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Aegon and Canada Life shut segmented offshore bonds to new business

Aegon and Canada Life International have closed their segmented offshore bonds to new business after the Government’s clampdown on the products.

Documents published alongside the Budget in March seek to restrict the use of offshore bonds that are structured so that any gain made across the whole bond arises in only one segment or policy. Previously, these bonds allowed withdrawals from all the other segments, where the gains do not arise, without fear of a chargeable event arising.

The change means all policies are treated as one policy in the event of a chargeable withdrawal. This effectively attributes a share of the gain to all segments.

Aegon manager of investment products, tax and regulation Margaret Jago says: “We will decide on top-ups when final rules have been published.”

CLI plans to write to existing policyholders in May to clarify how they will be affected.



Advisers warn FSA over sending out jumbled message on ETPs

Investment advisers say the FSA’s latest guidance on exchange traded products is sending a “jumbled message” on what products advisers need to consider to be independent. The FSA published a factsheet for investment advisers this week which outlines key features, investment strategies and the potential for conflicts of interest within exchange traded products. The regulator […]

S&P downgrades Spain’s credit rating

Standard & Poor’s has cut the long-term credit rating of Spain by two notches from A to BBB-plus citing deteriorating government finances as a result of a contracting economy and ailing banking sector. The ratings agency has also placed the country in negative outlook, meaning there could be further downgrades to come. The move means […]

Threadneedle hands over EM bond funds to Stipp

Threadneedle has named Henry Stipp as manager across five emerging market bond funds following the departure of Richard House to Standard Life. Stipp, an emerging market debt manager who has been at Threadneedle since 2001, will take over management of the Theadneedle emerging market bond fund, Threadneedle emerging market local fund and three offshore funds, […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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