of thousands of investors could take advantage of MVR-free spot guarantees available over next three years to exit with-profit bonds.

Grey day for Newton and Standard Life By Fund Strategy  25-Jan-2010 09:00 AM
The £2.7 billion Newton Higher Income and the £837m Standard Life UK Equity Higher Income funds have both been demoted to the grey list with four new names being added to what is now a 14-strong white list of funds.

Partha Dasgupta appointed TPAS chairman By Money Marketing  21-Jan-2010 05:00 PM
Dasgupta, who replaces outgoing chair Margaret Snowdon, will remain in the role for three years.

£500M transferred to Qrops By Money Marketing  21-Jan-2010 09:00 AM
Almost £500m of UK pension funds were transferred to qualifying recognised overseas pension schemes in the first two years after A-Day, according to figures obtained by AJ Bell.

Axa pulls enhanced annuity due to Solvency II fears By Money Marketing  20-Jan-2010 12:00 PM
Axa began pilotting a product in the enhanced space, which is dominated by the likes of Just Retirement, Partnership and Canada Life, two years ago.

Aegon to delist from Tokyo stock exchange By Money Marketing  18-Jan-2010 12:00 AM
Aegon will make an application to delist its common shares from the Tokyo Stock Exchange.Aegon says the volume of Aegon shares traded on the Tokyo Stock Exchange is negligible and does not justify the related expenses.Aegon shares will co...

Hornbuckle Mitchell closes London office By Money Marketing  15-Jan-2010 12:00 AM
Hornbuckle says no staff are being forced to take redundancy, although if they do not wish to relocate redundancy is an option.Managing director Dave White said while the firm is not reducing staff numbers, the relocation could result in a “smal...

Local Govt Pension Scheme could face £60bn deficit By Money Marketing  15-Jan-2010 12:00 AM
Freedom of Information requests made to pension fund managers in charge of the pensions of county, unitary, district and borough councils in England and Wales show that 83 out of 87 were in deficit at their last official valuation in 2007.Since ...

NPI team aiming to claw back overpaid commission By Money Marketing  14-Jan-2010 12:00 AM
The firm closed to new business in 2003 but a spokeswoman says: “We have identified a couple of incidents where commission has been overpaid to IFAs. In accordance with our standard IFA terms of business, we are seeking to recover overpaid commission.”...

Standard Life set for return to paying pension commission By Money Marketing  14-Jan-2010 12:00 AM
The company stopped paying initial commission on both pension products in 2004 but it is understood it is to backtrack on the decision.
A Standard Life spokesman says: “We continually review the market and while we have said in the past tha...

1st - The Exchange enhances annuity platform service By Money Marketing  13-Jan-2010 12:00 AM
Clients’ personal details, including smoker status, lifestyle factors and any medical issues are now collected at the beginning of the business process via a dedicated annuitant section on the Exweb system.The new service also enables users to q...

Aviva reduces with-profit income rates for new business By Money Marketing  12-Jan-2010 12:00 AM
In a with-profits bonus rate update today, Aviva says it has reduced with-profit income rates for new business from 3.25 per cent to 2.50 per cent.Ex-CGNU policies have also been reduced by 0.5 per cent to bring the guarantees on these policies ...

DWP scraps auto-enrolment certification rules By Money Marketing  12-Jan-2010 12:00 AM
The DWP published its final response to consultation on workplace pension reform this week, but has admitted that it must rework rules for alternative DC schemes with the help of stakeholders and the pensions industry.A spokesman says: “Reaction...

'FSA takes huge risk with GPP factoring ban' By Money Marketing  07-Jan-2010 12:00 AM
In its paper on delivering the retail distribution review, the FSA replaced arranger charging with consultancy charging, rejected factoring on GPPs and proposed a ban on commission on investment products linked to occupational schemes.The FSA sa...

Saga draws up demanding manifesto for government By Money Marketing  07-Jan-2010 12:00 AM
The manifesto outlines six demands which Saga wishes to push through government in a bid to create a fairer society for the over 50s, including an end to the compulsory retirement age.Demands include the abolition of ageism, greater retirement f...

Personal accounts renamed National Employment Savings Trust By Money Marketing  07-Jan-2010 12:00 AM

Police probe pension case By Money Marketing  07-Jan-2010 12:00 AM
Police have launched a fraud investigation concerning for- mer Rowanmoor Pensions joint managing director David Seaton who died last year.A probe is being carried out into allegations that the firm was defrauded of £1.6m between 2001 and 2005. S...

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