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70% Of firms have no DB exit strategy

Seventy per cent of companies have no exit strategy for their defined-benefit pension scheme despite the fact 88 per cent of UK firms operating a closed scheme continue to be significantly conc- erned by the drain on their finances, according to research from Aon Consulting.

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First launches its cheapest ever mortgage

First Direct has launched its cheapest ever mortgage with a discounted variable rate of 2.99 per cent until May 2006.At the end of the discount term borrowers will revert to First Directs standard variable rate of 5.5 per cent.First Direct chef executive Richard Kimber says: “This mortgage is a win-win for homeowners. First, the lowest […]

Savills reports strong H1 results amid slowdown in market

Savills plc is reporting a strong first half result showing pre-tax profit of 19.9m, up 15 per cent on 2004 results. The property group’s interim results to June 30, 2005 show a turnover of 158.2m up 12.7 per cent on 2004 results. Basic earnings per share for the period rose from 23.5p last year to […]

Industry’s workforce rises 22% in 20 years

Total employment in Britain has risen by 3.6 million in the past 20 years, with the financial services sector workforce growing by over one-fifth, according to the Halifax. The sector’s workforce has grown by 197,000, or 22 per cent, since 1985 from 888,000 to just under 1.1 million. In 1985, people working in financial services […]

Outward bound

Money Marketing editor John Lappin finds that Aegon chief executive Otto Thoresen believes life offices ans IFAs working together can be the saving grace of country

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