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AEEU &#39stakeholder&#39 pension to receive its first contributions

The pseudo &#39stakeholder&#39 pension scheme set up by the Amalgamated Engineering and Electrical Union is to receive it first contributions.

Manchester-based coatings company Northpoint has announced it will join the scheme in July. The company will contribute £40 a month per employee, while employees are expected to contribute £20 a month.

The AEEU scheme is open to all the Union&#39s members who do not have access to an occupational pension.

The scheme which was developed in conjunction with Friends Provident has 100 per cent of members contributions invested, has no bid/offer spread, no policy charges and no penalties for stopping or varying contributions.


Halifax cutbacks estate agency arm

Halifax is to sell off 224 of its 618 estate agency offices around the country.Initially Halifax will close estate agency branches in towns where there is both a banking office and an estate agency.The current branding of Halifax Property Services will disappear with all offices branded under the corporate Halifax name.The decision could put up […]

Ernst & Young to study the use of e-commerce in financial services

The Government has appointed management consultancy Ernst & Young to assess the implications of electronic commerce on the retail financial service sector.The move follows Prime Minister Tony Blair&#39s recent announcement of the formation of a project designed to ensure the UK benefits from the worldwide growth in e-commerce.The study will be conducted by the Cabinet […]

Hewitt tells IFAs they need a new attitude

Treasury economic secretary Patricia Hewitt has told IFAs they must have &#34a whole new attitude&#34 to regain the confidence of the public in the wake of the pensions misselling scandal.She says the investment industry has for too long done business with little regard for the long-term needs of its customers.Hewitt, writing in the Life Insurance […]

Bank of England base rate remains unchanged

Borrowers&#39 hopes for lower mortgage payments have been dashed by the Bank of England&#39s announcement that interest rates will stay at 5.25 per cent.Last month the Monetary Policy Committee cut rates by 0.25 per cent. But many lenders ruled out a rate cut for borrowers unless the rate fell by a further 0.25 per cent. […]


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