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Abbey Life sold to Deutsche Bank for nearly £1bn

Lloyds TSB has sold its closed book business Abbey Life to Deutsche Bank for almost £1bn.

Lloyds TSB announced today that subsidiary Scottish Widows had reached an agreement with Deutsche Bank to sell the business for £977m with the deal expected to go through in the second half of 2007.

Scottish Widows Investment Partnership has entered into a ten year agreement to continue to manage Abbey Life’s funds as part of the deal.

Abbey Life has been closed to new business since 2000. As of December 31, 2006 it managed £12bn of assets and 1.2 million policies.

Lloyds TSB group chief executive Eric Daniels says: “We conducted a review of Abbey Life and came to the conclusion that a sale of the business is in the best interest of the Group, as well as Abbey Life’s policyholders and staff.

We expect the proceeds of the sale, net of costs, to be distributed from Scottish Widows to Lloyds TSB Group in line with Lloyds TSB’s objective to continue to improve its capital efficiency.”


Bank of England maintains rate at 5.75 per cent

The Bank of England has announced that interest rates are to remain unchanged at 5.75 per cent.The BoE was widely expected to maintain the current rate after raising it from 5.5 per cent last month.Savills Private Finance says the decision is a correct one and the BoE needs to maintain a “wait and see” attitude […]

ScotProv in rethink of CI timeline

Scottish Provident has updated its critical-illness definitions timeline to include the Association of Brit-ish Insurers’ critical illness standard definitions, released this year.The timeline outlines the insurer’s current definition for each illness and details all the past definitions that it has used since the product was launched.ScotProv says that it is the only insurer offering such […]

‘Forty per cent of small firms will go under’

As many as 40 per cent of small adviser firms will go out of business over the next five to 10 years, says research by JP Morgan Asset Management.In a poll of 200 IFAs, JPMAM found that 70 per cent of advisers believe that firms with revenues of less than £1m a year, representing 95 […]

Creative Duce is flowing at CSAM

Chris Salih examines how the new co-heads of multi-manager are putting the zest back in Credit Suisse’s range, starting by squeezing out its regional funds

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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