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&#39Govt figures back geographic rates&#39

Government statistics back enhanced annuity rates on a geographic basis, according to MGM Assurance.

Research from the Office for National Statistics charts disease patterns in regions of the UK and it shows higher levels of heart disease in South Wales, Scotland, Tyneside and Northern Ireland.

MGM says measures need to be taken to ensure consumers do not limit themselves to considering only providers of standard annuities.

The life office has special rates for those with shortened life expectancy, such as manual workers living in the North of England, the Midlands, Scotland, Wales and Northern Ireland.

Pensions development manager Tim Gosden says: “The report supports the premise on which the geoeconomic annuity is based. It indicates a massive North/South divide, with Scotland and North England having a higher than average incidence of deaths from cancer, heart disease, stroke and alcohol-related diseases.

“With so many customers eligible for enhanced annuities, providers have a duty to ensure that their customers are aware of all the annuity options available to them.”


Transferring of policies without authority

During the course of the last two or three weeks we have received communications from insurance companies and finance houses transferring several policies to other agencies which have not been nominated.In each case we were currently dealing with the client – and had dealt with them for a number of years. We were somewhat surprised […]

ABI rejects call for external actuaries

The ABI is calling for an external review of appointed actuaries&#39 recommendations about with-profits funds, saying this would improve clarity about the way funds are operated.However, in its submission to the FSA&#39s consultation on with-profits funds, the ABI rejects calls to force life offices to use external actuaries to set bonus rates or to have […]

Scot Equ calls on pensions industry to keep up with social change

Scottish Equitable is urging the pensions industry to keep up with social change such as issues surrounding the payment of pension death benefits to homosexual and common-law partners. Scot Equ pensions development director Stewart Ritchie says there is increasing mismatch between rules for dependants&#39 pensions and the way society is evolving, where increasingly people are […]

The Daley Update

Schroders has appointed Lucy Colback as the new manager of its global emerging markets fund as the first step in an overhaul. Colback, who takes over from Giles Neville, will restructure the fund under a more aggressive mandate, first trimming the number of stocks from 150 to 130. Britannic Asset Manage-ment is to change the […]


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