Money Marketing
Helen Pow Editorial

Helen joined Money Marketing in September 2006 as features writer, after studying journalism in Perth, Australia. She soon moved on to cover protection and politics on the news desk and in November 2008, took up the life and pensions patch. Helen won pensions reporter of the year at the Headlinemoney Awards in both 2009 and 2010.

Relief squeeze hits wide range of staff

2 September 2010

The Government’s proposals to restrict tax relief on pensions are inflexible and will hit ordinary workers not just high-earners, warns Mercer.
ABI talks with Government over DB ban

26 Aug 2010

ABI to clarify position on why it is seeking a ban on DB to DC transfers from April 2012.
Lower annual allowance is advisers' choice over relief cut

26 Aug 2010

Advisers would prefer to keep pension tax relief at the marginal rate and have a lower annual allowance.
Aegon hires Aberdeen's Bell for asset management role

26 Aug 2010

Aegon Asset Management has appointed Andrew Bell as head of European product and marketing.
Govt cracking down with tough line on Omo

25 Aug 2010

Mark Hoban gives industry ultimatum over OMO access, Govt has a “serious appetite for wholesale reform”.
FSA fines SocGen £1.57m

25 Aug 2010

The regulator says the firm’s London branch failed to provide it with accurate transaction reports.
Advisers say transfer ban will be disaster

19 Aug 2010

Advisers hit out at Government plans to stop the majority of people from transferring from DB to DC.
Ex-Life Trust chief looks to buy up firms

19 Aug 2010

Andy Briscoe has secured private equity backing to fund acquisitions, potentially in the distribution space.
GI sale could leave Aviva vulnerable

19 Aug 2010

Fitch says Avia’s life business would be vulnerable to a takeover and Solvency II risks if it sold its general insurance arm.
Pension firms struggling to deliver annuity change by April

19 Aug 2010

Suffolk Life marketing director John Moret says pension providers will struggle to update their systems to implement permanent changes to annuity legislation by the April 2011 deadline.
Ascentric launches Qrops on platform

19 Aug 2010

Ascentric has launched the MC Trustees Qrops on its platform.
Buoyant Standard plans fund developments

19 August 2010

Standard Life is to launch a new fund proposition, encompassing a guided fund range and a range of risk-based funds.
Losses for adviser firms as Aegon profits rise 25%

19 August 2010

Positive Solutions and Origen continued to run at a loss in the second quarter this year although parent company Aegon has reported a 25 per cent increase in underlying earnings before tax.
Private providers can't fill Nest gap warns ABI

19 August 2010

The Association of British Insurers says it is unlikely that providers could fill the gap if the National Employment Savings Trust does not go ahead, even if auto-enrolment parameters were restricted.
Pru chief says UK is still heart of the business

19 August 2010

Prudential insists it is not in talks with any companies looking to snap up its UK business, adding that the arm continues to be core to the group.
L&G shares rise on Zurich bid rumours

18 Aug 2010

Shares in Legal & General rise after rumours that Zurich Financial may be preparing a bid for the insurer.
Three quarters of adults have no IFA

18 Aug 2010

More than three quarters of consumers have no financial adviser and 86 per cent of UK adults have no written financial plan for retirement, according to Sun Life Financial of Canada.
Aviva shares jump after talk of Axa bid

17 Aug 2010

Axa linked with Aviva bid following insurer’s rejection of RSA bid for its GI arm.
Fair Investment in Omo tie up with Annuity Team

17 Aug 2010

Fair Investment Company has partnered with The Annuity Team to offer its customers a new open market option annuity service.
Sesame Bankhall reports £2m profit

17 Aug 2010

The Sesame Bankhall Group has reported operating profits of £2m for the first six months of 2010 compared to an equivalent loss of £2m for the same period last year.
ABI says industry unlikely to fill Nest gap

13 Aug 2010

Trade body says even if auto-enrolment parameters were adjusted it is unlikely the private sector could replace Nest.
L&G wants a high bar for flexible drawdown

12 Aug 2010

Aviva and L&G call the Government to set the minimum income for flexible drawdown at a level well above means-testing to stop people falling back on the state.
Projection rates are pension nightmare

12 Aug 2010

1.5% difference between providers’ mid-market rate for same fund, following FSA clampdown on projection rates.
Schemes fail TPR Omo test

12 Aug 2010

The Pensions Regulator has forced six DC pension schemes to rewrite their retirement literature after failing to highlight the open market option adequately to members.
DWP to ban DB-DC transfers

12 Aug 2010

The Government is to stop the majority of people from transferring out of final-salary pensions into DC schemes from April 2012.
Toby Strauss

12 Aug 2010

Aviva UK’s life and pensions chief executive Toby Strauss has helped to revive the company’s wrap and is now busy assessing the Government’s new pension proposals with an eye to filling the Nest gap.
Systems block age 75 change

12 Aug 2010

Legal & General, Prudential and Scottish Widows all refusing to change their systems claiming the Govt’s interim Budget move was unrealistic.
Advisers still at the core as Aviva adds bank deals

12 August 2010

Aviva has insisted the IFA sector remains its “heartland” despite two new distribution deals with banks last week.
New chief Evans sure Axa is on right course

12 August 2010

Former chief executive of Axa Life Paul Evans says he will continue with the firm’s existing strategy as he succeeds Nicolas Moreau as chief executive of Axa UK.
Positive Solutions and Origen post further losses

12 Aug 2010

Aegon’s distribution businesses post losses of £2m for the second quarter but the insurer has reported a 25 per cent jump in earnings.
Just Retirement sales jump 33% to £1bn

9 Aug 2010

Just Retirement has reported a 33 per cent increase in annuity and equity release business to £1bn for the 12 months to June 30.
Barclays warns Govt against breaking up banks

6 Aug 2010

Barclays executives have warned the Government that breaking up its universal banking structure could force it to move abroad.
HMRC guidance clarifies VAT fee stance

6 Aug 2010

The ABI and HMRC have reiterated that VAT is only payable on advice, not on the sale of a product, in new guidance.
Old Mutual profits jump after 145% increase in UK platform sales

6 Aug 2010

The firm also announces the sale of its US life business for £220m.
Advisers say Euro comparison on pension fees is misleading

5 Aug 2010

Advisers slam study claiming that UK pension savers are being hit by huge charges compared with their European counterparts.
'Switch from DB before CPI move'

5 Aug 2010

Experts warn those planning to transfer out of final-salary schems to do so while valuations are still being calculated under RPI.
Treasury plan would slash DB benefits

5 Aug 2010

Members of final-salary pension schemes could see the benefits they can build up slashed by a third as a result of Government reform plans on annual allowances.
Scheme pensions on rise

5 Aug 2010

Talbot & Muir says it has seen a rise in scheme pension enquiries since the Government announced plans to extend unsecured pensions beyond age 75.
Qrops hit by Australian tax change

5 Aug 2010

Australian government has abolished foreign investment fund regime.
Talks on private sector replacing Nest

5 Aug 2010

The Government is talking to providers about the possibility of scrapping Nest and asking the private sector to fill the gap.
Aviva profits up 31% as it renegotiates RBS tie-up

5 Aug 2010

Aviva renegotiated joint venture to distribute protection and pension products through RBS, as it reports a 31 per cent increase in profits for the first half of 2010.
Default retirement age set for scrapheap

5 August 2010

The Government plans to scrap the default retirement age from October next year.
Pensions Regulator hires NAPF director of policy

5 Aug 2010

TPR has appointed NAPF’s Nigel Peaple as head of corporate and international affairs.
Pittaccio raises £20k in tour de force

5 August 2010

Get an Eiffel: Mark Pittaccio celebrates a towering achieve ment in Paris after ‘suffering in paradise’
Zurich first half profits fall 10%

5 Aug 2010

Zurich reports a 10 per cent drop in business operating profit to £1.43bn for the first six months of 2010.
FTSE 100 firms make record contributions to DB schemes

4 Aug 2010

FTSE 100 companies boosted their annual spending on final salary pension schemes to £17.5bn last year, up from £11.7bn in 2008.
L&G records £583m profit and boosts dividend

4 Aug 2010

L&G recorded a profit before tax of £583m for the first half of 2010, a significant improvement on the £1bn loss made during H1 2009.
End public sector pension contracting out subsidy

3 Aug 2010

Pensions expert Ros Altmann calls on John Hutton to look at reforming contracting out as part of his public sector pension review.
Hodge Lifetime MD Jon King leaves the firm

3 Aug 2010

Hodge Lifetime managing director Jon King is leaving the firm amid a restructuring of its equity release business.
Northern Rock's "bad-bank" returns to profit

3 Aug 2010

But the so called “good-bank” recorded a loss of £142.6m for the first half of the year.
Annual allowance changes could slash DB benefits

2 Aug 2010

Members of final salary schemes could see the annual benefits they are able to build up slashed by a third, says Towers Watson.
Osborne: We will not tolerate banks piling pressure on small firms

2 Aug 2010

Chancellor warns banks must increase lending to small firms while Ed Miliband says Labour must become a small business champion.
Prudential set to lift dividend

2 Aug 2010

Prudential is expected to lift its dividend by 5 per cent in a bid to make peace with investors after its failed £22bn aquisition of AIA.
CPI pension link puts block on transfer values

29 Jul 2010

Public sector workers are currently unable to get a transfer value on their pension.
Axa systems cannot handle age rule change

29 July 2010

Axa says it will allow Elevate PIA and Winterthur customers who turned 75 on or after the Budget to stay in unsecured pension, although system problems mean they cannot take income.
Coalition plans annual allowance

29 July 2010

The Government is proposing an annual allowance for pension contributions of £40,000 and suggests this could be indexed in the long term.
Concern over gaps in regulation proposals

29 July 2010

Aifa has urged the Government to set out statutory objectives for the Consumer Protection and Markets Authority to oversee savings, pension and protection gaps.
CPMA and PRA will come under NAO scrutiny

29 July 2010

The Consumer Protection and Markets Authority and the Prudential Regulation Authority will be subject to audit by the National Audit Office.
HMRC wants disclosure of new IHT avoidance schemes

29 July 2010

The Government has proposed widening the disclosure of tax avoidance regime to include inheritance tax by requiring providers to disclose “new and innovative” schemes.
Sanders heads Lighthouse employee benefits arm

29 July 2010

Lighthouse Group has appoin-ted Roger Sanders as managing director of the firm’s employee benefits division.
Small Business Practitioner Panel given statutory status

29 July 2010

The Small Business Practitioner Panel has been given statutory status, joining the Consumer Panel and the Practitioner Panel.
Small firms slam Govt's "crippling" plan to scrap retirement age

29 Jul 2010

The Forum of Private Business says the plans will prove “highly damaging” to small firms and open the door to costly employment tribunals.
Mercer warns on Govt annual allowance proposals

28 Jul 2010

Firm criticises proposals for not exempting early retirement and redundancy and says marginal rate relief should be retained.
Royal London protection sales plunge

28 Jul 2010

Half year sales fall 21 per cent and 17 per cent for Bright Grey and Scottish Provident respecitively but Royal London insists it is committed to protection.
Govt proposes £40k annual allowance

26 Jul 2010

The Government has proposed an annual allowance for pension contributions of £40,000 and suggested it could be indexed.
New IHT schemes to be included in tax avoidance regime

26 Jul 2010

Government to widen disclosure of tax avoidance regime to include inheritance tax by requiring providers to disclose “new and innovative” schemes.
20 Firms on Options but turn-round stays at 11 days

15 Jul 2010

ABI figures show Omo transfer times have not improved.
FSA annuity tables update by 2011

15 Jul 2010

The Money Made Clear annuity tables are finally set for an overhaul to include postcode annuities.
Axa systems cannot handle age-75 rule change

15 Jul 2010

Elevate PIA and Winterthur customers who turned 75 on or after the Budget cannot take income in USP.
IPS wants return of 75% Sipp property borrowing

15 Jul 2010

Sipp provider lobbies Govt to revert Sipp borrowing rules to allow 75 per cent of commercial property investment value.
Rockingham suspends sales after FSA visit

15 July 2010

Rockingham Retirement has taken down its website and temporarily closed its advice arm to new business after the FSA suggested it conduct a full review of its systems and controls during a recent visit.
Rockingham suspends adviser sales after FSA visit

14 Jul 2010

Firm shuts website and temporarily closes advice arm to new business after the regulator suggests a review of systems and controls.
TPR chair warns of box-ticking on transfer incentives

13 Jul 2010

David Norgrove has warned against “box-ticking” in a crackdown on transfer incentives for occupational pension schemes.
Partnership launches care fees mortgage

12 Jul 2010

Partnership has launched a new lending product in a bid to help people pay for care without having to sell their home.
ABI Omo transfers stuck at 11 days

9 Jul 2010

Omo transfers using the Options system remained 11 calender days in Q1 2010, although pension to pension transfer times dropped to 10 days.
Hornbuckle Mitchell appoints finance director

9 Jul 2010

Hornbuckle Mitchell has appointed George McGrady as finance director.
Xafinity snaps up PwC pension admin services

9 Jul 2010

Xafinity has bought PwC’s UK trustee pension scheme actuary, trustee investment consulting and scheme administration client business.
PosSol writing to partners' clients affected by business review

8 Jul 2010

Positive Solutions is contacting clients of partners affected by the past business review that KPMG has been conducting at the firm.
'Nest deficit will be £280m by launch'

8 Jul 2010

Nest will have racked up a deficit of around £280m by launch in October 2012, according to Standard Life.
Revenue retreats to axe drawdown transfer charge

8 Jul 2010

HM Revenue & Customs is removing the unauthorised payment charge on drawdown to drawdown transfers between age 50 and 55.
Rockingham raises Rita risk rating

8 Jul 2010

Rockingham Retirement has increased the risk rating on its Rita Sipp and has confirmed that the FSA has looked into the product as part of its review of traded life settlements.
Axa Wealth set for variable annuity test run with IFAs

8 July 2010

Kellard: ‘Variables fill gap’
CPI link for private pensions labelled stealth cut

8 Jul 2010

The Government is set to index private sector pension increases to CPI in a move consumer groups claim is a “stealth cut” on pensions.
Equitable picks Black Rock to boost returns

8 July 2010

Equitable Life has appointed BlackRock to provide investment and risk management services for its 400,000 policyholders and group scheme members.
Pada deputy was paid £85k for a day a week

8 July 2010

National employment savings trust chief executive Tim Jones and former Personal Accounts Delivery Authority acting chair Jeannie Drake both feature on a rich list of civil servants and senior quango staff earning more than £150,000 a year.
PwC Keydata fees total £6.6m

8 Jul 2010

PricewaterhouseCoopers has racked up more than £6.6m in Keydata fees since the firm went into administration last summer.
EU approves cap on bankers' bonuses

7 Jul 2010

The European Parliament has approved strict new rules on bankers’ bonuses.
Three new firms join Succession

7 Jul 2010

Simon Chamberlain’s latest venture has signed up 30 member firms since launching a year ago.
Equitable hires BlackRock in investment deal

5 Jul 2010

Equitable Life hires BlackRock to provide investment and risk management services for its policyholders.
HMRC U-turn on drawdown transfer trap

5 Jul 2010

Income taken after a switch to another provider will not be hit with an unauthorised payment charge.
HSBC buys RBS' Indian banking businesses

2 Jul 2010

HSBC has agreed to buy Royal Bank of Scotland’s retail and commercial banking businesses in India.
Pada's Jones and Drake on quango rich list

2 Jul 2010

The pair has been included on a list of civil servants and senior quango staff earning more than £150,000.
PosSol business review 'pulling firm apart'

1 Jul 2010

Positive Solutions’ advisers have attacked the firm’s review of past business, claiming it is “pulling the company to pieces”.
Charge flaw in pension rules for RDR

1 Jul 2010

FSA concedes that new rules give incentive to advisers to leave existing arrangements in place.
Life offices in row over GPP commission promotions

1 Jul 2010

Royal London critisises Scottish Widows and Aviva leaflets to advisers advertising that they will keep paying commission on existing GPP business post-RDR.
Pension options are still open on Nest review

1 Jul 2010

The Government has left all options on pension reform open as it launches a three-month review of auto-enrolment and Nest
People over 75 in Asps miss out on rule change

1 Jul 2010

People over 75 in Asps will miss out on the Budget interim change to push compulsory annuitisation back to 77.
FSA ready to crack down on pension rebate deals

1 Jul 2010

The FSA has signalled it will take a hard line on corporate advisers who have been splitting commission on group pensions with the sponsoring employer.
Axa Wealth poised for variable annuity pilot

1 Jul 2010

The firm will start testing the third-way product with a select group of IFAs within the next six weeks.
Lighthouse appoints Roger Sanders as MD of employee benefits

1 Jul 2010

Lighthouse Group has appointed Roger Sanders as managing director of the firm’s employee benefits division.
Pada's Drake given Labour peerage

1 Jul 2010

Pada acting chair Jeannie Drake will no longer take up her role of deputy chair of the Nest Corporation.
Shake-up at Standard sees Mathews lead new take to market division

1 July 2010

Standard Life has reshuffled its UK leadership team, with current managing director of distribution Paul Mathews heading the newly created take to market division.
Wills & Co misselling claims to fall on IFAs

1 Jul 2010

The FSCS has declared the stockbroker in default, adding that it can now start considering complaints against the firm.
DWP and Treasury work to boost pension income

30 Jun 2010

Groups working together to offer people better value on transferring their pension pot into an income stream.
Aviva could target Prudential's UK arm

29 Jun 2010

Aviva is set to target Prudential’s UK arm if the insurer breaks itself up by demerging or selling its British, Asian and US businesses.
FSA refers two with-profits providers to enforcement

29 Jun 2010

Two with-profits providers have been referred to the FSA’s enforcement division after the FSA found they were failing to protect policyholders’ interests.
FSA confirms GPP commission ban in final rules

25 Jun 2010

Commission on all new GPPs will be banned from 2013 and consultancy charging will go ahead, the FSA’s final rules on corporate pensions reveal.
Bonds fail to get back in balance

24 Jun 2010

Insurance bonds are unlikely to see a huge bounce back after the CGT rise was smaller than many expected.
Aegon to pull back in the UK

24 June 2010

Aegon is dramatically scaling back its UK business by cutting 25 per cent of costs by 2011 and refocusing on at-retirement and workplace saving products.
Consumer groups slam pension reform review panel

24 Jun 2010

Consumer groups hit out at the Government for failing to include a consumer voice in its expert auto-enrolment review team.
Govt refuses to rule out auto-enrolment delay

24 Jun 2010

Adrian Boulding involved in three month review which will examine whether any changes should be made to the scheme.
Half of advisers expect boost for Omo

24 June 2010

Adviser are split on whether there will be an increase in the open market option over the next couple of years, according to Sun Life Financial of Canada.
Hodge pulls back on equity release

24 June 2010

Hodge Lifetime is winding down new equity-release lending to focus on growing its annuity business.
Lifetime annuities to keep top spot for income

24 June 2010

Lifetime annuities look set to remain by far the most popular retirement income product over the next five years despite innovation in the market.
Osborne rips up the pension complexity

24 June 2010

The coalition Government has torn up the previous administration’s proposed complex restrictions to higher-rate pension tax relief in favour of a reduced annual allowance of between £30,000 and £45,000.
Solvency II to hit insurers' credit ratings

24 June 2010

Rating agency Fitch is predicting that Solvency II will hit insurers’ credit ratings from 2012 and lead to capital-raising, restructuring and consolidation.
Positive Solutions hires KPMG to review pension switching business

23 Jun 2010

The network insists the review was not instigated by the FSA or prompted by unsuitable cases found.
Norwich and Peterborough boosts LTV to 85%

23 Jun 2010

The building society has increased its loan to value to 85 per cent and cut its five year fixed rate mortgage to 5.89 per cent.
Standard Life to rejig UK operational structure

23 Jun 2010

Current managing director of distribution Paul Mathews will head up the newly created take to market division.
Aegon mulls exit from UK protection

22 Jun 2010

Aegon could pull out of the UK protection market in September after reviewing its offering, along with other non-core business areas.
BUDGET: Age 75 rule becomes age 77 from today

22 Jun 2010

The age 75 rule has been pushed back to age 77 as an interim measure while permanent rules are consulted on.
BUDGET: Age 75 rule to be scrapped from next April

22 Jun 2010

The Government is pushing it up to age 77 from today as an interim measure pending a consultation on the details of the plan.
BUDGET: Chancellor may rewrite pension tax relief rules

22 Jun 2010

Osborne says he will work with the industry to find an alternative to the reduction of pension tax relief for high earners as long as the £3.5bn of revenue is still achieved.
BUDGET: State pension age increase accelerated

22 Jun 2010

The Government has also revealed that it will begin phasing out the default retirement age from April next year.
CGT hike set to spark insurance bond comeback

21 Jun 2010

Defaqto says the coalition’s planned CGT hike is likely to spark a resurgence in the popularity of insurance bonds.
Royal London and Royal Liver sign exclusivity deal

21 Jun 2010

Royal Liver and Royal London have signed non-binding heads of terms which bring the firms closer to a merger deal.
Thinktank wants radical plan to simplify saving

17 Jun 2010

The Centre for Policy Studies has called for radical simplification of the savings framework to bring Isas and pensions closer together.
Cicero Consulting to launch US office

17 Jun 2010

Cicero Consulting is set to open an office in Washington DC in September.
Early access to pensions has a sting in the tail

17 June 2010

Mercer has warned against Government proposals to look into early access to pension savings claiming this “leakage” undermines efforts to encourage people to save for retirement.
Hodge Lifetime winds down equity release lending

17 Jun 2010

Hodge Lifetime is reducing new equity release lending to focus on growing its presence in the annuity market.
Informed Choice slams 51% FSA fee hike

17 Jun 2010

Informed Choice has lambasted the FSA after receiving a 51 per cent increase in fees for this year.
PruProtect offers CI and medical cover combination

17 June 2010

PruProtect is offering two new health insurance products.
Sants calls for Companies Act overhaul

17 Jun 2010

The FSA chief says the current framework fails to sufficiently obligate firms to consider the impact of their actions on the wider community.
ScotLife admits pension blunder

10 Jun 2010

Some 250 Scottish Life pension customers have seen their fund values drop 12 per cent after the insurer clawed back interest it overpaid without telling them.
HMRC says now entire drawdown funds facing 55% hit

10 Jun 2010

Income drawdown investors will see tax charge on their entire fund, rather than on income, if they switch providers or buy an annuity before 55.
Axe 'mad' pension tax

10 Jun 2010

Industry experts call on Govt to scrap the upcoming higher-rate pension tax relief restrictions following new calculations.
'No space for providers to compete with Nest'

10 Jun 2010
Finance director and lawyer are acquitted of insider dealing

10 June 2010

Andrew King and Michael McFall have been acquitted of insider dealing by Southwark Crown Court.
Phoenix lists on LSE to support growth plans

10 June 2010

Phoenix Group has published its plans for listing on the London Stock Exchange and says flotation will help it to take advantage of future acquisition opportunities.
PruProtect launches new products

10 Jun 2010

PruProtect has launched two new health insurance products.
Tisa wants FSA to rethink rebates ban

10 June 2010

Ferguson: ‘We strongly urge the FSA to stick to its guns and not be swayed’
Mercer warns about early access "leakage" for pensions

9 Jun 2010

The firm says early access “leakage” undermines efforts to encourage people to save for retirement.
Treasury heavily underestimates cost of pension tax relief restrictions

8 Jun 2010

The Treasury has underestimated the cost of implementing the new restrictions to tax relief for higher earners by seven times.
FSA bans broker for providing misleading information

4 Jun 2010

Select Mortgage Services sole trader Joseph Masi has been banned after breaching a settlement agreement with the FSA and providing misleading information.
Phoenix prepares to list in London

4 Jun 2010

Phoenix Group is set to list on the London Stock Exchange.
Court throws out FSA insider dealing case

3 Jun 2010

Andrew King and Michael McFall have been acquitted of insider dealing by the Southwark Crown Court.
HMRC says don't rely on its pensions data

3 Jun 2010

HMRC admits its pension systems are suffering “widespread” problems and as a result some of the data it has provided “should not be relied upon”.
L&G chief Breedon to take chair at ABI

3 June 2010

Breedon: ‘Continue to improve our reputation with consumers’
Webb plans review of auto-enrolment terms

3 June 2010

New Pensions Minister Liberal Democrat Steve Webb revealed that the scope for auto-enrolment could shrink, as he ann-ounced a review into the Nat-ional Employment Savings Trust last week.
Cavendish's Mumford says Pru deal "one gamble too far"

28 May 2010

Senior fund manager Paul Mumford says Pru’s proposed £24.5bn takeover of AIA is “untenable” even if a cheaper price is secured.
Govt to take "long, hard look" at Nest

28 May 2010

New Pensions Minister Steve Webb is to kick-off a review of Nest suggesting the Government may shrink the scope for auto-enrolment.
Pru looks to renegotiate AIA deal

28 May 2010

Prudential has confirmed it has reopened talks with AIG in a bid to drive down the £24.5bn price tag of its proposed acquisition of AIA.
Advisers back early access pension plans

27 May 2010

Advisers support the coalition Government’s plans to look into allowing early access to pension savings but warn that safeguards must be put in place to prevent savers raiding their pension funds too readily.
Sipp client caught in tax trap

27 May 2010

A Richard Jacobs Pension & Trustee Services client is trapped in insured funds despite wanting discretionary management because of the increase in the minimum retirement age.
Standard slams idea of using NI system for Nest

27 May 2010

Standard Life has criticised the suggestion that Nest should use existing National Insurance systems to collect contributions as it would be “messy” and give Nest an advantage.
Wicks warns Webb to beware vested interests

27 May 2010

Former Labour pensions minister Malcolm Wicks has warned newly appointed LibDem pensions minister Steve Webb to beware of the “deep vested interests” of the pension industry.
Ken Clarke still to make grace and favour decision

27 May 2010

Lord Chancellor Ken Clarke has yet to decide whether he will take up his generous grace and favour pension.
Care service review is delay tactic, says Saga

27 May 2010

Specialist advice firm Equity Care welcomes the commission to review funding for long-term care but Saga warns the move is just delaying decisions that need to be taken urgently.
Coalition setting up commission on LTC

27 May 2010

Osborne: ‘Create the most competitive corporate tax regime in the G20
Duncan Smith signals linking retirement age to life expectancy

27 May 2010

New Work and Pensions Secretary Iain Duncan Smith is looking to link retirement age to life expectancy.
Free advice to cost industry £50m a year

27 May 2010

The coalition Government will set up a free national financial advice service, funded in full by the industry in the form of a social responsibility levy.
Friends hires merger specialist as director

27 May 2010

Richards: Track record
Property downturn reveals pension risks

27 May 2010

Complaints to the Financial Ombudsman Service over pension products and service dropped by 27 per cent to 3,594 for the year ended March 31 from 4,940 the previous year.
SFO drops AIG probe

27 May 2010

The Serious Fraud Office has dropped its probe into AIG Financial Products after failing to find criminal charges.
Tisa urges FSA to reconsider rebate ban for platforms

27 May 2010

The Tax Incentivised Savings Association is calling for a more open dialogue on the use of rebates in the wrap and platform market.
Growth in bank lending slows to £1.8bn

26 May 2010

Net lending by the UK’s major banks grew 4.3 per cent in April compared with 4.5 per cent in March.
Hickman set for annuity move

26 May 2010

Legal & General managing director for protection Bernie Hickman is moving across to the insurer’s annuity business, Money Marketing understands.
Honister reports £2.2m operating profit

26 May 2010

Honister Capital has reported £2.2m in operating profit for the six months to March 31, with more than half coming from direct business Willis Owen.
L&G's Breedon replaces Kane as ABI chairman

26 May 2010

L&G group chief executive Tim Breedon is set to become the next chairman of the Association of British Insurers.
Mark Wood in private equity talks on investment projects

26 May 2010

Former Paternoster chief executive working with a number of private equity firms on projects in the asset management sector.
Pru shareholders warned to vote against AIA deal

26 May 2010

Pru shareholders have been warned to vote against the £24.5bn acquisition of AIA by influential voting adviser RiskMetrics.
Standard Life GPP to take on Nest

26 May 2010

Standard Life is developing a “stripped down” GPP to compete directly with Nest.
ABI's Ben Stafford joins Cicero

25 May 2010

Stafford, who led the ABI’s Options initiative, is taking up a role as account director at the public affairs firm in August.
AIA chief says Prudential merger "unworkable"

25 May 2010

AIA chief executive Mark Wilson is set to quit if Prudential’s £24.5bn acquisition of the business goes ahead, according to the Financial Times.
Court orders £32m to be repaid in GP Noble case

25 May 2010

The High Court has ordered the return of £32m to pension schemes that had been administered by GP Noble Trustees.
Queen's Speech to include two work and pensions bills

24 May 2010

Tuesday’s Queen’s Speech is set to outline an ambitious programme of 21 new bills, including two work and pensions bills.
US govt working on back-up plan for AIA

24 May 2010

The US Treasury has resurrected plans to float AIA amid fears that Pru’s £24.5bn acquisition may fall apart.
Industry welcomes LibDem Webb as pensions minister

20 May 2010

Webb: ‘Big decisions’
Revenue admits drawdown error

20 May 2010

HMRC apologises after incorrectly telling LV= that income drawdown investors could switch providers or buy an annuity before 55 without penalties.
Coalition to explore early access to pensions

20 May 2010

The coalition has vowed to explore allowing early access to pension savings in a bid to boost the appeal of pensions.
Friends appoints merger integration specialist to board

20 May 2010

Friends Provident hires former Deloitte & Touche merger specialist Belinda Richards as an independent director.
Greystoke banned forever and fined £400k

20 May 2010

The Financial Services and Markets Tribunal has upheld an FSA decision permanently banning Atlantic Law senior partner Andrew Greystoke from working in financial services and fining him and the firm £400,000.
Hopes rise for fair deal on Equitable Life

20 May 2010

Prime Minister David Cameron’s coalition Government has committed to implementing the Parliamentary Ombudsman’s recommendation to make “fair and transparent” payments to Equitable Life victims.
Review will look at public sector pensions

20 May 2010

The coalition Government has pledged to establish an independent commission to review the long-term affordability of public sector pensions.The parties have also brought forward the date to restore the earnings link for the basic state pension to April 2011 and vowed that pensions will be raised by the higher of earnings, prices or 2.5 per cent.
The end is in sight for age 75 rule

20 May 2010

The pension industry has welcomed the new Government’s confirmation that it will end the rules requiring compulsory annuitisation at 75.
Treasury plans to review Tata contract with Nest

20 May 2010

The National Employment Savings Trust contract with administration provider Tata Consultancy Services will be reviewed as chief secretary to the Treasury Liberal Democrat David Laws begins the Government’s £6bn cost-cutting drive.
PosSol advisers facing commission delays

19 May 2010

Positive Solutions advisers are having to wait weeks for commission payments as the network tackles a backlog in checking pension and investment business.
Ex-RBS boss agrees job ban with FSA

18 May 2010

Former RBS executive director Johnny Cameron agrees with the FSA not to undertake further full time employment in financial services.
Moody's downgrades L&G due to reliance on UK market

18 May 2010

Moody’s has downgraded Legal & General’s insurance financial strength rating.
Nest contract set for Govt review

18 May 2010

The National Employment Savings Trust contract with Tata could be torn up as Chief Secretary to the Treasury David Laws begins cutting waste in the public sector.
Emergency Budget set for June 22

17 May 2010

Chancellor George Osborne has confirmed the Conservative-Liberal Democrat coalition’s emergency Budget will be delivered on June 22.
Pension contributions tumbled during downturn

17 May 2010

Personal pension contributions fell by 16 per cent during the recession, according to HM Revenue & Customs figures.
CC set to go ahead with point-of-sale PPI ban

14 May 2010

The Competition Commission is set to go ahead with a proposed point-of-sale prohibition for payment protection insurance.
Towergate reports £28m loss for 2009

14 May 2010

Towergate Partnership has reported a £28m loss for 2009, increasing from an £18m loss the previous year.
Just Retirement buys More To Life equity release book

13 May 2010

Just Retirement has bought a book of equity release business from Key Retirement Solution’s provider arm More To Life which is valued at around £25m, Money Marketing understands.
More To Life in equity release link-up with Partnership

13 May 2010

Partnership is working on an equity release proposition with Key Retirement Solution’s provider arm More To Life.
Pensions Regulator spent £800,000 on consultants

13 May 2010

The Pensions Regulator spent £852,850 on external consultancy in 2009/10, a Freedom of Information request by Money Marketing has revealed.
Poor advice row over drawdown

13 May 2010

FSA suggests advisers to blame if clients are stuck in drawdown due to increase in the minimum retirement age from 50 to 55.
Aviva says it can't see benefit in buying IFA distribution

13 May 2010

Aviva says it “cannot understand” why providers are buying up IFA distribution despite increasing its share in Tenet Group last month.
Tax plea on life policies in trust for charities

13 May 2010

The Charities Assurance Brokerage is calling on HM Revenue & Customs to offer tax relief on life assurance policies written in trust for charities.
Close widens reach of Guernsey Qrops

13 May 2010

Close Brothers Asset Management has widened the distribution of its Guernsey qualifying recognised overseas pension scheme to offer it through Royal London 360º Friends Provident International, Skandia International and Generali International bonds.
FSA dishes out £400k fine for multi-million pound boiler room scam

13 May 2010

FSA bans Atlantic Law senior partner Andrew Greystoke and fines him and the firm £400,000.
FSA flaw sees commission push on group pensions

13 May 2010

Friends Provident has criticised the FSA for allowing commission to continue for existing group pension business after the retail distribution review.
Get pension contributions in before 40% relief is axed

13 May 2010

Advisers should be urging higher-rate taxpaying clients to rush through pension contributions as a Liberal Democrat coalition or pact with either of the main parties is likely to see 40 per cent tax relief scrapped, according to pension experts.
Get to grips with debt to cut lending cost, says AMI

13 May 2010

The Association of Mortgage Intermediaries has warned that the budget deficit is driving up the cost of lending and is demanding that the incoming Government puts in place “real” debt reduction plans.
Pru looks to raise £1bn to put AIA deal back on table

13 May 2010

Prudential may be close to salvaging its £23.5bn takeover of AIG’s Asian arm by negotiating a deal to placate FSA concerns over capital adequacy.
Pru's deal for AIG arm will weigh on life firms

13 May 2010

Aviva group chief executive Andrew Moss says that Prudential’s embattled £23.5bn acqu-isition of AIG’s Asian arm AIA will “weigh” on the life insurance sector.
Skandia reports first quarter sales boost

13 May 2010

Net client cash flows are up 150 per cent year-on-year to £500m in the first quarter while funds under management increased 7 per cent to £30.3bn.
Standard sells its health arm to Discovery for £138m

13 May 2010

Standard Life has sold its healthcare arm to Discovery for £138m and the business is set to rebrand as PruHealth, which currently has a joint venture with the South African insurer.
Coalition commits to "fair" payouts for Equitable Life victims

12 May 2010

Conservative-LibDem deal will end compulsory annuitisation at 75 and bring forward the link to earnings to April 2011.
Iain Duncan Smith to head DWP

12 May 2010

Former Conservative leader Iain Duncan Smith has been named Secretary of State for Work and Pensions in David Cameron’s coalition Cabinet.
Origen and Positive Solutions record £2m loss

12 May 2010

Aegon UK new life and pensions business fell 7 per cent to £235m for the first quarter while the insurer’s distribution businesses continue to be loss-making.
Aviva says Pru acquisition will "weigh" on life sector

11 May 2010

Aviva chief Andrew Moss criticises Prudential’s embattled £23.5bn Asian acquisition claiming the move will “weigh” on the life sector.
HMRC will not budge on drawdown trap

11 May 2010

Income drawdown investors aged between 50 and 55 face a 55 per cent unauthorised payment charge if they switch providers or annuitise.
Standard Life sells healthcare arm to Discovery for £138m

11 May 2010

The South-African insurer, which currently has a joint venture with Prudential, is set to rebrand the business PruHealth.
Gordon Brown to resign as Labour leader

10 May 2010

Brown says LibDems to begin formal discussions with Labour.
Just Retirement annuity sales up 87%

10 May 2010

The enhanced annuity provider saw equity release sales fall slightly for the third quarter year-on-year but annuity sales soared 87 per cent.
Neptune's Geffen launches Prudential Action Group

10 May 2010

Neptune founder and managing director Robin Geffen launches group for shareholders to fight Pru’s proposed £23.5bn AIA takeover.
Pru revises Asian listings as Neptune plans revolt

7 May 2010

Prudential is revising its Hong Kong and Singapore stock exchange listings after the FSA delayed its acquisition of AIA.
RBS reports a pre-tax loss of £21m

7 May 2010

Royal Bank of Scotland has reported a pre-tax operating loss of £21m for the first quarter of 2010 up more than 50 per cent from the £44m loss recorded for the same period last year.
Aegon appoints Charles Garthwaite as head of risk

6 May 2010

Aegon has appointed Charles Garthwaite as chief risk officer, following the promotion of Mark Laidlaw to the new role of director of Solvency II based in the Hague.
AMI warns budget deficit will drive up cost of lending

6 May 2010

Trade body warns the budget deficit is driving up the cost of lending and demands the next Government puts in place “real” debt reduction plans.
Resolution hires Tim Wade as non-exec

29 Apr 2010

Resolution has appointed Tim Wade as an independent non-executive director.
Ex-PFS chief plans to shake up care sector

29 Apr 2010

Eadon: ‘We need to have more providers involved’
L&G poll warning as pension sales halve

29 Apr 2010

Legal & General has warned the major political parties against scrapping higher rate tax relief on pensions, claiming the looming restriction for top earners has already halved pension sales for the first quarter.
Sipp firms failing to stick to regulator's requirements

29 Apr 2010

Many Sipp providers are ignoring FSA requirements to provide retirement wake-up packs to customers, offer lower projection rates for cash and have a system capable of spotting abnormal investments.
Shareholder slams Tenet after missing out on deal

29 Apr 2010

Former Tenet adviser slams firm for not giving him the chance to sell his stake in the business after 7 per cent was sold to life offices.
Actuaries slam parties' lack of commitment to pension provision

29 April 2010

The Association of Consulting Actuaries has hit out at the major political parties’ policies on pensions and care of the elderly, claiming they are “threadbare at best and damaging at worst”.
Tories to replace SFO with tough new crime agency

29 April 2010

The Conservatives would set up an Economic Crime Agency to replace the Serious Fraud Office and take over responsibilities from other regulators, including the FSA and the Office of Fair Trading.
Tributes paid to IFA marketing pioneer David Elms

29 April 2010

David Elms: ‘Single-minded determination to get the message across’
Scottish Widows launches corporate wrap

28 Apr 2010

Scottish Widows has launched its corporate wrap, called mymoneyworks.
Jackie Hunt replaces David Nish as Standard CFO

27 Apr 2010

Standard Life has appointed Jackie Hunt to the role of chief financial officer.
Pru's biggest shareholder plots to scupper Asian takeover

27 Apr 2010

Prudential’s biggest shareholder Capital Group is believed to be attempting to scupper the insurer’s £23.5bn Asian acquisition by orchestrating a potential break-up of the insurer.
FSCS declares Bates Investment Services in default

26 Apr 2010

The compensation scheme has received eight complaints about the firm totalling £130,000.
Resolution appoints Neil Wesley to head investor strategy

26 Apr 2010

Wesley was previously a UK equities fund manager at Aviva Investors.
FSA queries Pension Corporation investment strategy

26 Apr 2010

The firm is believed to have addressed the regulator’s concerns after aspects of its investment strategy were queried.
Poll deadlock to see rise in annuity rates

23 Apr 2010

A hung Parliament is likely to have a positive impact on annuity rates, as uncertainty in the stockmarket would push gilt prices down and yields up, according to annuity experts.
Annuity Exchange annuity service helps IFAs cut cost

22 Apr 2010

Annuity Exchange has set up a whole of market enhanced ann-uity service in a bid to help IFAs reduce the cost of advice without compromising on the rate.
Drawdown clients facing 55% charge

22 Apr 2010

Income drawdown investors look set to be hit with a 55 per cent unauthorised payment charge if they buy an annuity or switch providers before 55.
MGM takes the lead to reinvent mutuality

22 Apr 2010

MGM Advantage chief executive Chris Evans is predicting that other mutuals will follow the company’s lead and launch flexible annuity products.
Partnership set for release return

22 Apr 2010

Partnership is set to move back into the equity-release market, claiming it is “a logical” step for the business.
Product go-ahead was vital for MGM Advantage

22 Apr 2010

MGM Advantage chief executive Chris Evans has admitted the firm may have had to close to new business if the FSA had not given its new asset-backed annuity the green light.
ACA slams parties' "damaging" pensions policies

22 Apr 2010

The Association of Consulting Actuaries claims the major parties’ policies for pensions and elderly care are “threadbare at best and damaging at worst”.
IFAP's David Elms has died

22 Apr 2010

Tributes pour in for IFAP’s David Elms.
Legal & General tests annuity with advisers for mass market

22 Apr 2010

Legal & General is working on a simple asset-backed annuity aimed at the mass market.
Life offices increase stake in Tenet to 90%

22 Apr 2010

Standard Life, Aegon, Aviva and Friends Provident have bolstered their collective stake in Tenet Group.
Partnership buys half of Sesame referral specialist

22 Apr 2010

Partnership has bought a 50 per cent stake in Sesame Bankhall Group’s retirement referral arm Gateway Specialist Advice Services.
CBI says Nest charges will put off savers

22 April 2010

The Confederation of British Industry has attacked the Nat-ional Employment Savings Trust’s “high and complicated charges”, warning that they could deter millions of savers.
Third firm fined over switch risk

22 April 2010

The FSA has fined London-based Robin Bradford Life and Pension Consultants £24,500 for exposing customers to unacceptable levels of risk.
Alico picks Kirsch as UK chief executive

21 Apr 2010

Former AWD Chase de Vere chief executive Mike Kirsch has been appointed as Alico chief executive for UK and Ireland.
GLG takes on Tisbury's Griffin and Lucaussy

20 Apr 2010

The firm will also assume responsibility for the Tisbury Liquid Event Master Fund, which will be renamed.
Aussie regulator blocks National Australia Bank bid for Axa Asia Pacific

19 Apr 2010

Australian regulator ACCC has blocked the proposed takeover on competition grounds.
Confederation of British Industry slams Nest charges

19 Apr 2010

The trade body says savers in most private sector schemes will be better off for at least six years.
Partnership launches simplified medical form for annuities

16 Apr 2010

The online application asks 10-12 simplified yes or no medical questions, designed to cover the majority of smaller enhanced cases.
FSA fines IFA firm £24,500 for pension switching

16 Apr 2010

The London IFA becomes the third firm to face fines for pension switching advice and may have to pay redress to customers.
Prudential pledges to keep UK listing

16 Apr 2010

Chief executive Tidjane Thiam suggests the firm is succumbing to pressure from circling Resolution.
FSA says tied firms blocking switches

16 Apr 2010

The FSA has slammed tied firms for failing to investigate customers’ existing pension arrangements, under its review into pension switching advice.
Friends and Aviva in commission clash

15 Apr 2010

Friends Prov chief exec Trevor Matthews sparks row with Aviva after suggesting commission-paying firms may stop paying commission on existing group pension business post RDR.
Friends ready for a new third generation

15 Apr 2010

Friends Provident chief executive Trevor Matthews has let slip that Resolution is targeting a major annuity player for its next acquisition.
Pica presses for wake-up to rule out reflex purchase

15 Apr 2010

Group wants wake-up pack changes so clients can no longer buy annuity from existing pension provider simply by putting their signature next to the quotation.
Employers could face jail over commission rebates

15 Apr 2010

Employers could face unlimited fines and two years in jail for taking rebates from corporate advisers setting up pension schemes for their employees.
Aegon proposes means-testing answer

15 Apr 2010

In a pensions manifesto released today, the firm suggests pulling the lowest earners and those over 55 out of auto-enrolment.
Pru annuity director changes role

15 Apr 2010

Prudential director of pensions and annuities Karin Brown has seen her role made redundant but has been appointed to a new position within the business as a retirement income actuary.
Alico adds fixedterm annuity to Select Portfolio

15 April 2010

Alico Wealth Management is offering a fixed-term annuity as part of its new Select Portfolio product range.
Big fines for Rock pair over arrears data

15 April 2010

The FSA has fined former Northern Rock deputy chief executive David Baker £504,000 and ex-managing credit director Richard Barclay £140,000 for misreporting mortgage arrears figures.
IFA firms may have to pay back £150m

15 April 2010

FSA pension-switching advice review
Pension earnings’ link would be restored three years early

15 April 2010

The basic state pension would rise in line with earnings from 2012 rather than waiting until 2015 when it is is required by law, if Labour wins the general election.
Tougher rules aim to bring takeover clarityInvestment returns for pension

15 April 2010

Investment returns for pension funds and shareholders investing in struggling firms could fall as a result of Labour proposals to bolster rules on takeovers.
FSA fines and bans former Northern Rock directors

13 Apr 2010

Former deputy chief executive David Baker and former managing credit director Richard Barclay were found to have misreported mortgage arrears figures.
Just Retirement new business up by a quarter

13 Apr 2010

Just Retirement new business sales jumped 26 per cent to £446m and values increased 15.1 per cent to £25.1m in the six months to December 31.
Labour manifesto: Labour commits to restore earnings link from 2012

12 Apr 2010

Labour has committed to increasing the basic state pension in line with earnings from 2012 rather than waiting until 2015.
Kensington fined £1.2m over arrears handling

12 Apr 2010

The firm will also pay out more than £1m in redress to customers who were in arrears and charged specific unfair or excessive charges.
Labour manifesto: Takeover procedure to be reformed

12 Apr 2010

The Labour Party has vowed to reform current takeover procedure, claiming too many acquisitions turn out to be bad news for both companies.
FSA orders firms to pay out £150m in redress for pension switching advice

9 Apr 2010

The FSA says a number of firms are still giving high levels of unsuitable advice.
UK avoids double-dip recession

9 Apr 2010

The National Institute of Economic and Social Research estimates output grew by at least 0.4 per cent in the first three months of 2010.
Alico launches fixed-term annuity

9 Apr 2010

Alico Wealth Management has launched a fixed-term annuity as part of its new Select Portfolio.
Adviser attack on Financial Express over OBSR ratings

8 Apr 2010

Financial Express’s analytics tool has been criticsed for not showing Old Broad Street Research ratings for life and pension funds.
Businesses doubling up on tax relief after SSAS lift in Budget

8 Apr 2010

More businesses are looking to borrow money from their Ssas to get double tax relief after the Government boosted the annual investment allowance to £100,000.
Furore at pension commission split

8 Apr 2010

Hargreaves Lansdown has slammed rival corporate advisers for providing rebates to employers at the expense of pension scheme members in a bid to win business.
Origen could sell Sipp book

8 Apr 2010

Origen Financial Services is looking to sell its Sipp book, Money Marketing understands.
Duncan Ferguson joins Royal London board

8 Apr 2010

Royal London has appointed Duncan Ferguson to its board as a non-executive director.
Make Omo a poll pledge

8 Apr 2010

The Pensions Income Choice Association is urging all political parties to include open market option reform in their election manifestos.
Greek banks seek bail-out to counter £8.8bn deposits

8 Apr 2010

Greece’s four biggest banks are seeking state aid after savers took £8.8bn worth of deposits out of the financial system.
US lenders may be forced to hold stakes in securitisations

8 Apr 2010

SEC is proposing lenders hold at least 5 per cent of repackaged loans in a bid to reboot the sector.
Alternatives to DB closures

8 April 2010

The Department for Work and Pensions has published an information note in a bid to encourage more employers to consider risk-sharing options rather than closing down final-salary pension schemes.
Fast-track law may freeze pension income threshold

8 April 2010

Draft legislation, expected to be fast-tracked through Parliament this week, will not require any inflation-linked rise in the threshold income levels at which higher-earners will be taxed on pension contributions from next April.
Noble duo are told to hand over passports

8 April 2010

Former GP Noble trustees Graham Pitcher and Gary Cordell, who have been charged with fraud, have had their passports confiscated and must notify the Serious Fraud Office if they intend to spend two or more nights away from home.
SLI's Skeoch pay is twice as much as group chief exec Nish

8 April 2010

Skeoch: £2.1m package in 2009
Suffolk Life pools protected and non protected rights in Sipp

7 Apr 2010

Suffolk Life has allowed its MasterSIPP product to pool protected and non protected rights together.
Hornbuckle appoints Stewart Dick to new head of sales role

6 Apr 2010

Hornbuckle Mitchell has appointed Stewart Dick to the newly-created position of head of sales.
Warning that pension tax changes may not be index-linked

6 Apr 2010

Towers Watson says draft legislation does not include inflation-linked uprating so people on £100,000 could be caught by 2020.
CBI demands overhaul of public sector pensions

6 Apr 2010

The body is calling for an independent commission to investigate the true cost of public sector pensions.
MPs call for more women in the City

6 Apr 2010

The Treasury select committee says women are poorly represented in the sector, particularly at board level.
What would the Tories do?

April Retirement Strategy

Conservative Shadow pensions minister Nigel Waterson outlines the party’s plans for pensions should they gain power.
PICA urges politicians to reform open market option

1 Apr 2010

The Pensions Income Choice Association is urging all political parties to include open market option reform in their election manifestos.
Aussie TV discovers ex-Money Portal director Morris living in luxury Sydney home

1 Apr 2010

Australian TV network Seven has uncovered former Money Portal director Tony Morris living in one of Australian’s most expensive homes.
Aegon annuity sales head made redundant

1 Apr 2010

Aegon head of annuity sales Mark Cardy has been made redundant while annuity development manager Jeremy Haines is looking to be redeployed after his role was also axed.
Origen blends annuity with asset-backed plans

1 Apr 2010

Origen is working on a retirement income proposition that combines a conventional or enhanced annuity with more flexible asset-backed products.
Standard Life's Keith Skeoch is highest paid member of staff

1 Apr 2010

Skeoch’s £2.1m, helped by a huge bonus, higher than pay of Crombie or Nish.
Scrapped script angers advisers

1 Apr 2010

The FSA has been criticised for watering down its requirements for the disclosure of restricted advice, with advisers saying it will play into the hands of the banks and confuse customers.
IFAs face crackdown on platform choice

1 April 2010

Tough action will be taken against advisers who fail to assess the suitability of platforms for their clients after an FSA review uncovered poor practice.
This year's retirees £3.5bn worse off than last year

31 Mar 2010

This year’s retirees will be almost £3.5bn worse off than people who retired in 2009, according to Prudential.
Friends launches corporate investment platform

31 Mar 2010

Friends Provident has launched its new corporate investment platform aimed at employee benefit consultants and trustees in the unbundled pensions market.
FSA takes latest insider dealing arrest to criminal court

30 Mar 2010

The FSA has commenced criminal proceedings against Helmy Omar Sa’aid for insider dealing.
Quinn Insurance in administration

30 Mar 2010

The Ireland-based insurance firm has been placed into provisional administration following an application to the High Court.
Pensions Regulator boosts budget following rise in avoidance cases

30 Mar 2010

The Pensions Regulator has boosted its core budget for 2010-11 to £29.5m, up £1.3m from the previous year.
Ian Furniss to succeed Suffolk Life CEO Catchpole

29 Mar 2010

Suffolk Life appoints group finance director Furniss to succeed outgoing chief executive Henry Catchpole.
Zurich appoints Cecilia Reyes as chief investment officer

29 Mar 2010

Zurich Financial Services has appointed Cecilia Reyes as chief investment officer.
NAPF proposes £8,000 'foundation pension'

29 Mar 2010

The NAPF says the simple state pension would lift two million people out of means-tested benefits.
PruProtect announces 300% new business spike

29 Mar 2010

PruProtect new business jumped by 309 per cent to £13.5m in 2009 compared with £3.3m in 2008.
MPs slam Govt's too big to fail mentality

29 Mar 2010

Treasury select committee chairman John McFall says financial institutions need to bear the consequences of their own actions.
RDR: Capital requirements will drive small advisers to networks

26 Mar 2010

An impact assessment published alongside today’s paper says networks will benefit from RDR changes.
RDR: FSA goes ahead with ban on factoring citing competition issues

26 Mar 2010

The FSA is going ahead with its ban on factoring after the Office of Fair Trading warned standardised rates could breach competition rules.
Govt expects 2% Nest charge to last 20 years

25 Mar 2010

Pensions minister Angela Eagle tells Parliament she expects 2% charge to last around 20 years.
Treasury note reveals £10m IFA bill for pension tax relief changes

25 Mar 2010

The Government estimates advisers will spend between 8 and 48 hours becoming familiar with the new rules.
Govt trebles cost of pension tax changes

25 Mar 2010

The Government now estimates the one-off costs to total £900m compared to the £305m estimated in December’s pre-Budget report.
ABI steps back from battle over projection figures

25 Mar 2010

The Association of British Insurers has drawn up draft guidelines for members on projection rates after accepting the FSA will not budge on the issue.
Advisers and providers split over Nest charges

25 Mar 2010

Helen Pow gets industry reaction to 2% charge on contributions
Growing anger at move to go ahead with relief cuts

25 Mar 2010

Pension experts are outraged that Chancellor Alistair Darling is ploughing ahead with restrictions to higher-rate tax relief on pensions, having ignored near unanimous calls to reduce the annual allow-ance instead.
Standard Life warning on dual charge against Nest

25 Mar 2010

Standard Life believes that providers looking to offer a dual-charge structure to recoup commission costs on corporate pensions may struggle to justify their products against the nat-ional employment savings trust.
32% use the internet for retirement advice while just 8% turn to an IFA

25 March 2010

Calvert: ‘The internet is not a threat to IFAs unless they ignore it. It is actually a superb opportunity’
Service wil search for specialists

25 March 2010

Lewis: ‘Need for quality advice’
Thiam sticks with his day job

25 March 2010

Prudential chief executive Tidjane Thiam has rejected a nonexecutive director role at Société Générale following strong criticism from shareholders that he should be devoting his time to dealing with the insurer’s acquisition of AIG’s Asian arm.
BUDGET 2010: Govt to consult on lump sums and couples' pooling pensions

24 Mar 2010

The Government will consult on whether small personal pension pots can be taken as a cash lump sum in addition to trivial commutation rules.
BUDGET 2010: £2bn for new green investment bank

24 Mar 2010

Chancellor Alistair Darling has announced the Government is setting up an investment bank that will control £2bn worth of equity for investing in green transport and sustainable energy.
Friends Provident sells off Pantheon

24 Mar 2010

Friends Provident has sold its stake in Pantheon Financial Limited, writing off £23m in the process.
Resolution says financial discipline and timetables are stalling further deals

24 Mar 2010

Resolution says its “financial discipline” and vendors’ timetables have stalled further acquisition deals.
L&G reports £552m profit and boosts dividend

23 Mar 2010

The firm’s EEV profits before tax jumped to £552m over 2009 from a loss of £1.38bn the previous year.
Pointon York scoping investors for £1.75m cash injection

22 Mar 2010

Sipp provider offering IFA clients opportunity to invest in the firm.
RBS deputy Pell to pocket bigger pension than Sir Fred

19 Mar 2010

Outgoing Gordon Pell will receive close to £600,000 a year while disgraced former boss Goodwin will get less than £350,000.
FOS reports increase in complaints on deferral periods and MVRs

18 Mar 2010

The Financial Ombudsman Service has seen an increase in the number of complaints on deferral periods and market value reductions.
AMCs of up to 9% on occupational schemes

18 Mar 2010

Some employers and scheme members are being hit with charges of up to 9 per cent on occupational plans, a Department for Work and Pensions report reveals.
Chasers' site targets annuities

18 Mar 2010

Claim-chasers have set up a website offering to help pensioners who believe they have been missold annuities win redress.
'FSA tables are now even more misleading'

18 Mar 2010

Providers launch a fresh attack on FSA’s Money Made Clear annuity tables now more have moved to post-code annuities.
Old Mutual cost-cutting may see Skandia sell-off

18 Mar 2010

Advisers believe Old Mutual’s vow to be “ruthless” with poorperforming parts of its business gives weight to speculation that Skandia UK could be sold off.
Paradigm bids to wrap up pension boom

18 Mar 2010

Helen Pow interviews pension guru Steve Bee and Bankhall founder Paul Hogarth about their wide-ranging plans to present their ParadigmPensions’ proposition to 50,000 employers.
Tories press for an end to grace and favour pensions

18 Mar 2010

Shadow leader of the House of Commons Sir George Young writes to Jack Straw following Money Marketing story.
Warning that early Nest savers will pay for those joining later

18 Mar 2010

People who start saving into the national employment savings trust early on will end up subsidising those enrolled later, Towers Watson has warned.
New ABI chief calls for FSA to be proportionate

18 Mar 2010

Kerrie Kelly has appealed to the FSA to be more open-minded and balanced in its judgements on likely consumer detriment.
Threesixty pledges to uphold independence after Standard takeover

18 Mar 2010

Threesixty insists it will remain unbiased after Standard Life deal, saying it will be “business as usual” for advisers and clients.
Enhanced share has doubled in five years

18 March 2010

Sales of enhanced annuities rose by 24 per cent to £1.79bn last year from £1.4bn in 2008, according to figures from Towers Watson.
Healthy profits as Standard looks to make £100m savings

18 March 2010

Standard Life: Healthcare profits up by a third
Internet wins over IFAs for financial help

17 Mar 2010

Eight per cent of Britons go to an IFA for retirement planning while 32 per cent turn to the internet for guidance, according to Ship.
Aviva calls for rethink on consultancy charging

17 Mar 2010

The insurer promotes factoring claiming current proposals are set to restrict access to advice on corporate pensions.
Boost for Options' transfers as 40% completed in seven days

17 Mar 2010

Transfers increased by 70 per cent to 12,000 last year although the average time taken remained 11 days for the fourth quarter.
European court rejects appeal to inflation-proof expat pensions

16 Mar 2010

European Court of Human Rights rejects appeal by pensioners by 11 to 6 majority.
Nest to charge AMC plus 2% to recoup costs

16 Mar 2010

The Nest scheme is aiming for a 0.3 per cent AMC but will charge 2 per cent on all contributions until it recoups its set up costs.
Equitable action group rejects Chadwick review

16 Mar 2010

EMAG labels Chadwick’s review a “Treasury stitch up” and refuses to cooperate.
Standard Life acquires threesixty

15 Mar 2010

The insurer purchases the support services business from its former partners.
Wesleyan Assurance outperforms with-profits rivals

15 Mar 2010

The Birmingham-based mutual has reported a 20.1 per cent gross return for 2009.
Staff contributions rise more than Govt payments for public sector pensions

12 Mar 2010

The National Audit Office says employees contributed 56 per cent more last year than in 1999-2000 while Government payments to pensioners only increased 38 per cent.
Ex-Cazenove partner jailed for 21 months

11 Mar 2010

Malcolm Calvert sentenced to jail after being found guilty of insider dealing yesterday.
Aviva bounces back and focuses on Euro growth

11 Mar 2010

Aviva has warned against Prudential’s Asian bet, claiming evolving regulation in the region will eat into margins.
Brown and Straw yet to switch back into Parliamentary pension fund

11 Mar 2010

Prime Minister and Lord Chancellor yet to return to Parliamentary pension fund whilst Govt has so far failed in its pledge to prevent future incumbents receiving grace and favour pensions.
Nest crisis if it signs up under 4.5 million

11 Mar 2010

The National Employment Savings Trust Corporation could struggle to stick to member charges of 0.5 per cent if the scheme attracts fewer than 4.5 million savers, according to Standard Life.
Revenue forestall failure adds to confusion

11 Mar 2010

HM Revenue & Customs has added further complexity to anti-forestalling measures announced in last year’s Budget by failing to create a new form for contribution refunds.
Rowney takes over from Cook as LV= managing director

11 Mar 2010

LV= group chief operating officer Richard Rowney is set to replace Rodney Cook as managing director of life and pensions at the firm.
Old Mutual profits down to £247m

11 Mar 2010

South African firm says it will be “ruthless” with poor performing parts of business.
Aviva develops plan to tackle Nest head-on

11 Mar 2010

Aviva is developing a product to compete with the National Employment Savings Trust scheme.
Director of 'laidback' IFA TV network fined £49,000

11 March 2010

The FSA has fined a director of an IFA network £49,000 for management failings in monitoring pension-switching advice.
Ex-Sesame chief Gale joins Aegon to oversee IFA arms

11 March 2010

Aegon has appointed former Sesame boss Patrick Gale as chairman of the distribution board overseeing its two IFA businesses, Origen and Positive Solutions.
Metlife set to buy Alico

11 March 2010

Metlife is set to acquire AIG subsidiary Alico for over £10bn.
Stronger firms mean that targets are thinning out

11 March 2010

Advisers believe Clive Cowdery’s consolidation vehicle Resolution could struggle to convince potential targets to surrender now that share prices have bounced back.
Former Cazenove partner guilty of insider dealing

10 Mar 2010

Malcolm Calvert has been found guilty on five counts of insider dealing at Southwark Crown Court today.
Sprung could face expulsion from PFS

10 Mar 2010

Park Row chief executive Peter Sprung could be expelled as a member of the Personal Finance Society and the Institute of Financial Planning after being fined £49,000 by the FSA.
Resolution falls out of FTSE 100

10 Mar 2010

Clive Cowdery’s consolidation vehicle is now the 123rd biggest company on the London market.
Standard Life 2009 profits up 400%

10 Mar 2010

Insurer reveals profits of £474m up from losses of £158m in 2008.
Metlife acquires AIG's Alico in £10bn deal

8 Mar 2010

Metlife is set to acquire AIG subsidiary Alico for over £10bn.
Metlife launches guarantee for Sipps

5 Mar 2010

Metlife is launching a unit-linked guarantee for Sipp and Ssas customers.
Prudential cash call risk spread across 30 banks

4 Mar 2010

Credit Suisse, HSBC and JP Morgan Cazenove spread underwriting risk of £14bn rights issue between 30 banks.
75% Of IFAs say simplified medical forms could hit enhancement

4 Mar 2010

Nearly three-quarters of advisers believe that simplified medical forms for enhanced annuities could result in a lower enhancement, according to Just Retirement.
Hargreaves Lansdown says RDR will not cut Omo take-up

4 Mar 2010

Critics have disputed claims that the retail distribution review will reduce the use of the open market option for annuities.
Pru and LV= top WP fund returns

4 Mar 2010

Prudential’s with-profits fund outperformed its competitors last year, returning 18.7 per cent.
Tories vote down auto-enrolment in protest

4 Mar 2010

The Conservatives vote against auto-enrolment in protest at delays to implementation and news that Pada will sign the Nest admin contract before the general election.
Aviva doesn't rule out Pru UK bid as it posts £1.8bn profit

4 Mar 2010

This compares to a loss before tax of £1.3bn for 2008 on an IFRS basis.
Tory anger as Pada set for Nest signing

4 Mar 2010

The Conservatives have attacked Pada’s decision to sign the Nest administration contract before the general election, insisting that the Tories would not be governed by any contract signed by a Government in its “dying days”.
Weatherston joining Xafinity as programme director

4 Mar 2010

Aegon head of operations for at retirement Nichol Weatherston has been made redundant and is to join Xafinity Paymaster as programme director.
£16M losses for PosSol and Origen

4 March 2010

Aegon’s adviser businesses Positive Solutions and Origen racked up losses of £16m in 2009 after a £1m loss in 2008.
Firm spotted bias but failed to stop advisers

4 March 2010

Park Row: FSA’s final notice
Forestall rule change lets savers protect contributions if they transfer

4 March 2010

The Government has released new regulations which allow savers to protect existing regular contributions if they transfer to another pension scheme under the anti-forestalling rules.
IFS leads pleas to scrap tax relief restrictions

4 March 2010

The Institute of Fiscal Studies and PricewaterhouseCoopers have both slammed Chancellor Alistair Darling’s decision to restrict tax relief onpensions for high-earners in their response to the Treasury’s consultation.
Moss takes on interim MD role at Friends

4 March 2010

Friends Provident has appoin-ted Nathan Moss as UK managing director on an interim basis to replace Simon Clamp due to serious illness.
Pru in UK pledge after Asia buy

4 March 2010

Prudential’s move to buy AIG’s Asian operation this week has left advisers questioning its commitment to the UK market even though Pru’s chief insists it will remain a “key” area.
Sprung is banned from senior roles for five years and fined £49,000

4 March 2010

Sprung: Would have been hit with £70k fine without reduction
Thoresen rebuts commission claims on corporate pensions

4 March 2010

Thoresen: ‘Just a gentle recovery in market activity’
HMRC to publish names of tax cheats

3 Mar 2010

Taxpayers who deliberately evade tax will face being named and shamed, under new rules put in place today.
Moss takes on interim MD role at Friends

3 Mar 2010

Friends Provident has appointed Nathan Moss as UK managing director on an interim basis to replace Simon Clamp due to serious illness.
Prudential share price slumps 20%

2 Mar 2010

Fitch Ratings puts Pru on negative watch due to concerns over its plan to acquire AIG’s Asian arm AIA.
Tories "amazed" at speed of Nest contract deal

2 Mar 2010

Waterson says signing the administration contract before the general election will not inhibit a Tory review of the scheme.
Hornbuckle's Stewart takes on sales director role

2 Mar 2010

Marketing director Mary Stewart has taken on the additional role of sales director at the Sipp provider.
Tata to sign Nest contract before general election

2 Mar 2010

Pada announces Tata as successful admin bidder and plans to sign contract early.
Prudential chief stresses commitment to UK

1 Mar 2010

Tidjane Thiam dispels rumours it will look to sell of its UK arm after merging with AIG’s Asian operation.
Pru profits up £3.8bn on 2008

1 Mar 2010

The firm reports profits of £1.7bn for 2009, on an EEV basis.
Sun Life rebrands Lincoln's products

1 Mar 2010

Lincoln National’s UK range has been rebranded Sun Life Financial of Canada after last year’s acquisition.
Govt removes pensions transfer trap

26 Feb 2010

Pension savers can now keep their contribution history to avoid tax charges, if they switch provider.
Pru's with-profits fund performance outstrips rivals

26 Feb 2010

Prudential’s fund returned 18.7 per cent in 2009.
Annuity row breaks out over Partnership outsourcing deal

25 Feb 2010

Just Retirement has castigated Partnership’s decision to team up with Origen in an annuity outsourcing deal.
Axa revives plans for a variable annuity

25 Feb 2010

Axa is back on track with plans to launch a variable annuity.
Do we need two pension regulators?

25 Feb 2010

Money Marketing round table guests ask: What next for pension reform?
Five-year wait for MVR-free day

25 Feb 2010

Aviva has come under attack for pushing back the MVR-free day on a with-profits policy by five years as a result of the changes to the minimum retirement age.
'Sweep away the state of confusion'

25 Feb 2010

Pension experts believe the next Government must rebuild the pension system around a citizen’s pension which would give the same amount to everyone.
Honister Capital makes £1.5m profit

25 Feb 2010

Honister Capital made an operating profit of £1.5m between June and the close of its financial year on September 30 last year.
Auto control for advisers

25 February 2010

Auto-enrolment will present a huge opportunity for advisers but round table delegates say how advice will be paid for remains a moot point.
Hung result would block reforms

25 February 2010

A hung Parliament would be “a disaster” for pension reform, according to Cicero Consulting.
Nest wrecks current provision

25 February 2010

Aviva has claimed that unless legislation is relaxed so the private sector can offer pensions to lower-earners, the Nest scheme will plough through current pension provision.
RDR could see fewer people taking open market option

25 February 2010

The retail distribution review is likely to see fewer pension savers exercising their open market option, says Fitch Ratings.
RoyLon back in talks on deal with Royal Liver

25 February 2010

Royal London is in talks to buy Royal Liver two years after the Liverpool-based insurer rejected a merger deal.
Stockbrokers misled clients on penny shares

25 February 2010

FSA takes action in small-cap sector
Cable slams practices of bailed out banks

23 Feb 2010

Lib Dem Shadow Chancellor says banks should be prevented from aiding international takeovers.
RDR could reduce Omo usage further

23 Feb 2010

Fitch Ratings says the RDR is likely to see fewer people exercise their open market option because many will not pay fees.
Nine in 10 firms want advice on pension reforms

22 Feb 2010

Pada says most businesses intend to seek advice on auto-enrolment.
Head of sales Turtle quits at Hornbuckle Mitchell

18 Feb 2010

Hornbuckle Mitchell director and head of sales for London Elaine Turtle is leaving the Sipp provider.
Origen set for up to 5% on outsource annuities

18 Feb 2010

Further details emerge regarding the firm’s controversial outsourcing deal.
Tory thinktank wants to keep door ajar for CTFs

18 Feb 2010

Conservative thinktank Policy Exchange has called for the child trust fund to be retained in a bid to build a savings culture.
Another stockbroker fined by FSA

18 Feb 2010

Glasgow-based firm Direct Sharedeal ordered to pay £101,500 for allowing appointed representative to mislead customers.
Axa UK life and savings sales fall 20 per cent

18 Feb 2010

In line with other insurers, the firm saw group pension sales fall 15 per cent to £287m over 2009.
NAPF fights tax relief restrictions

18 Feb 2010

Working party set up to lobby Government against its new pensions tax relief restrictions.
AWD appoints training chief in level four drive

18 February 2010

Connolly: ‘Timetable of exam targets’
Cook taking over from Fuller at Just Retirement

18 February 2010

Just Retirement chief executive Mike Fuller is retiring in July and will be replaced by LV= life and pensions managing director Rodney Cook.
NeedAnAdviser service helps outsource for specialist advice

18 February 2010

NeedAnAdviser.com has launched a new service to help advisers outsource specialist areas of advice and earn referral commission.
Zurich seeking partner

18 February 2010

Zurich is tendering for a partner to replace Prudential in a single-tied annuity-outsourcing contract, Money Marketing understands.
Sifa sees conflict over RDR prof body role

17 Feb 2010

Sifa has flagged up a potential conflict of interest in the FSA’s proposal to devolve the responsibility for ensuring member compliance to professional bodies.
FSA raps stockbroker Wills & Co

17 Feb 2010

The firm would have faced a £1.5m fine had it not been winding down its business.
Just Retirement founder Mike Fuller to retire

17 Feb 2010

LV= managing director Rodney Cook will take over at the Just Retirement helm when founder Fuller steps down in July.
L&G annuity sales jump 13 per cent

17 Feb 2010

Legal & General individual annuity sales increased 13 per cent to £98m over 2009, compared with £87m the previous year.
FSA slaps Turkish oil execs with £1.16m fine

16 Feb 2010

The FSA has fined three executives of a Turkish oil exploration company £1.16m for insider dealing.
MGM launches delayed asset-backed annuity

15 Feb 2010

MGM Advantage has launched its long-awaited Flexible Income Annuity.
Senior RBS bankers resign over bonus frustrations

15 Feb 2010

Staff are reportedly angry that the taxpayer-backed bank is having to scale bank bonuses for 2009.
TUC calls for £100bn bank tax

15 Feb 2010

Proposals echo Brown’s call for a Tobin tax.
Axe fears over tax relief for non-earners

11 Feb 2010

Hargreaves Lansdown predicts the Government will axe rules allowing non-taxpayers to get tax relief on pension contributions in the next Budget.
Burrows in retirement options' deal with IT firm

11 Feb 2010

IT provider DST Global Solutions is offering a compar-ison tool for retirement opt ions, which it developed with William Burrows Annuities director Billy Burrows.
Friends is slammed over benefits' backlog

11 Feb 2010

Friends Provident has been attacked for delays in paying retirement benefits and for failing to communicate with IFAs.
L&G wants to unlock annuities to pay LTC

11 Feb 2010

Legal & General is lobbying for a change in regulations to allow people to unlock their annuity to pay for long-term care.
The annuities alternative

11 Feb 2010

Helen Pow reports that the Tory manifesto plan to axe compulsory annuitisation could see innovative products coming into the retirement market.
Rockingham extends annuity clearing house

11 Feb 2010

Rockingham Retirement is set to expand its annuity clearing house service to search whole of market for the best deal.
Royal London looks at corporate wrap

11 Feb 2010

Royal London is the latest provider to look at entering the corporate wrap market.
RoyLon hits out at 'frenzy' of discount deals

11 Feb 2010

Royal London has slammed active member discounts on some group pension schemes, which mean members are hit with a higher annual charge if they leave their employer.
Friends Provident joins group pensions dive in sales

11 Feb 2010

Friends Provident group pensions sales fell 26 per cent to £310m over 2009 down from £423m the previous year.
Group pension plunge hits life companies

11 February 2010

Life companies saw group pension sales plummet last year as rises in unemployment and salary freezes took their toll.
Low markets see Standard Sipp transfer values suffer

11 February 2010

Standard Life Sipp business fell by 21 per cent to £2.9bn last year from £3.7bn in 2008 while net inflows dropped by 28 per cent to £1.8bn.
Van Der Wielen leaving Clerical after reshuffle

11 February 2010

Managing director of Clerical Medical and Halifax Life John Van Der Wielen is leaving Lloyds Banking Group to return to Australia.
Two thirds of older couples fail to take out joint annuities

10 Feb 2010

Aviva’s Real Retirement Report says more than half of people over 55 do not understand what a joint annuity is.
L&G's rating lowered due to UK focus

9 Feb 2010

Standard & Poor’s says L&G’s concentration on the UK makes it more vulnerable to industry and economic risks.
Sir Malcolm Williamson appointed as Friends Provident chair

9 Feb 2010

Williamson replaces Sir Mervyn Pedelty who died at the end of last month.
Hector Sants to step down from FSA

9 Feb 2010

Hector Sants is set to leave the FSA in the summer, after three years as chief executive.
LV= launches fixed-term annuity

8 Feb 2010

The firm joins Living Time in the temporary annuity market with the launch of its hotly anticipated fixed-term product.
Vast majority of advisers want default Omo

4 Feb 2010

More than 85 per cent of advisers are calling for the open market option to be the default to ensure retiring investors get the best deal.
Aviva cuts stakeholder commission

4 Feb 2010

Aviva has cut initial commission on its stakeholder pensions by nearly a quarter from a maximum 3.36 per cent to 2.52 per cent.
Origen's £50,000 annuity move 'takes Omo back 15 years'

4 Feb 2010

Origen is to pass corporate annuity clients with pension funds worth under £50,000 to Legal & General and Partnership Assurance.
Aviva’s wrap is back after a long delay

4 February 2010

Aviva reopened its wrap for new business last week - seven months later than expected.
Friends scraps MVRs on all policies except pensions

4 February 2010

Friends Provident has scrapped market value reductions on nearly all of its with-profits policies.
Judges get let-off from huge pension tax bill

4 Feb 2010

Judges will be exempt from massive tax charges incurred as a result of pre-Budget report changes to how final-salary pension benefits are calculated.
LibDems say Labour fails the basic test

4 February 2010

Webb: ‘Labour’s changes to the pension system have not protected many older people from the indignities of poverty’
Pension savers still losing by not shopping around

4 February 2010

People retiring at 65 will need to live at least 17 years to get back the money they have saved in their pension fund at today’s historically low annuity rates, according to Rockingham Retirement.
Quarter of over-55s planning to work after 65

4 February 2010

Almost a quarter of people over 55 have resolved to work beyond the state retirement age of 65, according to MGM Advantage.
Skandia tool aims to shed light on opaque with-profits

4 February 2010

Skandia has launched a withprofits bond analysis tool to help identify penalty-free exit opportunities and compare performance against alternative tax wrappers.
UK needs to capitalise on ageing population

3 Feb 2010

A leading economist has warned that a financial crisis is inevitable unless we change the way we think about what older people contribute to the economy.
Just Retirement sales up 26 per cent

3 Feb 2010

The provider recorded increases in both annuity and equity release business in the six months to December 2009.
Standard Life sees Sipp inflows fall 28%

3 Feb 2010

Wrap assets more than double to £3.6bn, up from £1.7bn.
Online pensions referral service launched

2 Feb 2010

Founder of comparemypension.com launches thepensionspecialist.com for advisers who want to outsource pensions advice.
IOD says raise retirement age to 68

1 Feb 2010

The Institute of Directors says the Government should increase the default retirement age, initially to 68.
Friends Provident scraps MVRs

29 Jan 2010

Friends Provident has scrapped market value reductions on nearly all of its policies.
Resolution non-executive Sir Mervyn Pedelty has died

28 Jan 2010

Resolution has announced that non-executive director Sir Mervyn Pedelty passed away on Tuesday.
SSAS clients face tax shock

28 Jan 2010

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
Skandia launches with-profits analysis tool

28 Jan 2010

Skandia has launched a with-profits bond analysis tool to help identify penalty-free exit opportunities and compare performance against alternativetax wrappers.
PBR stealth tax will hit DB savers

28 Jan 2010

A quarter of a million high-earning defined-benefit pension scheme members could see their tax bill double as a result of details buried in last year’s pre-Budget report.
Axa exits enhanced annuities due to Solvency II fears

28 January 2010

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.
Fraud is costing financial services £4bn a year

28 January 2010

Herdan: ‘Devastating effects’
Standard is slammed with £2.4m fine for fund failings

28 January 2010

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.
Aviva reopens wrap and Sipp to new business

27 Jan 2010

The firm says the products will help advisers tackle the RDR.
Standard Life holds with-profits bonuses and cuts MVRs

26 Jan 2010

Standard Life has held regular with-profit bonus rates at 2009 levels despite last year’s stockmarket rally.
Lawrence Churchill named Nest chair

26 Jan 2010

Churchill will take on the role when the trustee corporation is established in July.
Partnership hires two directors for long-term care

22 Jan 2010

The firm says the new recruits will help it “aggressively expand” the market.
SFO hires Robert Goldspink as non-executive director

22 Jan 2010

Goldspink retired from law firm Morgan Lewis last year, where he was involved in disputes involving fraud.
Fraud costs the UK £30bn a year

22 Jan 2010

Financial services is the hardest hit in the private sector, losing out on an annual £3.8bn.
Partha Dasgupta appointed TPAS chairman

21 Jan 2010

Dasgupta replaces outgoing chair Margaret Snowdon.
Mortgage lending up 14 per cent for December

21 Jan 2010

The CML says the year on year comparison is positive for the first time since October 2007.
Axa pulls enhanced annuity due to Solvency II fears

20 Jan 2010

The firm claims the new rules will dent the attractiveness of annuities.
'FSA takes huge risk with GPP factoring ban'

7 Jan 2010

IFAs and product providers slam the FSA’s decision to extend its proposed ban on commission to group personal pensions.
Friends Provident buys German distribution firm

18 Dec 2009

Resolution Limited has announced that Friends Provident has agreed the purchase of Financial Partners Business, its German distribution partner.
New buyer may sell off James Hay wrap

18 Dec 2009

IPS Partnership owner IFG Group could sell the James Hay wrap after it takes over the firm in February in a deal worth £35m.
PBR rise won't apply to Serps

17 Dec 2009

The Tories attack the Government for not applying a 2.5 per cent basic state pension rise to Serps.
Pension firms to lose £3bn in shift to personal accounts

17 Dec 2009

The pensions industry may lose £3bn of annual contributions as individual personal pension customers switch to personal accounts.
Portfolio annuity combines trio of income options

17 Dec 2009

Burrows & Cummins is set to launch a portfolio annuity that combines a range of three retirement income options in one product.
End arbitrage between corporate pensions, says Friends

17 Dec 2009

Friends Provident wants the FSA to go further to remove discrepancies between occupational schemes and GPPs.
Just Retirement in enhanced deals for 'disenfranchised'

17 Dec 2009

Just Retirement is closing on deals to provide enhanced annuities to the clients of up to nine firms.
Gilt plunge lifts annuities

17 December 2009

Annuity rates are expected to see a boost after last week’s pre-Budget report sent the price of gilts tumbling.
RDR: GPP changes to cost providers up to £13m each

16 Dec 2009

New proposals to ban commission on GPPs will hit providers’ pockets.
RDR: FSA to ban commissions linked to occupational schemes

16 Dec 2009

The regulator warns it may extend its regulatory scope if firms are using trust-based schemes to get around the RDR.
RDR: Arranger charging for GPPs replaced by consultancy charging

16 Dec 2009

Any firm that assists in the setting up or admin of a GPP must agree a charge with the employer.
DWP axes collective DC scheme idea

15 Dec 2009

The DWP says the risk-sharing method risked “unacceptable intergenerational unfairness”.
Tories slam state pension revelation

14 Dec 2009

The Conservatives criticise the Government after it was revealed some pensioners will not see their state pension rise.
Two men found guilty of £1m "boiler room" scam

11 Dec 2009

The pair will face sentencing in January at Woolwich Crown Court.
Annuity rates should surge after gilt price plunges

11 Dec 2009

Annuities likely to benefit as pre-Budget report debt figures push gilts into freefall.
Rockingham's Rita offers drawdown deal

11 Dec 2009

Rockingham Retirement has launched a temporary income drawdown product.
IMA slams personal accounts delay

10 Dec 2009

Saunders says phasing timetable could add complexity.
Asp data shows the folly of 82% tax, says Bell

10 Dec 2009

Freedom of information request from AJ Bell reveals new Asp figures.
Defaqto warns advisers facing more fines as transfer review continues

10 Dec 2009

Firm believes small providers will come under more pressure from FSA.
LV= sets early launch for fixed annuity

10 Dec 2009

LV= is aiming to launch its fixed-term annuity in the first quarter of 2010.
Pensions regulator issues warning on transfer incentives

10 Dec 2009

TPR warns it may use anti-avoidance powers on trustees.
Altmann says public pension cap is not a cap

10 December 2009

Pension expert Ros Altmann has slammed the Government’s plans to cap public sector pensions, as the small print of the pre-Budget report allows scope to change or remove the cap.
Annuity rates plunge to all-time low

10 December 2009

Annuity rates have hit an all-time low, having almost halved in the past 15 years, according to Moneyfacts.
'Don't do the hokey cokey with clients'

10 December 2009

Aviva is warning IFAs to be careful of playing “hokey cokey” with customers after Standard Life announced plans to re-enter the personal pension market.
New delay adds to concerns over levelling down

10 December 2009

The Government has given employers the green light to contribute only 1 per cent to their employees’ pensions for an extra year, meaning members may not receive the full 3 per cent contribution until October 2017.
New relief cut could hit up to 150,000

10 December 2009

‘Another attack on pension savings cloaked in complex rules’
Refund tax rise could bring pension raids

10 December 2009

The Treasury has changed the tax it charges on pension contribution refunds in occupational schemes, which could encourage more people to raid their pensions.
Standard returns to personal pensions

10 December 2009

Standard Life is relaunching a personal pension alongside its active money Sipp and plans to take significant market share from main players Aviva, Aegon and Scottish Widows.
TPR warns on transfer incentives

10 December 2009

The Pensions Regulator has warned it may use its anti-avoidance powers on trustees who allow or encourage dodgy transfer incentive exercises.
PBR: Full personal accounts contributions delayed until 2017

9 Dec 2009

Treasury saves £2.4bn at the expense of savers.
PBR: pensions relief threshold down to £130K- 150K more affected

9 Dec 2009

The Government has extended the pension tax changes announced in April’s Budget so people earning £130,000 or more will be hit rather than the original £150,000 threshold.
PBR: Pension credit capital disregard increased

9 Dec 2009

Disregard is boosted from £6,000 to £10,000.
PBR: Darling cracks down on salary sacrifice

9 Dec 2009

Chancellor introduces floor to prevent high earners getting around the new rules on tax relief.
PBR: Darling boosts basic state pension by 2.5 per cent

9 Dec 2009

Chancellor increases basis state pension despite deflation.
High Court restricts Pensions Ombudsman on time limits

9 Dec 2009

The Ombudsman can no longer take a more liberal approach on time limits than the courts.
Tenon and RSM Bentley Jennison to merge

9 Dec 2009

Firm plans to become UK’s leading financial and business adviser.
Darling to delay personal accounts launch by a year

9 Dec 2009

Chancellor is tipped to put back introduction of personal accounts by one year.
Aviva warns of "hokey cokey" on Standard Life pensions

8 Dec 2009

Rival says there are questions to answer regarding Standard’s personal pension shift.
Darling considering tax on pension gains

7 Dec 2009

The Chancellor may impose a tax of up to 50 per cent at next week’s PBR, according to reports.
Standard Life to relaunch personal pension

7 Dec 2009

The firm plans to fiercely complete with market leaders.
FSA may investigate accelerated drawdown firms

4 Dec 2009

FSA warns firms must take “great care” when marketing products designed to run down pension funds.
Variable annuity sales fall 58 per cent in third quarter

4 Dec 2009

The Hartford’s exit and challenging market conditions saw third way sales plunge.
The A Team

3 Dec 2009

Is Aviva’s decision to refer clients with small pots to rivals good news for customers?
FSA won't give way on caveats for projections

3 Dec 2009

Regulator warns it will not cave in to pressure from the ABI to allow companies to continue using standard projection rates for cash.
High-earners told to add to pensions before PBR

3 Dec 2009

Hargreaves Lansdown writes to clients recommending planned pension contributions are made before next Wednesday.
L&G appoints John Stewart as chairman

2 Dec 2009

Stewart will take over from Sir Rob Margetts in March.
Aviva channels small pensions to rival firms

2 Dec 2009

Provider channels pots of less than £30,000 to referral service offering panel of providers.
Options average transfer time remains 11 days

2 Dec 2009

The ABI initiative recorded the same transfer time for Omo cases in Q3 as in Q2.
Canada Life and Aegon poised to launch postcode annuities

1 Dec 2009

Canada Life and Aegon are understood to be launching postcode pricing on annuities imminently.
Public doubts ability of politicians to deal with pensions crisis

30 Nov 2009

Overwhelming majority of adult Britons do not believe political parties can solve the nation’s pensions issues.
Labour lords hit out at Brown's care plan

26 November 2009

Labour peer Lord Lipsey has attacked Prime Minister Gordon Brown’s plans to offer free care at home to the elderly, claiming it is “one of the most irresponsible acts to be put forward by a Prime Minister in recent history”.
Royal London wants FSA to pull back from the cliff edge

26 November 2009

Royal London chief executive of intermediaries John Deane says there must be practical implementation of the RDR. Helen Pow reports
Thinktank in call to shut state pension 'Ponzi scheme'

26 November 2009

The Adam Smith Institute says the state pension is a “giant Ponzi scheme” that will soon become bankrupt and must be phased out.
Labour Lord attacks PM's care plans

19 Nov 2009

The former long term care commission member labels reforms a “demolition job”.
ABI could fight crackdown

19 November 2009

Trade body schedules emergency meeting to discuss lobbying plans over FSA projection rate crackdown.
Aviva offers cashback pledge for with-profits

19 November 2009

Aviva is to launch a continuous money-back guarantee option for new with-profits investments.
Growing optimism on the recruitment front

19 November 2009

The financial services industry is increasingly optimistic about recruitment prospects in the sector, according to the Chartered Institute for Securities & Investment.
Hornbuckle in pre-Budget plea to Darling to pass on pension funds

19 November 2009
Just Retirement looks to launch LTC product

19 November 2009

Just Retirement is looking to launch a long-term care product and a protection range for older customers.
Sipp firms feeding clients' cash into their own funds

19 November 2009

Sipp providers have come under attack for channelling clients’ money into their own funds.
Solvency II retreat on cash call

19 November 2009

European regulators have pulled back from forcing UK life insurers to hold billions of pounds extra capital.
Unite claims banks are pressing staff to missell

19 November 2009

Trade union Unite has slammed banks’ sales processes, claiming they are pressuring staff to missell products.
Europe approves Lloyds restructure

18 Nov 2009

Govt set to move forward with divestment plans.
London & Colonial launches EU Sipp

16 Nov 2009

Product benefits from less stringent tax rules and wider investment choice, says firm.
Metlife warns Pada on target-date funds

13 Nov 2009

Pada warned to avoid the mistakes of US target-date funds when drawing up personal accounts default.
Partnership seeks LTC tied deals

13 Nov 2009

Provider would “bite the hand off” banks offering distribution arrangements.
Unite slams banks' sales processes

12 Nov 2009

The trade union has launched a campaign for Lloyds Banking Group staff to fight for change.
Lord Myners commits to fight Solvency II plans

12 Nov 2009

City Minister acknowledges progress but says more needs to be done.
Aegon new life business down 26% for year to date

12 Nov 2009

Insurer’s new life sales fall by a quarter.
Resolution reveals 28% drop in new life business

12 Nov 2009

Friends Provident parent posts new business slump of £200m.
Regulators ease up on Solvency II proposals

11 Nov 2009

Ceiops chair has “provided solutions” to concerns regarding the European directive.
Court blocks move to protect pensions of high earners in PPF

11 Nov 2009

Trustees wanted to use remaining assets of failing schemes to top up pensions of wealthy.
Metlife boosts range of guarantees on retirement products

11 Nov 2009

Investors can now choose annual step-ups on income and capital guarantees.
ABI picks Australian lawyer for top job

12 November 2009
Pru adds cautious fund to flexible plan

12 November 2009

Prudential has added the Pru Fund cautious series to its flex- ible retirement plan and is offering pension savers a five-year capital guarantee.The company launched the cautious fund, to sit alongside Pru Fund growth, in July for risk-averse investors worried about moving back into equities.
Skandia denies that cutbacks mean sale

12 November 2009

Old Mutual has denied that cutbacks in Skandia’s IFA support is a precursor to a sale.
Another bidder pulls out of personal accounts admin race

10 Nov 2009

Logica UK follows ATP in withdrawing from the competitive dialogue process.
Contingent capital is not a panacea, says Standard & Poor's

10 Nov 2009

The rating agency says contingent capital is not being designed to repair weak balance sheets.
Standard Life appoints Jackie Hunt as interim CFO

10 Nov 2009

Hunt takes over from newly appointed chief executive David Nish while a permanent successor is found.
PPF deficit doubles to £1.23bn

5 Nov 2009

Increase casts doubt over the future of the lifeboat.
Old Mutual says Skandia remains core as it records 11% new business dip

5 Nov 2009

Old Mutual has denied that cutbacks in Skandia’s support to advisers are a precursor to a sale of the business.
Zurich records 5% increase in life new business

5 Nov 2009

Zurich global life new business after tax increased 5 per cent on an annual premium equivalent basis.
Metlife has list of UK targets

5 November 2009

American provider on the look out for UK acquisitions.
Regulators in threat to block master trusts

5 November 2009

The FSA and The Pensions Regulator have threatened to write new rules preventing a rush to master trusts to dodge retail distribution review requirements.
Sesame reshuffles PMS and Bankhall after takeover

5 November 2009

Sesame Bankhall Group has appointed David Golder as managing director of Bankhall and John Malone as chairman of PMS after the acquisition of the firm by Sesame.
Skandia faces advisers' anger

5 November 2009

Advisers have criticised Skandia’s decision to close its nine regional offices and scale back its salesforce, saying the move will see IFAs move away from the firm.
ABI appoints Kerrie Kelly to director general role

4 Nov 2009

Currently CEO of the Insurance Council of Australia, Kelly will take up the position in February.
Aviva still on the acquisition trail - UK sales down by a quarter

4 Nov 2009

Andrew Moss says acquisitions could come in the distribution space.
IHT risk makes personal accounts less attractive

3 Nov 2009

Savers could face inheritance tax of 40 per cent unlike the majority of workplace scheme members.
L&G new business falls 23 per cent

3 Nov 2009

Pre-RDR changes see share of business through IFAs fall 10 per cent.
Jobs at risk as Skandia looks to shut nine offices

2 Nov 2009

Nine offices could close their doors and 100 sales staff could face the axe.
MGM appoints actuary Chris George

2 Nov 2009

George joins the enhanced annuity provider from Watson Wyatt.
Tom McPhail

29 Oct 2009

Hargreaves Lansdown’s head of pensions research is chairman of the Pensions Income Choice Association, due to launch this week, which aims to shake up a retirement industry dogged by inertia and educate people to get the best deals on the market Interview by Helen Pow
Craig takes director general interim role at ABI

29 October 2009

Association of British Insurers director of life and savings Maggie Craig will take over as director general until the trade body finds a replacement for Stephen Haddrill.
FSA warns again on cash projections

29 October 2009

Regulator threatens action against pension providers if they do not stop using standard projection rates.
Pensioners hit by £350m tax blunders

29 October 2009
Personal accounts trustee can recover admin costs

29 October 2009
Population to leap by four million by 2018

29 October 2009

The population of the UK is forecast to soar by over four million by 2018 and by 10 million to 71.6 million by 2033, according to the latest figures from the Office for National Statistics.
Regulator visits firms in switch probe

29 October 2009

FSA to visit sample of IFAs to see if pension switching has improved.
Revenue rules no bill for Freedom Sipp client

29 October 2009

HM Revenue & Customs has confirmed to a Freedom Sipp client that he will not be hit with a 40 per cent tax charge if he transfers his pension to another provider.
Skandia axes Chessell in review

29 October 2009

Skandia sales director Dave Chessell has been made redundant as part of a review of the service that the firm gives to advisers.
Standard Life in pension link-up with Barclays after selling bank for £226m

29 October 2009

Barclays is buying Standard Life Bank in a £226m deal and the firms are looking to jointly develop a simplified pension product.
TPR slams DC schemes' retirement literature

27 Oct 2009

Pensions Regulator uncovers breaches in retirement disclosure.
Personal accounts trustee could see new powers

26 Oct 2009

DWP and Pada propose new powers for the scheme trustee to recover additional costs from non-complying employers.
Barclays acquires Standard Life bank

26 Oct 2009

Standard Life sells off its banking arm for £226m and agrees to work with Barclays on a ‘simplfied pension product’.
Pension liabilities to see 45 per cent rise

26 Oct 2009

Liabilities are outstripping gains in stockmarkets as corporate bond spreads continue to shrink.
Maggie Craig to stand in as interim ABI director general

23 Oct 2009

ABI director of life and savings will take control until a replacement is found.
Audit office flags £250m tax overpaid by pensioners

23 Oct 2009

NAO slams discrepancies in HMRC systems.
Cooper says DWP has no plans to block master trusts

23 Oct 2009

Work and Pensions Secretary says she is not worried by the predicted increase in schemes.
HMRC confirms Freedom client will not incur tax penalty

22 Oct 2009

HMRC confirms client will not face 40 per cent tax hit if he transfers pension.
Skandia makes sales director redundant in review

22 Oct 2009

Provider will not rule out further redundancies.
The price of Freedom?

22 Oct 2009

Freedom Sipp investors could be facing a tax charge of up to £66m after the High Court wound up the firm
50% Equity-release rise for Just Retirement

22 october 2009

Just Retirement saw a 51 per cent increase in equity-release business in the quarter to September 30 compared with the same period last year, jumping from £33.1m to £50m.
ATP pulls out of bidding for personal accounts

22 october 2009

Danish admin provider ATP has withdrawn from the running for the contract to administer personal accounts.
Aviva cuts MVRs on with-profits products

22 october 2009

Aviva has reduced the market value reductions on its with-profits policies.
Court backs cash for Equitable Life victims

22 october 2009

Thousands of Equitable Life policyholders may be eligible for compensation after the High Court last week ruled the Government had unlawfully rejected the Parliamentary Ombudsman’s findings of maladministration.
Intelligent slams Aegon direct service

22 october 2009

Intelligent Pensions has attacked Aegon’s new direct-to-consumer annuity service.
'Lock into an annuity now'

22 october 2009

Investors approaching retirement should look at locking into an annuity now to benefit from stockmarket gains before possible falls in markets and annuity rates, according to Hargreaves Lansdown.
Tories to review basics of personal accounts

22 october 2009
Government extends Equitable compensation

21 Oct 2009

Treasury tells Sir John Chadwick to adhere to last week’s High Court ruling.
MCEV principles to include liquidity premium

20 Oct 2009

Insurers will be allowed to include a liquidity premium in new accounting standards.
Aviva reduces MVRs on with-profits

19 Oct 2009

Stockmarket rally sees Aviva follow other insurers in cutting exit penalties.
Annuitise now before rates tumble, says Hargreaves

19 Oct 2009

Pre-retirement investors should lock in stockmarket gains by annuitising while rates are still good.
Aegon launches direct annuity service

16 Oct 2009

Direct service will initially be offered to Telegraph readers.
To plan B or not to plan B?

16 Oct 2009

Life offices are drawing up plans for an alternative to personal accounts, will they be successful?
Just Retirement equity release sales jump 50 per cent

16 Oct 2009

Equity release advances jumped 50 per cent in stellar quarter for the firm.
Aegon will cover costs of drawdown system error

15 Oct 2009

Aegon has insisted it will cover any tax charges imposed by HM Revenue & Customs on income-drawdown customers affected by an historic systems error at the firm.
Court overturns Govt decision on Equitable

15 Oct 2009

More policyholders to receive compensation as court rules against Government.
ATP pulls out of personal accounts admin bid

15 Oct 2009

ATP pulls out of the running for the personal accounts administration contract leaving three bidders to battle it out.
High Court winds up Freedom Sipp

14 Oct 2009

The High Court has decided to wind up troubled Sipp operator Freedom Sipp in a hearing this afternoon.
Pada must adopt laws of attraction

15 October 2009

John Lawson calls for carousel system for personal accounts.
Aegon will cover costs of drawdown system error

15 October 2009

Aegon has insisted it will cover any tax charges imposed by HM Revenue & Customs on income-drawdown customers affected by an historic systems error at the firm.
Auto-enrolment could hit providers' income

15 October 2009

Providers could be set for a financial hit as many pension savers are likely to stop contributing to existing private pension contracts when auto-enrolment kicks in during 2012, according to Syndaxi.
Firms put RPI-linked annuity rises on hold

15 October 2009

Insurers to hold off increasing inflation-linked annuity income to recoup costs.
LV= pilots flexible guaranteed bond

15 October 2009

LV= is piloting a flexible guaranteed bond which, if successful, will be extended to the firm’s Sipp.
Metlife launches new guaranteed bond

12 Oct 2009

Metlife is launching a new guaranteed bond which offers capped and uncapped step-ups on guarantees.
'Mutual status could have saved the Rock'

20 Mar 2008

Labour MP and Treasury select committee member Andy Love believes the Northern Rock crisis could have been prevented if it had stayed a mutual.

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Helen Pow Editorial