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&#39Don&#39t waive goodbye to benefits&#39

Scottish Equitable believes the introduction of stakehol^_der in April

2001 has brought sales opportunities for IFAs.

In his latest Ritchie Paper, pensions development manager Stewart Ritchie

highlights a number of inadequacies in the forthcoming pen^_sion reg^_ime

which could make it bene^_ficial to buy current products.

He says that, after April 2001, it will not be possible to effect waiver

as part of a personal or stakeholder pension and the availability of life

cover will be more restricted.

This will create an opportunity to lock into the existing reg^_ime by

taking out a pension with life cover and waiver before the cut-off date.

Ritchie also highlights how IFAs should exploit the existing carry-forward

rules to allow their clients to maximise their pension before the facility

is abolished next April.

He says: “The existing carry-forward provision can be a real benefit to

those who have def^_erred using their full allowance in past years. To take

advantage of existing rules, IFAs should ensure that clients are advised

before April next year.”


Join the social club

Institutional shareholders own more than 80 per cent of UK corporateequity and the Government clearly recognises that fund managers haveconsiderable power to influence the behaviour of the companies in whichthey invest. It also believes that pension scheme members and ordinarysavers with the financial institutions would like to see such influenceused to advantage and to reflect […]

Societies&#39 lending at two-year high

Building society mortgage lending hit a two-year high in March.Building Societies Association figures show gross lending by societiestotalled 2.4bn in March compared with 1.45bn in February.Approvals, or loans agreed but not yet made, increased by more than 50per cent to 3.38bn from 2bn in February, the highest fig^_ure in over twoyears.The growth of societies is […]

TMO goes short on redemptions

The Mortgage Operation is offering a three-year mortgage fixed at 6.59 percent, with the redemption period extending a year after the fix ends.Clients can cut the period of the redemption penalty to the fixed per^_iodat an additional 0.1 per cent on the rate.TMO says the loan is in response to public demand for short redemptionlock-ins […]

Premium problem stops mortgage endowment plan

Bungle Busters comes to you courtesy of Legal & General for the secondweek in succession as we take up the case of David Ellis, a trainee withChelmsford-based IFA TK Jones.Ellis called BB after L&G consistently fouled up in accepting his premiumsfor a recently set-up mortgage endowment plan.Ellis bought the plan in February, with his first […]


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