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Age Concern cuts CGU fund tie as yield is slashed

Age Concern has severed its tie to CGU&#39s mon thly inc ome plus fund after the fund&#39s yield was slashed by 20 per cent last month.

The charity has sold the fund to members as the Age Concern monthly income plus fund for the past two years but it has been concerned about the future prosperity of the fund.

Age Concern says it will still use a Norwich Union fund.

It is expected that the charity will opt for the higherincome-plus fund, which has a similar yield to the monthly income plus.

Chase de Vere Investments is set to drop the MIP from its buy list. If this goes ahead, it will be only the second time a fund has been dropped from its list. The last was Peter Young&#39s fund at Morgan Grenfell.

Age Concern Financial Partnerships managing direc tor Peter Gatenby says: “We de cided to stop using CGU&#39s MIP because of where it had got to. Although we think they have made the right decision for the future, it depends on whether there are still any problems. Rather than have any more Age Concern customers buy in to it, we would instead recommend another fund. We do not want to take the risk.”

Norwich Union Investment Funds PR manager Daniel Longden says: “We are aware that Age Concern are no longer going to be selling the MIP but we believe they are looking at our other products.”

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